HOUSTON, May 21, 2015 (GLOBE NEWSWIRE) -- Integrated Electrical Services, Inc. (or "IES") (Nasdaq:IESC) today announced that Magnetech Industrial Services, Inc. ("Magnetech"), a wholly-owned subsidiary of IES, has acquired all of the common stock and associated real estate of Southern Industrial Sales and Services, Inc., d/b/a Southern Rewinding and Sales ("Southern Rewinding"), a Columbus, Georgia-based motor repair and related field services company. Southern Rewinding will operate as a subsidiary of Magnetech in IES's Infrastructure Solutions segment.

"The acquisition of Southern Rewinding will further expand Magnetech's geographic reach while adding capabilities and services that Southern Rewinding can offer its customers," said Mike Rice, President of IES's Infrastructure Solutions segment." Strategically located in Columbus, GA, we believe that Southern Rewinding will complement our Saraland, Alabama location and allow us to better serve our Gulf Coast customers. Additionally, I am extremely pleased that Michael Phillips will remain as General Manager and I look forward to working with him and his team."

Southern Rewinding was advised by the investment banking firm Bundy Group.

ABOUT INTEGRATED ELECTRICAL SERVICES, INC.

Integrated Electrical Services, Inc. is a holding company that owns and manages diverse operating subsidiaries, comprised of providers of industrial products and infrastructure services to a variety of end markets. Our 2,800 employees serve clients in the United States and abroad. For more information about IES, please visit www.ies-co.com.

ABOUT IES INFRASTRUCTURE SOLUTIONS

IES's Infrastructure Solutions segment provides industrial and rail services, including electric motor repair and rebuilding; repair and manufacturing of industrial lifting magnets; maintenance, remanufacturing, and repair services to the rail industry; and manufacturing and rebuilding of power assemblies, engine parts, and other components for large diesel engines. For more information about IES Infrastructure Solutions, please visit www.miscor.com.

Certain statements in this release may be deemed "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, all of which are based upon various estimates and assumptions that the Company believes to be reasonable as of the date hereof. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "seek," "estimate," "predict," "potential," "pursue," "target," "continue," the negative of such terms or other comparable terminology. These statements involve risks and uncertainties that could cause the Company's actual future outcomes to differ materially from those set forth in such statements. Such risks and uncertainties include, but are not limited to, the ability of our controlling shareholder to take action not aligned with other shareholders; the sale or disposition of the shares of our common stock held by our controlling shareholder, which, under certain circumstances, would trigger change of control provisions in our severance plan or financing and surety arrangements; or any other substantial sale of our common stock, which could depress our stock price; relatively low liquidity levels of our common stock, which could depress our stock price; the possibility that we issue additional shares of common stock or convertible securities that will dilute the percentage ownership interest of existing stockholders and may dilute the book value per share of our common stock; the possibility that certain tax benefits of our net operating losses may be restricted or reduced in a change in ownership; the inability to carry out plans and strategies as expected, including our inability to identify and complete acquisitions that meet our investment criteria in furtherance of our corporate strategy; limitations on the availability of sufficient credit or cash flow to fund our working capital needs and capital expenditures and debt service; difficulty in fulfilling the covenant terms of our credit facilities; competition in the industries in which we operate, both from third parties and former employees, which could result in the loss of one or more customers or lead to lower margins on new projects; challenges integrating new businesses into the Company or new types of work, products or processes into our segments; fluctuations in operating activity due to downturns in levels of construction, seasonality and differing regional economic conditions; a general reduction in the demand for our services; a change in the mix of our customers, contracts or business; our ability to enter into, and the terms of, future contracts; our ability to successfully manage projects; the possibility of errors when estimating revenue and progress to date on percentage-of-completion contracts; closures or sales of facilities resulting in significant future charges, including potential warranty losses or other unexpected liabilities, or a significant disruption of our operations; inaccurate estimates used when entering into fixed-priced contracts; the cost and availability of qualified labor; an increased cost of surety bonds affecting margins on work and the potential for our surety providers to refuse bonding or require additional collateral at their discretion; increases in bad debt expense and days sales outstanding due to liquidity problems faced by our customers; the recognition of potential goodwill, long-lived assets and other investment impairments; credit and capital market conditions, including changes in interest rates that affect the cost of construction financing and mortgages, and the inability for some of our customers to retain sufficient financing which could lead to project delays or cancellations; accidents resulting from the physical hazards associated with our work and the potential for accidents; our ability to pass along increases in the cost of commodities used in our business, in particular, copper, aluminum, steel, fuel and certain plastics; potential supply chain disruptions due to credit or liquidity problems faced by our suppliers; loss of key personnel and effective transition of new management; success in transferring, renewing and obtaining electrical and construction licenses; backlog that may not be realized or may not result in profits; uncertainties inherent in estimating future operating results, including revenues, operating income or cash flow; disagreements with taxing authorities with regard to tax positions we have adopted; the recognition of tax benefits related to uncertain tax positions; complications associated with the incorporation of new accounting, control and operating procedures; the possibility that our internal controls over financial reporting and our disclosure controls and procedures may not prevent all possible errors that could occur; the effect of litigation, claims and contingencies, including warranty losses, damages or other latent defect claims in excess of our existing reserves and accruals; growth in latent defect litigation in states where we provide residential electrical work for home builders not otherwise covered by insurance; the possibility that our current insurance coverage may not be adequate or that we may not be able to obtain a policy at acceptable rates; future capital expenditures and refurbishment, repair and upgrade costs, and delays in and costs of refurbishment, repair and upgrade projects; and liabilities under laws and regulations protecting the environment.

You should understand that the foregoing, as well as other risk factors discussed in this document and in the Company's annual report on Form 10-K for the year ended September 30, 2014, could cause future outcomes to differ materially from those experienced previously or those expressed in such forward-looking statements. The Company undertakes no obligation to publicly update or revise any information, including information concerning its controlling shareholder, net operating losses, borrowing availability, or cash position, or any forward-looking statements to reflect events or circumstances that may arise after the date of this release.

Forward-looking statements are provided in this press release pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of the estimates, assumptions, uncertainties, and risks described herein.

General information about Integrated Electrical Services, Inc. can be found at http://www.ies-co.com under "Investors." The Company's annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any amendments to those reports, are available free of charge through the Company's website as soon as reasonably practicable after they are filed with, or furnished to, the SEC.

CONTACT:
Robert Lewey, President
Integrated Electrical Services, Inc.
713-860-1500

Charlotte, NC – April 2015

Bundy Group, a boutique investment bank with offices in Roanoke, Virginia, and Charlotte, North Carolina, is pleased to announce the sale of a privately held landfill located in the Mid-Atlantic (“Landfill” or the “Company”). The buyer is a privately held strategic participant with numerous subsidiaries in the waste industry (“Buyer”). The purpose of the sale was to obtain liquidity for the Landfill shareholders and to provide the Buyer with additional landfill capacity. Bundy Group served as exclusive advisor to Company in the acquisition. Jim Mullens and Bill Bundy of Bundy Group were the Managing Directors on the transaction.

About the Company

The Company is a non-hazardous solid waste landfill based in the Mid-Atlantic U.S. The Company accepts municipal solid waste (MSW), non-hazardous special waste and asbestos-contaminated waste. The Company also provides trucking services for solid waste, construction and demolition disposal. In addition, the Company offers a recycling program for the local area. The permitted area for the site is over 180 acres with over eight million cubic yards of undeveloped, permitted disposal area.

About Bundy Group

Bundy Group is a boutique investment bank with offices in Roanoke, Virginia and Charlotte, North Carolina. The company specializes in representing business owners and management teams in business sales, acquisitions and capital raises. The 25-year-old firm has closed over 200 transactions across a broad range of industries.

Names of both parties are being withheld due to Confidentiality.

Charlotte, NC – January 2015

Bundy Group, a boutique investment bank with offices in Roanoke, Virginia, and Charlotte, North Carolina, is pleased to announce the sale of BRC Rail Car Service Company, Inc. (“BRC” or the “Company”), a tank car repair and services company located in Lynchburg, VA. BRC was acquired by Appalachian Tank Car Services, Inc. a division of Appalachian Railcar Services, Inc. (“ARS”). ARS is a West Virginia based company that specializes in rail car repair services. The purpose of the sale was to obtain liquidity for the BRC shareholders and to provide ARS with a tank car certified partner that could help accelerate the growth of the company. Bundy Group served as exclusive advisor to ARS in the acquisition of BRC. Jim Mullens of Bundy Group was the lead advisor on the deal.

"BRC is a first class organization," said Kurt Higginbotham, President of ARS. "We are excited to join forces with a company as equally diverse and resourceful as Appalachian Railcar Services, Inc. I believe that our combined company will offer our clients a full array of both railcar and tank car repair solutions."

About BRC Rail Car Service Company, Inc.

BRC Rail Car Service Company, Inc. (BRC) has locations in Lynchburg, VA, Elk Mills, MD and Hinton, WV. BRC is a full-service tank car certified facility providing repair, cleaning and interior and exterior coating capabilities. BRC provides services to a number of Fortune 500 companies that represent a variety of industry segments, including chemical, aggregate, and energy.

About Appalachian Railcar Services, Inc.

Appalachian Railcar Services, Inc. (ARS), headquartered in Eleanor, WV, has multiple locations across 14 states. ARS is a multi-disciplinary rail services organization serving customers throughout the Mid-Atlantic, Northeast and Midwest regions. It offers an assortment of services that include railcar maintenance and repair, short line railroad operations, coal loading and unloading, track maintenance, fleet management, and brokerage services.

About Bundy Group

Bundy Group is a boutique investment bank with offices in Roanoke, Virginia and Charlotte, North Carolina. The company specializes in representing business owners and management teams in business sales, acquisitions and capital raises. The 25-year-old firm has closed over 200 transactions across a broad range of industries.

Article 1-

Mergers & Acquisitions for System Integrators: Building, Preparing & Realizing Value

This is the first in a three part series on Mergers & Acquisitions topics addressing the Control System Integrators Market

Whether an owner will eventually sell his or her company, or give it to children or management, it is advantageous for an owner to take steps to improve company value. The stronger the fundamentals of a company, then the more options an owner will have going forward.

The following are suggested ways that a system integrator can improve value:

Other areas that a company can improve include financial reporting and strengthening its sales / marketing team. It is the goal of most businesses to plan and work towards maximizing their fullest potential and value. When that happens, the buyer’s market certainly recognizes and rewards solidified the fundamentals of success.

- - - - -

Article 2-

Mergers & Acquisitions for System Integrators: Building, Preparing & Realizing Value

This is the second in a three part series on Mergers & Acquisitions topics addressing the Control System Integrators Market

There can be numerous reasons why the owner of a system integration firm may want to sell some or all of the company. Those reasons could include, but are not limited to, retirement, poor health, or a capital need to help further grow the company. Regardless of the reasons why, there are immediate steps an integrator owner is recommended to take in the six to twelve month lead-up to a sale process.

Establish a Key Advisor Team:

Incentivize Senior Management: For senior management’s benefit, an owner should consider providing equity, phantom equity, or a transaction bonus. A buyer usually likes to see senior managers receive cash at close, or an ability to reinvest equity into the company with a new majority owner, in the interests of keeping management motivated and committed to the company.

Solidify Books and Records: Ensure the company’s accountant, or the company’s CFO, has completed the annual and interim company financials as well as the latest tax returns. It is also important to understand owner-related expenses included within the company’s financials. Examples of these adjustments include excess rent the company may pay for use of real estate owned by the business owner, country club dues, owner auto expenses, and salaries paid to family members inactive in the business.

The immediate steps that an owner and his team take prior to a sale process can be critical in a successful and attractive exit. These elements can be vital when the buyer interviews and selection begin and the due diligence process takes place.

Clint Bundy is a Managing Director with Bundy Group, a boutique investment bank specializing in business sales, capital raises and acquisitions for the system integrator market.

 

GREENSBORO, N.C., January 28, 2015 – Bundy Group, an investment bank with offices in Roanoke, Virginia, and Charlotte, North Carolina, is pleased to announce the sale of Engineered Steel Products, Inc. (“Engineered Steel Products” or the “Company”), a Sophia, North Carolina-headquartered structural steel manufacturing company. Engineered Steel Products was acquired by New Page Capital (“New Page”), a Greensboro, North Carolina-based private equity group focused on investing in privately held companies in the Piedmont Triad region. Bundy Group served as exclusive advisor to Engineered Steel Products and its shareholders in the sale process. The Forrest Firm, based out of the Raleigh-Durham area, served as legal counsel for the Company during the course of the transaction.

With New Page Capital, Engineered Steel Products establishes a clear succession plan for the future. While co-founders Rob Braswell and Richard Flournoy will continue to hold executive roles, effectively immediately, Rick Ramsey is the new president of Engineered Steel Products. A Darden School of Business M.B.A., Ramsey previously worked with Gilbarco Veeder-Root, a global industrial manufacturer; he continues to serve as operating partner with New Page Capital.

“New Page Capital is a top notch, high-energy team with exceptional management and industry prowess," said Rob Braswell, former president of Engineered Steel Products. "Rick and his colleagues have strong local ties and the resources and expertise to enhance our future success.”

“With a 25-year track record of providing high quality steel products and impeccable service, Engineered Steel Products holds great promise for future growth,” added Ramsey.

“After performing due diligence on over a hundred potential investment and partnership opportunities, we are excited to forge this new path forward,” commented Adam Duggins, managing partner of New Page Capital.

This is the first major investment deal for New Page Capital, which formed in 2014 to create lasting value by re-energizing Piedmont Triad region companies with revenue between $5 – 35 million, stable cash flows, and sustainable competitive positions. The firm is actively seeking additional investment opportunities.

About New Page Capital

Headquartered in Greensboro, N.C., New Page Capital is a private equity group focused on acquiring, operating and growing privately held companies in the Piedmont Triad region. The firm’s operating team has Fortune 500 management experience, and the investor base includes business, industry and community leaders with strong ties to the Piedmont Triad.

About Engineered Steel Products

Based in Sophia, N.C., Engineered Steel Products, Inc. has a 25-year history of providing steel fabrication manufacturing services to commercial, retail and industrial clients locally, regionally and nationally. A quality-driven company, its team of 30 highly-skilled employees fabricate over 4,000 tons of steel annually.

About Bundy Group

Bundy Group is a boutique investment bank with offices in Roanoke, Virginia and Charlotte, North Carolina. The company specializes in representing business owners and management teams in business sales, acquisitions and capital raises for clients. The 25-year-old firm has closed over 200 transactions across a broad range of industries.

About The Forrest Firm

The Forrest Firm is a corporate transactional law firm based in the Raleigh-Durham region of North Carolina. The firm, led by lead attorney James Forrest, has represented over 300 corporate/entrepreneur clients over the last 4 years since its inception.

© 2022 Bundy Group | Bundy Group, LLC - All Rights Reserved
Built by Vantage
chevron-down