Iida Group Holdings' subsidiary to acquire US housing firm

Iida Group Holdings (TSE:3291) announced today that its consolidated subsidiary, Ernest One, will establish Arnest One America, Inc. in the US to acquire PMCO Holdings, LLC, a Georgia-based residential construction company. Arnest One America will subscribe to a third-party allocation of shares in PMCO Holdings, making it a subsidiary of Ernest One America. The acquisition is expected to give Iida Group a foothold in the US housing market. PMCO Holdings reported sales of USD 117 million and operating profit of USD 18.8 million for the fiscal year ended December 2024. The acquisition is expected to close in late April 2025, with Iida Group investing approximately USD 55.1 million for a 60% stake in PMCO Holdings.