INNOVATE Completes Sale of DBM Global to IES Holdings
Key Highlights
- ➤IES Holdings (IESC) completed its acquisition of 100% of DBM Global.
- ➤INNOVATE received approximately $413 million in total cash at closing.
- ➤INNOVATE received 430,974 IES common shares valued at approximately $146 million.
- ➤INNOVATE intends to use all net transaction proceeds to reduce outstanding debt.
Expert Statements
Paul Voigt, Interim CEO of INNOVATE
“Closing this transaction is a significant milestone for INNOVATE.”
Paul Voigt, Interim CEO of INNOVATE
“With these proceeds, we are substantially reducing our debt and strengthening INNOVATE’s balance sheet, which improves our financial flexibility as we focus on our remaining businesses.”
Paul Voigt, Interim CEO of INNOVATE
“We want to thank Rustin Roach and his world-class team for their years of dedicated service and the tremendous value they have built.”
Paul Voigt, Interim CEO of INNOVATE
“We wish Rustin and the team continued success as part of IES.”
Paul Voigt, Interim CEO of INNOVATE
“INNOVATE’s remaining businesses are well positioned in attractive end markets, and we remain focused on executing our strategy, enhancing shareholder value and building on this momentum.”
NEW YORK, Oct. 05, 2026 (GLOBE NEWSWIRE) -- INNOVATE CORP.(®) (NYSE: VATE) (“INNOVATE”) announced today that it has completed the previously announced sale of DBM Global, Inc. (“DBMG”) to IES Holdings, Inc. (Nasdaq: IESC) (“IES”) pursuant to the Transaction Agreement (the “Agreement”) announced on August 10, 2026 (the “Transaction”).
“Closing this transaction is a significant milestone for INNOVATE,” said Paul Voigt, Interim CEO of INNOVATE. “With these proceeds, we are substantially reducing our debt and strengthening INNOVATE’s balance sheet, which improves our financial flexibility as we focus on our remaining businesses. We want to thank Rustin Roach and his world-class team for their years of dedicated service and the tremendous value they have built. We wish Rustin and the team continued success as part of IES. INNOVATE’s remaining businesses are well positioned in attractive end markets, and we remain focused on executing our strategy, enhancing shareholder value and building on this momentum.”
Get started
Create a free account to read the full story.