M III Acquisition Corp. (NASDAQ: MIII), a special purpose acquisition company, today announced the closing of its merger with IEA Services LLC 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." 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 #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 Infrastructure and Energy Alternatives, Inc.
IEA is a leading U.S. provider of infrastructure solutions for the renewable energy, traditional power and civil infrastructure industries. Currently, IEA is primarily focused on the wind energy industry, where it specializes in providing complete EPC services throughout the U.S. IEA is one of three Tier 1 providers in the wind energy industry and has completed more than 190 wind and solar projects in 35 states, including more than 14 GW of wind energy generating capacity and more than 700 MW of utility-scale, solar generating capacity. The services IEA provides include the design, site development, construction, installation and restoration of infrastructure.
About M III Acquisition Corp.
MIII was a special purpose acquisition company (SPAC) founded by Mohsin Y. Meghji and formed for the purpose of effecting business combination(s) with one or more businesses. Its long-term strategy was to leverage the experience and expertise of its management team and advisors to identify and acquire a company with long term growth potential and then to work with management of that company to realize this potential.
