Next Electric LLC based in Waukesha, Wisconsin has sold majority of its stake to a Houston-based company IES Holdings, Inc. Next Electric employs more than 100 workers majority of which are electricians to provide electrical work, installations, repair and maintenance for healthcare, commercial and other industries.
Last year, the revenue of Next Electric was $25 million. It was founded in 2012 to provide services to both residential and commercial structures. According to company president Chris Surges and other managers, they sold 80% ownership stake to IES Holdings while keeping 20% ownership stake. As of this writing terms of the deal were not announced to the public.
Next Electric will retain its name but it will operate as a subsidiary of IES. Chris and his team will be able to retain a meaningful ownership in Next but the long term investment of IES including its ownership culture will allow them to grow. IES President Robert Lewey welcomed Chris and his team of 100 workers during the press conference as partners of the company.
IES is a holding company that has ownership in several electric contractors. A month ago, one of its subsidiaries within its commercial and mechanical segment, STR Mechanical LLC acquired the remainder to Technical Services II LLC in Virginia to be able to provide mechanical maintenance services that include commercial heating, ventilation, air conditioning, food service equipment and electric services including plumbing. 80% of the STR Mechanical has already been acquired by IES last April 2016.
Last March, another subsidiary has bought Freeman Enclosure Systems LLC in Cincinnati for an undisclosed amount. According to a December filing with the US Securities and Exchange Commission, IES was successful in acquiring five subsidiaries since the middle part of 2015. At present, IES is ranked No. 83 on Houston Business Journal’s Largest Houston-Based Companies because of its more than $695.9 million annual revenue.
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