WAUKESHA - NEXT
Electric, LLC has sold 80 percent of its membership interest to IES
Holdings, Inc., according to a Monday announcement.
NEXT Electric is
a provider of high-quality electrical solutions located at 1121
Marlin Court in Waukesha.
IES operates in
the industrial infrastructure market throughout the United States.
NEXT’s current management team, led by President Chris Surges, has
chosen to reinvest its entire ownership interest and will
collectively retain 20 percent, according to the announcement.
“Today marks an
exciting new chapter in the story of NEXT Electric,” Surges said in
a statement. “With this strategic partnership, we will be able to
refocus our efforts on providing expanded services along with
additional resources to our dedicated customer base, while retaining
the core values of our team members. We believe IES shares these
similar values, and look forward to growing NEXT’s vision together.”
NEXT started in
2012 and since then has become a leading electrical contractor in
the region, specializing in the design, installation and maintenance
of electrical systems for commercial, industrial, health care, water
treatment and education end markets, according to the announcement.
NEXT will serve as an engine to help grow IES’s Midwest operations.
of NEXT reinforces our strategy to partner with strong management
teams in attractive markets,” said Robert Lewey, president at IES,
in a statement. “IES’s long-term investment horizon and ownership
culture allowed us to create a structure where Chris and his team
will retain a meaningful ownership stake in NEXT and its future. We
are excited to welcome Chris and NEXT’s over 100 team members to IES
and are excited to partner with them to continue to grow NEXT.”
operate as a subsidiary in IES’s Commercial & Industrial segment and
will continue to operate under the NEXT name.