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December 1, 2017


M III Acquisition Corp. and IEA Energy Services LLC announce merger agreement for business combination

M III Acquisition Corp. has entered into a definitive agreement and plan of merger with IEA Energy Services LLC, a leading engineering, procurement and construction (EPC) company in the renewable energy sector. MIII will be renamed as Infrastructure and Energy Alternatives, Inc. (IEA) upon completion of the merger and it is expected to continue to be listed on the Nasdaq Capital Market under the symbol IEA.

Following the transaction, IEA will hold all of the existing renewable energy EPC businesses of Infrastructure and Energy Alternatives, LLC including the Infrastructure and Energy Alternatives family of companies, led by White Construction, Inc. and IEA Renewable Energy, Inc. The company's existing management team, led by J.P. Roehm, will serve as the continuing management team for IEA, and IEA's headquarters will remain in Indianapolis, Indiana. Funds managed by the Power Opportunities group of Oaktree Capital Management, L.P. and the IEA management team will hold a significant ownership interest in IEA following the merger.

IEA expects to build upon its leading market share of the IEA Businesses in wind farm construction and to expand its market share in the construction of utility-scale solar projects to drive organic growth. As a public company, IEA believes that it will be able to implement its acquisition strategy to drive incremental growth and diversification. The overall goal is to enhance IEA's position as the leading, publicly-traded, renewables EPC company by expanding its core product offerings in wind and solar construction, and broadening the range of services that it offers to its customers.

"MIII is excited to partner with IEA's management and Oaktree to bring IEA to the public markets," said Mohsin Y. Meghji, Chairman and CEO of MIII. "IEA is a market leader in the construction of renewable energy facilities, and we are confident that it is well-positioned for substantial growth over the years to come. We look forward to working with Oaktree and management of IEA to build shareholder value for our public investors."

Ian Schapiro, Managing Director and Portfolio Manager of the Power Opportunities group of Oaktree, noted that IEA is an excellent company with a great management team. "We strongly believe in the IEA growth story and, by partnering with MIII, look to benefit from continuing growth. We look forward to working with MIII and the IEA management team with the goal of creating a larger and more valuable company for all shareholders."

J.P. Roehm, who will continue as CEO of IEA, added that "Oaktree has been a terrific partner for IEA over the past six years, and we are excited to now add MIII as a partner going forward. As a current leader in the booming renewables industry, we expect that the opportunities for IEA and our customers will only increase as a public company. Our entire team is excited about the opportunity to show public investors the strength of IEA and enable a wider range of shareholders to benefit from our success."