Limbach Holdings, Inc. acquired Industrial Air, Inc. for $20 million.
November 01, 2023
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Limbach Holdings, Inc. (NasdaqCM:LMB) acquired Industrial Air, Inc. for $20 million on November 1, 2023. Total consideration paid by Limbach at closing was $13.5 million in cash (subject to typical working capital adjustments), sourced from available cash, with performance-based, contingent earn-outs totaling $6.5 million potentially being paid out over the next two years.
Limbach Holdings, Inc. (NasdaqCM:LMB) completed the acquisition of Industrial Air, Inc. on November 1, 2023.
Limbach Holdings, Inc. is an integrated building systems solutions company. The Company partners with the owners and facilities managers who have mission-critical mechanical, electrical, and plumbing infrastructure. The Company operates in two segments: General Contractor Relationships (GCR), and Owner Direct Relationships (ODR). The GCR segment manages new construction or renovation projects that involve primarily mechanical, plumbing, or electrical services awarded to the Company by general contractors or construction managers. Through the ODR segment, the Company performs owner direct construction projects and/or provides maintenance or services primarily on mechanical, plumbing or electrical systems, building controls and specialty contracting projects direct to, or assigned by, building owners or property managers. The Company works with six vertical markets: healthcare, industrial and manufacturing, data centers, life science, higher education and cultural and entertainment.
LIMBACH HOLDINGS, INC. 
