Acquisitionverified
Public contractor IES Holdings buys 80% of Pasco County's Bayonet Plumbing
What happened. NASDAQ-listed IES Holdings acquired an 80% interest in Bayonet Plumbing, Heating & Air-Conditioning of Hudson, with the founding Blankenship family retaining 20%. Bayonet, established in 1977, served the Tampa and Orlando markets with more than 500 employees and about $86 million of revenue in the twelve months to September 2020. CEO Jeffrey Gendell said the deal expanded IES into the attractive Florida market and added two complementary trades; Robbie Blankenship said it would support the company's growth objectives while operations continued. Price was not disclosed.
Parties
- Company
- Bayonet Plumbing, Heating & Air-Conditioning · Hudson, Pasco County
- Buyer
- IES Holdings, Inc.
- Price
- Not disclosed
- Employees
- 500 at announcement
The name on the truckBayonet Plumbing, Heating & Air-Conditioning
Hudson, Pasco County
Operating ownerIES Holdings, Inc.
Sugar Land, TX
Our coverage: IES Holdings buys 80% of Bayonet Plumbing, Heating & Air-Conditioning
Other Tampa Bay brands under IES Holdings, Inc.: Edmonson Electric.
What this kind of deal tends to mean for customers and staff: pricing · sales pressure · technicians · the exit clock.
Sources Verified — primary document
- IES Holdings (2020-12-21) — press release. Primary announcement with revenue, employees and ownership split
- GlobeNewswire (2020-12-21) — press release. Wire distribution
Researcher notes: The retained 20% minority stake is unusual among Tampa Bay platform deals and worth flagging on the site. | Largest Tampa Bay trade-services deal in the window by disclosed revenue.
See something wrong? Request a correction — we publish our corrections log.
Loading comments…