IES Holdings (NASDAQ:IESC) completed its acquisition of Gulf Island Fabrication on Friday afternoon, a move that significantly scales its industrial manufacturing footprint and deepens its ties to the U.S. energy and data center sectors.
The deal, which became effective at 3:15 p.m. CT on Jan. 16, saw IES pay $12 per share in cash for the Houma, Louisiana-based steel specialist.
The transaction reflects an aggregate equity value of approximately $192 million.
However, the net enterprise value sits at roughly $152 million, accounting for the approximately $40 million in cash held on Gulf Island’s balance sheet at the time of closing.
Houston-based IES is folding Gulf Island into its Infrastructure Solutions segment, a division that has seen robust growth as demand for custom-engineered power solutions surges.
Central to the acquisition is Gulf Island’s 450,000-square-foot fabrication campus.
The 160-acre facility provides IES with the heavy-duty capacity required to manufacture large-scale generator enclosures, power distribution equipment, and complex structural buildings.