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IES Holdings, Inc. ("IES") (NASDAQ:IESC) announced today that it has acquired Greiner Industries, Inc. ("Greiner"), a Mount Joy, PA-based structural steel fabrication and services company. The acquisition also includes the purchase of Greiner's facilities, which cover 450,000-square feet of manufacturing space on a 60-acre campus. Greiner, with 2023 revenue of approximately $58 million, will become part of IES's Infrastructure Solutions segment and continue to operate under the Greiner name.
Jeff Gendell, Chairman and Chief Executive Officer, said, "The acquisition of Greiner strategically expands our geographic footprint into the attractive Mid-Atlantic market, while adding several products and services. Greiner, founded by Frank Greiner in 1976, has a long track record of completing large-scale, complex projects and providing specialized industrial services that are highly complementary with our Infrastructure Solutions segment. In addition, Greiner provides an opportunity to further expand the capacity and reach of our existing custom engineered product offerings. I am pleased to welcome Greiner's deep and experienced workforce to the IES family."
Mike Rice, President of IES's Infrastructure Solutions segment, said, "Greiner is well-positioned to support customers throughout the Mid-Atlantic, including the sizable Virginia data center market. I am excited to welcome Rick Sine, Vice President of Operations, who will lead Greiner post-closing, as well as Greiner's over 275 team members to IES. We look forward to working with the entire Greiner team to expand our combined capabilities and support the growth of both Greiner and IES customers."
Frank Greiner, Founder of Greiner Industries, added, "After nearly 50 years as a family-owned business, I am excited for Greiner to join the IES family and continue to meet the evolving needs of our customers. IES's strategic resources, industry expertise and long-term commitment to its employees and customers align with our culture and plans for continued expansion."
Posted In: IESC
