IES Holdings Acquires NEXT Electric
IES Holdings, Inc. has acquired 80% of the membership interests in NEXT Electric, LLC, a Milwaukee, Wisconsin-based electrical contractor specializing in the design, installation and maintenance of electrical systems for commercial, industrial, healthcare, water treatment and education markets. NEXT’s current management team, led by President Chris Surges, has chosen to reinvest its entire ownership interest and will collectively retain 20% of the membership interests in the company. Under the terms of the transaction, NEXT will operate as a subsidiary in IES’s Commercial & Industrial segment.
“The acquisition of NEXT reinforces our strategy to partner with strong management teams in attractive markets,” said Robert Lewey, President of IES. “NEXT was created in 2012 by Chris Surges and his management team and OwnersEdge, NEXT’s majority owner, and has since grown to become a leading electrical contractor in the Milwaukee region. IES’s long-term investment horizon and ownership culture allowed us to create a structure where Chris and his team will retain a meaningful ownership stake in NEXT and its future. We are pleased to welcome Chris and NEXT’s over 100 team members to IES and are excited to partner with them to continue to grow NEXT.”
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