Shares of IES Holdings, Inc. (NASDAQ: IESC) plummeted by 5.03% during the Friday trading session, following the announcement that its subsidiary, IES Infrastructure Solutions, has acquired Arrow Engine Company from TriMas Corporation.

Arrow Engine Company, based in Tulsa, Oklahoma, is a global provider of natural gas-powered engines, compressors, and replacement parts primarily used in the oil and natural gas production industry. The acquisition is seen as a strategic move for IES to expand its offerings in the industrial operations and infrastructure solutions market.

However, investors seem to have concerns about the potential risks and implications of this acquisition. Possible factors contributing to the stock's decline include concerns about overpaying for the acquisition, integration challenges, or a perceived shift in IES's focus away from its core electrical and technology systems business.