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Strengthens Position as a Leader in Mission-Critical Mechanical and Maintenance Solutions in the Upper Midwest
Limbach Holdings, Inc. (NASDAQ:LMB) ("Limbach", or the "Company"), a building systems solutions firm that partners with building owners and facilities managers who have mission-critical mechanical, electrical, and plumbing infrastructure, today announced that it has acquired Pioneer Power, Inc. ("Pioneer Power", or "PPI") for a purchase price at closing of $66.1 million, financed through a combination of available cash and borrowings under the Company's recently expanded revolving credit facility.
Limbach expects an incremental impact on revenue and adjusted EBITDA in 2025 and anticipates providing an updated outlook for fiscal 2025 when it reports second quarter 2025 results in August. PPI is currently expected to contribute annualized revenue and adjusted EBITDA of approximately $120 million and $10 million, respectively, beginning in 2026. The Company's primary focus will be on further integrating operations and unlocking synergies in 2026.
The purchase price is subject to customary working capital adjustments and includes owned real property associated with PPI's headquarters, warehouse, and fabrication facility valued at approximately $4.6 million. In conjunction with the transaction, Limbach entered into an amendment to its credit agreement with its lender, Wheaton Bank & Trust Company, N.A., a subsidiary of Wintrust Financial Corporation, to expand the size of its revolving credit facility from $50 million to $100 million and make other conforming changes to the credit facility.
Posted In: LMB
