Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
---|
Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
---|
Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
---|
Limbach Holdings, Inc. (NASDAQ:LMB) ("Limbach" or the "Company") today announced the closing of the acquisition of Industrial Air, LLC ("IA"), a specialty mechanical contractor based in Greensboro, North Carolina, for an initial enterprise value of $13.5 million in an all-cash transaction.
Transaction Highlights
Background on Industrial Air, Inc.
Founded in 1964 and led by second generation President Allen R. Hunter, Jr., IA serves industrial customers throughout the Southeast United States and along the Eastern Seaboard. IA focuses on delivering engineered air handling systems, including air condition and air filtration, along with controls systems and maintenance work.
Management Comments
Michael McCann, Limbach's President and Chief Executive Officer, said, "As we continue to carve our path in the industry, our growth strategy unfolds through three critical pillars. We seek culturally compatible firms, encompassing small 'tuck-in' deals and larger opportunities that will enable us to enter new geographies as we look to fill out our footprint east of the Mississippi river. Acquiring IA presents an exciting frontier, allowing us to continue to complete acquisitions that meet our geographic expansion objectives. The Carolinas offer a growing and diversified market well-represented by leading companies operating mission-critical facilities within our six core verticals. Serving as an indispensable provider of mechanical solutions to textile and other industries, IA functions as a solutions expert in their niche market sector. Additionally, IA's 'ODR-heavy' model aligns seamlessly with our own, promising an exciting synergy. They have also demonstrated alignment with our culture, strong leadership, and unique strengths, all critical when acquiring a new firm. With the acquisition closing yesterday, we expect that IA's impact on Limbach's revenue and earnings in 2023 will be minimal. However, we anticipate a more substantial contribution in our full-year 2024 results. More generally, we continue to view the acquisition environment favorably and remain committed to executing additional transactions that meet our acquisition criteria."
IA's President Allen R. Hunter, Jr. added, "After multiple generations of family ownership during which IA became a leading, solutions-oriented provider of mechanical services and fabricated equipment, we're excited to join the Limbach family. I'm most excited about our firms' cultural compatibility and Limbach's intention to create long-term career opportunities for IA team members. In addition, we are looking forward to leveraging Limbach's engineering and design capabilities and corporate services platform to maximize the opportunities in our market. I am looking forward to continuing to lead the IA business unit, and to growing our presence in mission critical markets."
Posted In: LMB