We are pleased to share the sale of our client K.E.P. Electric, Inc., to IES Holdings, Inc. The acquisition closed November 5, 2020 and details were not disclosed.
K.E.P. Electric, Inc. (KEP) was established in 1994 and is a Batavia, Ohio-based electrical contractor specializing in the design and installation of electrical systems for single-family housing and multi-family developments. KEP, with four offices serving customers in Ohio and Kentucky, had revenue of approximately $30 million in calendar year 2019.
Headquartered in Houston, Texas, IES Holdings, Inc. (IES) is a holding company that owns and manages operating subsidiaries that provide electrical contracting and other infrastructure services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities. Their approximately 5,500 employees serve clients in the United States.
KEP will become part of IES’s Residential segment and operate under the KEP name. IES’s Residential segment provides electrical installation services for single-family housing and multi-family apartment complexes.
Dwayne Collier, President of IES’s Residential segment, said, “The acquisition of KEP continues our strategy to partner with proven management teams and expand into attractive growth markets. Kevin Padgett, KEP’s founder and President, has built a strong business with a customer-centric focus on quality and execution.”
“I am pleased to welcome Kevin and KEP’s over 80 team members to IES and we are excited to partner with the entire KEP team to take advantage of the growing markets in Greater Cincinnati, Columbus, Dayton, Kentucky and beyond.”
Kevin Padgett added, “After more than 25 years as a family-owned business, we are pleased to continue to drive our business and expand our market presence with the support of KEP’s dedicated team and IES’s financial and operational resources.”
“We are excited to be a part of the IES family and join a company that shares our same long-term commitment to employees and customers.”
Generational Equity Executive Managing Director of M&A - Central Region, Michael Goss, and his team, led by Managing Director, Mergers & Acquisitions, Jerry Yocum, with support from Managing Director, Mergers & Acquisitions, Ryan Johnson, successfully closed the transaction. Senior Managing Director Rick Buchoz established the initial relationship with KEP.
“These two companies were very motivated to get this transaction closed. Through the diligence process, each company learned how closely their cultures were aligned. This made the process very cooperative,” said Yocum.
If you would like to explore other transactions our associates have supported in this industry, visit our dedicated Construction and Engineering M&A Deals page.
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