A longtime Lancaster County manufacturer is under new ownership.
- Greiner Industries, a structural steel fabricator in Mount Joy Township, Lancaster County, has been acquired by IES Holdings Inc., a Houston-based company that designs and installs electrical and technology systems for data centers, residential housing and industrial facilities, among other end markets.
- The acquisition includes the Greiner business and real estate, which includes 450,000 square feet of manufacturing space on a 60-acre campus near Route 283.
- An EIS subsidiary paid $13 million for the real estate, which was owned by Greiner Industries founder Franklin B. Greiner Jr. and his wife. Sharon, according to county deed records.
- The price of the business was not disclosed.
- Efforts to reach IES and Greiner were not successful.
The target: Greiner founded Greiner Industries in 1976 as a welding business operating out of his garage.
- The company moved to its own shop two years later and never looked back.
- It has operated from its current location since 1986, though the facilities have expanded over the years.
- Greiner’s 275-plus employees make steel products ranging from columns and girders to pressure tanks and pedestrian bridges.
- The business had revenue of about $58 million in 2023, according to IES.
- Greiner was advised in the sale by SC&H Capital, a Maryland-based investment banking and advisory firm.
The buyer: IES began about 60 years ago as a group of small electrical contractors.
- It now employs more than 8,400 people and generates nearly $2.4 billion in annual revenue across four business units.
- Its largest unit is its residential division, which provides electrical installation services for single-family homes and apartments, as well as HVAC services.
- Another unit provides electrical and mechanical work to commercial and industrial customers.
- A communications division designs, builds and maintains the communications infrastructure inside data centers.
- An infrastructure division provides electro-mechanical solutions for industrial operations, including custom-engineered products like generator enclosures used in data centers.
What’s next: Greiner will retain its name and be folded into IES’s infrastructure division.
- It will be led by Rick Sine, who is Greiner’s vice president of operations.
- For IES, the acquisition represents the addition of new products and services, as well as a geographic expansion into the Mid-Atlantic, including the booming data-center market in Virginia, according to IES company executives.
- Greiner has “a long track record of completing large-scale, complex projects and providing specialized industrial services that are highly complementary with our infrastructure solutions segment,” IES chairman and CEO Jeff Gendell said in a statement.
