M&A · Industrials · Fabricated Structural Metal Products
IES Holdings, Inc. to acquire Gulf Island Fabrication Inc
Announced Nov 10, 2025 · Closed Jan 16, 2026
Deal value$192MEV $164M
Premium52.0%To unaffected price
EV / Adj. EBITDA11.9x1.1x EV / Revenue
ConsiderationAll cash$12.00 per share
Transaction
- Acquirer
- IES Holdings, Inc. (IESC)
- Target
- Gulf Island Fabrication Inc (GIFI)
- Buyer type
- Strategic
- Offer price per share
- $12.00
- Enterprise value
- $164M
- Status
- Closed Jan 16, 2026
Deal protections
- Break fee (target pays)
- $7.6M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Johnson Rice
Sector context · Industrials
- Comparable deals
- 96 in the prior 24 months
- Premium
- 52.0% vs. 37.5% sector median
- EV / Adj. EBITDA
- 11.9x vs. 9.4x sector median
- Break fee
- 4.0% vs. 2.5% sector median
Timeline
- AnnouncedNov 10, 2025
- Proxy filedNov 21, 2025
- Definitive proxyDec 3, 2025
- Shareholder voteJan 13, 2026
- ClosedJan 16, 2026