M&A - Limbach Holdings, Inc.

Form Type: 8-K

Filing Date: 2025-07-01

Corporate Action: Acquisition

Type: New

Accession Number: 000162828025033623

Filing Summary: On July 1, 2025, Limbach Holdings, Inc. announced the closure of its acquisition of Pioneer Power, Inc., a mechanical contractor based in Woodbury, Minnesota. The initial purchase price for this acquisition is $66.1 million, which will be financed through a combination of available cash and the company’s revolving credit facility. Additionally, the document details a second amendment to the Second A&R Wintrust Credit Agreement made on June 27, 2025, which increases the senior secured revolving credit facility from $50 million to $100 million, modifies the sublimit for letters of credit, and extends the credit facility's maturity date to July 1, 2030, among other changes.

Form Type: ARS

Filing Date: 2025-04-23

Corporate Action: Acquisition

Type: Update

Accession Number: 000162828025019378

Filing Summary: Limbach Holdings, Inc. has announced strong financial performance for the fiscal year 2024, achieving a total revenue of $518.8 million, with significant contributions from the Owner Direct Relationships (ODR) segment, which accounted for approximately 67% of total revenue. The company executed a strategy focused on shifting revenue sources towards direct partnerships with building owners, thereby enhancing margins and reducing operational risks. In 2024, Limbach completed two significant acquisitions: Kent Island Mechanical and Consolidated Mechanical, anticipated to add approximately $6 million to adjusted EBITDA in 2025. The company has emphasized its commitment to high-margin services within healthcare, industrial manufacturing, data centers, life sciences, higher education, and cultural entertainment sectors. Key improvements included a gross profit margin increase to 27.8% from 23.1% the previous year, reflecting enhanced operational efficiencies. Limbach is confident in its growth trajectory, focusing on margin enhancement and capitalizing on infrastructure needs in mission-critical facilities. This report also discusses various risk factors that could impact financial stability and profitability, aligning with its long-term growth strategy.