IES Holdings to buy DBM Global for about $650 million

IES Holdings agreed to buy DBM Global from Innovate for about $685 million, paid in $545 million cash and $140 million stock.

DBM Global, a structural steel fabrication and erection platform, posted about $1.3 billion revenue for the 12 months ended March 31, 2026.

The deal adds a new Structural line of business, expanding IES beyond its communications, residential, infrastructure solutions, commercial and industrial operations.

IES expects to fund the cash portion with cash on hand, backed by borrowings under an expanded Wells Fargo-arranged credit facility.

Closing is targeted for the quarter ending Dec. 31, 2026, subject to customary conditions and purchase-price true-ups.