IES Holdings (IESC) Divests STR Mechanical

IES Holdings, Inc. (“IES”) (NASDAQ: IESC) announced today that it has sold STR Mechanical, LLC and its subsidiary Technical Services II, LLC (collectively, “STR”) to an affiliate of SkyKnight Capital L.P. (“SkyKnight”). STR, originally acquired by IES in 2016, is a Charlotte, North Carolina-based provider of heating, ventilation and air conditioning (HVAC) maintenance, repair, and replacement services to commercial customers and had operated as part of IES’s Commercial & Industrial segment.

Jeff Gendell, Chairman and Chief Executive Officer of IES, said, “The decision to divest STR is a result of the previously discussed strategic review of our Commercial & Industrial segment. While this strategic and structural review is ongoing, the divestiture of STR increases our focus on our core operations.”

Mr. Gendell continued, “I want to thank Mike Ditty, Chris Landreth and the rest of the STR team for their contributions to IES over the last six years and wish them the very best. We believe that SkyKnight will be a strong partner for STR as it moves into its next phase of growth.”

FMI Capital Advisors served as the exclusive financial advisor to IES on the transaction.

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