INNOVATE Corp. (VATE): Completion of Acquisition or Disposition of Assets

EMCOR Group (EME) and IES Holdings (IESC) are benefiting from data-center construction. EME reported Q2 revenue of $5.15B, up 19.8%, and EPS of $9.06, up 34.8%. IES recently acquired DBM Global, altering its profile. EME trades at a lower forward earnings multiple (22x) than IES (27x). EME's full-year EPS guidance is $32-$33.25. Both companies show strong revenue growth, with EME at 22.66% and IES at 37.79%.

IES Holdings amended its credit agreement, increasing borrowing capacity to $700 million, including a $200 million term loan and a $500 million revolving credit facility. The amendment, led by Wells Fargo, adds newly acquired subsidiaries as guarantors. The company used funds to support its DBM Global acquisition and expects improved liquidity.

IES Holdings, Inc. (IESC) filed an SEC Form 8-K — Completion of Acquisition or Disposition of Assets. Exhibit 99.1 IES Holdings Completes Acquisition of DBM Global Transaction Establishes New Structural Line of Business, Adding One of the Largest Independent Structural Steel Fabrication and Erection Platforms in the U.S. HOUSTON, Oct. 05, 2026 (GLOBE NEWSWIRE) — IES Holdings, Inc

IES Holdings Inc. (NASDAQ:IESC) completed its $691M acquisition of DBM Global Inc., including $545M in cash and 430,974 shares. DBM Global, with $1.5B revenue, will operate as IES's new Structural line. IES funded the deal with cash and borrowings. The acquisition is IES's largest to date.

IES Holdings, Inc. (IESC) completed its acquisition of DBM Global for approximately $691M in cash and stock. DBM Global generated about $1.5B in revenue for the twelve months ended June 30, 2026, adding a new Structural line of business to IES.

INNOVATE CORP. (VATE) completed the sale of DBM Global to IES Holdings (IESC) for $510M cash and 430,974 IES shares. INNOVATE received ~$413M cash and plans to use proceeds to reduce debt. The deal includes a 60-day lock-up on IES shares.