IES Holdings, Inc. announced that one of its wholly-owned subsidiaries has a definitive agreement to acquire Technibus, Inc., Canton, Ohio, manufacturer of custom-engineered, metal enclosed bus duct solutions. The all-cash transaction was valued at around $45 million.
Technibus will operate as a subsidiary in IES's Infrastructure Solutions segment and will continue to operate under the Technibus name. The transaction is expected to close within the next few weeks, subject to customary closing conditions.
Technibus’ products are highly engineered electrical components that conduct electricity between medium-voltage generators, breakers, transformers, and switchgear, primarily utilized at power generation plants and large electricity-consuming facilities. Specifically, Technibus’ solutions include non-segregated and segregated phase bus duct, isolated phase bus, advanced systems fabrication and field services for the power generation, petrochemical, commercial, transit, data center and industrial markets.
“The acquisition of Technibus will transform Infrastructure Solutions from a business primarily focused on industrial repairs and services to a trusted provider of custom engineered solutions to our customers,” said Mike Rice, president of IES's Infrastructure Solutions segment, in a release. “Technibus’ superior products and engineering expertise, combined with Infrastructure Solutions’ service capabilities, a shared customer base, and close geographic proximity to our segment’s Massillon, Ohio headquarters, will significantly enhance our solutions offering.”
IES's Infrastructure Solutions segment provides industrial and rail services, including electric motor repair and rebuilding; repair and manufacturing of industrial lifting magnets; and maintenance, remanufacturing, and repair services to the rail and transit industry.