Legence (LGN) Company Report

Legence Corp. (LGN) has acquired Innovative Mechanical & Design, LLC (IMD), a Northern Colorado-based provider of installation and service for mission-critical systems.
IMD, which serves sectors including healthcare and semiconductors, has demonstrated strong growth with a 70% compound annual growth rate (CAGR) over the past four years.
The acquisition is expected to provide IMD with resources for national expansion and enhance Legence's service and maintenance offerings.

Dec 2, 2025, 3:00 PM

Press Release

Legence Corp. Majority Owners Secure $650 Million Margin Loan

LGN

Debt Issuance

Change in Control

Affiliates of Blackstone Inc., the current majority owners of Legence Corp., entered into Margin Loan Agreements on November 21, 2025, borrowing an aggregate of $650 million.
To secure these loans, the borrowers pledged 29,022,940 shares of Class A Common Stock, 46,680,762 shares of Class B Common Stock, and 46,680,762 Common Units of Legence Corp..
The pledged shares and units collectively represent approximately 72% of the issued and outstanding Class A Common Stock of Legence Corp., assuming the exchange of all outstanding Common Units.
The Loan Agreements contain customary default provisions, allowing the lenders to foreclose upon the pledged shares and units in the event of a default.
Legence Corp. is not a party to these Loan Agreements and has no obligations thereunder, but has agreed not to materially hinder the lenders' exercise of remedies.

Nov 21, 2025, 9:43 PM

8-K

Legence Reports Strong Q3 2025 Results and Announces Bowers Group Acquisition

LGN

M&A

Guidance Update

Revenue Acceleration/Inflection

Legence reported strong Q3 2025 financial results, with revenue increasing 26% year-over-year to $708 million and Adjusted EBITDA growing 39% to $88.8 million. The company's backlog also grew 29% to $3.1 billion, and its book-to-bill ratio was a robust 1.5 times.
The company announced a definitive agreement to acquire Bowers Group, a premier mechanical contractor, for approximately $475 million. Bowers generated $767 million in revenue and $72 million in EBITDA for the last 12 months ended September 30, 2025. This acquisition is expected to contribute $725 million-$775 million in incremental revenue and $67 million-$75 million in incremental EBITDA to Legence in 2026.
Legence provided Q4 2025 guidance for standalone revenue between $600 million and $630 million and adjusted EBITDA between $60 million and $65 million. For full year 2026, standalone revenue is projected to be between $2.65 billion and $2.85 billion, with adjusted EBITDA between $295 million and $315 million.
The company significantly reduced its debt by using $780 million in net IPO proceeds, cutting total gross debt by nearly 50% to $836 million. This resulted in a meaningful decline in the net leverage ratio to 2.4 times at the end of Q3 2025, down from 6.2 times at the end of June.

Nov 14, 2025, 3:00 PM

Transcript

Legence Reports Strong Q3 2025 Results and Announces Bowers Group Acquisition

LGN

Earnings

M&A

Guidance Update

Legence reported strong Q3 2025 revenue of $708 million, representing a 26% organic increase from the prior year, and adjusted EBITDA of $88.8 million, up 39%.
The company announced the pending acquisition of Bowers Group for approximately $475 million, expected to close in Q1 2026, which generated $767 million in revenue and $72 million in EBITDA over the last 12 months ended September 30, 2025.
Legence provided Q4 2025 standalone revenue guidance of $600 million to $630 million and adjusted EBITDA of $60 million to $65 million, along with FY 2026 standalone revenue guidance of $2.65 billion to $2.85 billion and adjusted EBITDA of $295 million to $315 million.
The company significantly improved its balance sheet, reducing gross debt by nearly 50% to $836 million at the end of Q3 2025, resulting in a net leverage ratio of 2.4 times. Consolidated backlog and awards totaled $3.1 billion, up 29% from the prior year, with a book-to-bill ratio of 1.5 times.

Nov 14, 2025, 3:00 PM

Transcript

Legence Reports Record Q3 2025 Performance and Announces Bowers Group Acquisition

LGN

Earnings

Guidance Update

M&A

Legence reported strong Q3 2025 financial results, with revenue of $708 million, a 26% year-over-year increase, and Adjusted EBITDA of $88.8 million, up 39%. The company's backlog grew 29% to $3.1 billion, with a robust book-to-bill ratio of 1.5x.
The company announced the pending acquisition of Bowers Group, a mechanical contractor in the Northern Virginia DC area, for approximately $475 million. Bowers generated approximately $767 million in revenue and $72 million in EBITDA over the last 12 months ended September 30, 2025.
Legence provided standalone guidance for Q4 2025, expecting revenue between $600 million and $630 million and Adjusted EBITDA between $60 million and $65 million. For full year 2026, standalone revenue is projected to be between $2.65 billion and $2.85 billion, with Adjusted EBITDA between $295 million and $315 million.
The Bowers acquisition, expected to close in Q1 2026, is anticipated to contribute incremental revenues of $725 million-$775 million and EBITDA of $67 million-$75 million to Legence in 2026. Following debt reduction from IPO proceeds, Legence's net leverage ratio declined to 2.4x at the end of Q3 2025, with a pro forma net leverage of just under 2.9x after the Bowers acquisition.

Nov 14, 2025, 3:00 PM

Transcript

Legence Reports Strong Q3 2025 Financial Results, Announces Acquisitions, and Provides Future Guidance

LGN

Earnings

Guidance Update

M&A

Legence reported record quarterly revenues of $708.0 million for Q3 2025, a 26% increase from the prior year, with Non-GAAP Adjusted EBITDA increasing 39% to $88.8 million.
The company achieved record total backlog and awards of $3.1 billion as of September 30, 2025, marking a 29% increase year-over-year, alongside a robust book-to-bill ratio of 1.5x for the quarter.
Legence established Q4 2025 guidance for revenue between $600 million and $630 million and Non-GAAP Adjusted EBITDA between $60 million and $65 million.
The company also provided full year 2026 guidance, projecting total revenues of $2.65 billion to $2.85 billion and Non-GAAP Adjusted EBITDA of $295 million to $315 million.
Legence signed a definitive agreement to acquire Bowers for $475 million, completed two tuck-in acquisitions, and reduced total debt and net debt to $836 million and $650 million, respectively, following its IPO.

Nov 14, 2025, 12:12 PM

8-K

Legence Corp. announces agreement to acquire Bowers

LGN

M&A

New Projects/Investments

Guidance Update

Legence Corp. (LGN) has entered into a definitive agreement to acquire The Bowers Group, Inc., a premier mechanical contractor, expanding its capabilities in the Northern Virginia/DC Metro area, particularly for the data center market.
The total acquisition consideration is approximately $475 million, consisting of $325 million in cash, approximately $100 million in Legence's Class A common stock, and $50 million in deferred consideration.
For the twelve months ended September 30, 2025, Bowers generated approximately $767 million in total revenue and $72 million in EBITDA, with an estimated $1.3 billion in backlog and awarded contracts.
Legence anticipates Bowers will contribute $825 million to $875 million in revenue and $75 million to $85 million in non-GAAP EBITDA in calendar year 2026.
The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions and regulatory approval, with pro forma net leverage projected to be approximately 2.9x post-acquisition.

Nov 14, 2025, 12:08 PM

8-K

Legence Holdings Amends Credit Agreement, Refinancing Debt and Extending Maturities

LGN

Debt Issuance

On October 30, 2025, Legence Holdings LLC, an indirect subsidiary of Legence Corp., entered into Amendment No. 11 to its Credit Agreement.
This amendment refinances the existing $798.0 million term loan facility with a new $798.0 million facility, extending its maturity by three years to December 16, 2031 and reducing the applicable interest rate by 25 basis points to SOFR plus 2.25%.
Additionally, the existing $90.0 million revolving credit facility is replaced with a $200.0 million revolving credit facility, extending its maturity by approximately four years to September 22, 2030 and setting its interest rate at SOFR plus 2.25%.

Oct 30, 2025, 8:16 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Legence.

Q3 2025

Nov 14, 2025

→

View All Transcripts

Ask Fintool AI Agent

Get instant answers from SEC filings, earnings calls & more

What are Legence's strategic priorities?How is Legence positioned vs competitors?How did Legence do last quarter?