RALEIGH, N.C., May 3, 2018 /PRNewswire/ -- FMI Capital Advisors Inc., a subsidiary of FMI Corporation, is pleased to announce the merger of IEA Services LLC ("IEA") with M III Acquisition Corp. ("MIII"), following the receipt of stockholder approval at its special meeting of stockholders held on March 21, 2018, in New York City.
In connection with the consummation of the merger, the combined company changed its name to "Infrastructure and Energy Alternatives, Inc." (the "Company") and anticipates that the Company's shares of common stock and warrants will continue trading on the NASDAQ Capital Market, under the new ticker symbols "IEA" and "IEAWW," respectively, on or shortly after March 27, 2018.
Based in Indianapolis, Indiana, IEA specializes in the design and construction of critical energy infrastructure with a focus on renewable energy projects. As previously disclosed, IEA generated revenue, net income and Adjusted EBITDA for the year ended December 31, 2017, of $454.9 million, $16.5 million and $52.5 million, respectively. IEA's current total backlog of contracted and awarded wind projects is $1.1 billion, including more than $643.0 million for 2018.
Mohsin Y. Meghji, chairman of the Company, commented, "We are very pleased to have consummated this transaction and appreciate the support of MIII's stockholders. IEA is a leading developer of 21st century energy infrastructure that is well-positioned to capitalize on increasing wind and solar engineering and construction opportunities, as well as a broad range of projects in the heavy civil infrastructure space. We are excited about IEA's growth prospects and look forward to building a strong public company, which will create long-term value for its stockholders."
JP Roehm, CEO, president and a director of the Company, stated, "Our team is enthusiastic about this important milestone in IEA's development. We plan to use the elevated profile we expect from our NASDAQ listing and public currency to further expand our industry presence and seek to build long-term value for our shareholders. We believe IEA has the No. 1 U.S. market share among EPCs for wind, and we are confident in our ability to continue to grow our wind energy business and leverage our expertise and relationships to deliver infrastructure solutions in other areas, including solar, traditional power generation and civil infrastructure."
MIII was advised on the transaction by Stifel, Nicolaus & Company, Incorporated as M&A advisor and Cantor Fitzgerald & Co. and Jefferies LLC as equity capital markets advisors. Kirkland & Ellis LLP and Ellenoff Grossman & Schole LLP served as legal counsel to MIII. IEA was advised by FMI Capital Advisors Inc. as financial advisor, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel.
About FMI Corporation:
For over 65 years, FMI has been the leading management consulting and investment banking firm dedicated exclusively to engineering and construction, infrastructure and the built environment.
FMI serves all sectors of the industry as a trusted advisor. More than six decades of context, connections and insights lead to transformational outcomes for clients and the industry.
FMI helps you build your foundation for tomorrow and optimize your business for today. Industry Focus. Powerful Results.
FMI Media Contact:
Lexi Strom
lstrom@fminet.com
919.785.9258
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SOURCE FMI Corporation
