Aerial Lighting And Electric: IES Holdings Acquires Aerial Lighting & Electric

HOUSTON, Feb. 18, 2020 (GLOBE NEWSWIRE) -- IES Holdings, Inc. (or "IES") (NASDAQ:IESC) announced today that it has acquired all of the equity interests in Aerial Lighting & Electric, Inc. ("Aerial"), a Naugatuck, CT-based electrical contractor specializing in the design and installation of electrical systems for multi-family developments, with revenues of approximately $24 million in calendar year 2019. Aerial will become part of IES's Residential segment and continue to operate under the Aerial name.Dwayne Collier, President of IES's Residential segment, said, "The acquisition of Aerial reinforces our strategy to partner with strong management teams in attractive markets. I am pleased to welcome to IES Paul Simko, who has been the majority-owner of Aerial since 1994, and Bob Carlson, who will be promoted to Vice President, General Manager and lead Aerial post-closing, as well as Aerial's over 60 team members. We are excited to work with the entire Aerial team to strengthen and expand our combined presence in the Northeast and Mid-Atlantic."Paul Simko, CEO of Aerial, added, "Aerial owes its success to its dedicated employees, many of whom I've known and worked with for decades. Partnering with IES offers Aerial the opportunity to join a company that not only shares our same long-term commitment to employees and customers, but also provides Aerial with deep industry expertise and the financial resources necessary to meet our expansion goals."ABOUT IES HOLDINGS, INC.IES is a holding company that owns and manages operating subsidiaries that provide electrical contracting and other infrastructure services to ...Full story available on Benzinga.com