IES Holdings closes $691M purchase of DBM Global

IES Holdings completed its acquisition of DBM Global, a vertically integrated structural steel fabrication, erection and industrial construction platform, for roughly $691 million in cash and IES stock. IES bought 100% of DBM's common stock, including the approximately 91.2% stake held by INNOVATE Corp. DBM generated about $1.5 billion of revenue in the twelve months ended June 30, 2026 and becomes IES's new Structural line of business with roughly 4,000 employees.

Why it matters: IES is buying scaled steel capacity aimed squarely at data center and infrastructure construction demand, while INNOVATE cashes out its largest asset.