Mason Capital Management-Led Consortium Completes Acquisition of CB&I

THE WOODLANDS, TX -- CB&I, the world's foremost designer and builder of storage facilities, tanks and terminals for energy and industrial markets, today announced the completion of its acquisition by a consortium of financial investors led by Mason Capital Management LLC ("Mason") in partnership with IES Holdings, Inc. (Nasdaq: IESC), Nut Tree Capital Management, LP, 683 Capital Management, LLC, First Pacific Advisors, and other investors. The closing of this transaction positions CB&I, formerly a wholly owned unrestricted subsidiary of McDermott International, Ltd, as a strong, independent company with no funded debt.

Mark Butts, CEO of CB&I, said, "We are thrilled to partner with Mason and the consortium as we embark on an exciting new chapter as a standalone company. Together with our new partners, we will build upon CB&I's rich 135+ year heritage, continuing to collaborate with our valued customers and suppliers to deliver innovative solutions that address the evolving infrastructure needs of energy and industrial markets. With the closing of this transaction, we are on solid financial footing, which positions us to capitalize on strong end-market demand and to advance our strategic goals."

Mike Martino, Managing Member and Principal of Mason, said, "Our mission is to empower CB&I to achieve its strategic goals, capitalize on new market opportunities, and leverage significant growth potential in the dynamic energy storage solutions sector. CB&I has built a legacy of innovation while setting industry standards in safety, reliability, and performance. We look forward to partnering with CB&I to help drive their vision forward."