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Limbach Holdings, Inc. is an integrated building systems solutions firm specializing in the design, modular prefabrication, installation, management, and maintenance of mechanical, electrical, plumbing, and control systems. The company serves commercial, institutional, and light industrial markets across the Northeast, Mid-Atlantic, Southeast, and Midwest regions of the United States. Limbach provides essential services to industries such as healthcare, data centers, life sciences, higher education, and cultural and entertainment facilities.
- Owner Direct Relationships (ODR) - Performs owner-direct construction projects and provides maintenance or services on mechanical, plumbing, or electrical systems, building controls, and specialty contracting projects directly to building owners or property managers.
- General Contractor Relationships (GCR) - Manages new construction or renovation projects involving mechanical, plumbing, or electrical services awarded by general contractors or construction managers.
| Name | Position | External Roles | Short Bio | Start Date |
|---|---|---|---|---|
Michael M. McCann ExecutiveBoard | President, CEO, and Director | None | Joined LMB in 2010; held various leadership roles including COO; became CEO in March 2023. Holds a BS in Mechanical Engineering and an MBA. Certified Mechanical Contractor in Florida. | 2023-03-29 |
Jay A. Sharp Executive | President of Limbach Company LLC | None | Joined LMB in 1990; held various leadership roles including Regional Manager and EVP. Holds a bachelor's degree from Messiah College and completed Columbia University's Senior Executive Management program. | 2023-01 |
Jayme L. Brooks Executive | Executive Vice President and CFO | None | Joined LMB in October 2019; oversees financial operations. Previously held CFO roles at Capstone Turbine Corporation. CPA licensed in California. Holds a BA in Business Economics and an MBA. | 2019-10 |
David R. Gaboury Board | Director | Chair Emeritus at Terracon; Board Member at Smith Seckman Reid, RS&H, Weston Solutions, Hall’s Culligan | Director since 2024; former CEO of Terracon Consultants. Extensive leadership experience in engineering and construction. Holds degrees in Civil Engineering and is a licensed professional engineer. | 2024-06-13 |
Gordon G. Pratt Board | Chairman of the Board | Managing Member of Fund Management Group LLC; associated with Atlas Financial Holdings, Inc. | Director since 2014; became Chairman in 2016. Extensive experience in financial analysis and governance. Holds degrees from Cornell University, Northwestern University, and the University of Miami Law School. | 2016-07 |
Joshua S. Horowitz Board | Director | Portfolio Manager at Palm Management; Director at Barnwell Industries, BK Technologies, and NeuroMetrix | Director since 2020; experienced investor with over 20 years in investment analysis and governance. Holds a BS in Management from Binghamton University. | 2020-03 |
Laurel J. Krzeminski Board | Director | Board Member at Terracon and Arrow Electronics | Director since 2018; former CFO of Granite Construction. Extensive experience in finance and construction. Holds a BA in Accounting and has public accounting experience. | 2018-06 |
Linda G. Alvarado Board | Director | President/CEO of Alvarado Construction; Owner of Colorado Rockies; President of Palo Alto, Inc. | Director since 2021; extensive experience in construction and business leadership. Recognized as one of the Most Influential Hispanics in America. Holds numerous charitable and community leadership roles. | 2021-08 |
Michael F. McNally Board | Director | Independent Board Chair at Granite Construction; Board Member at Rhode Island Commerce Corporation | Director since 2017; former CEO of Skanska USA. Extensive experience in construction and governance. Holds a BS in Civil Engineering and an MBA. | 2017-09 |
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Your guidance indicates consolidated revenue growth starting in 2025, but without providing long-term guidance due to your business transition; how confident are you in achieving this growth given the decline in GCR revenue and what indicators support this expectation?
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You expect gross margins to expand over time similar to other building systems solutions firms; what specific initiatives will drive this margin expansion, and how will you mitigate the risks that could prevent you from reaching these margin levels?
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You've invested significantly in rental equipment with plans to invest more; can you discuss the expected return on this investment and how it aligns with your overall capital allocation strategy, especially in the face of rising interest rates?
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Given the robust acquisition pipeline and intention to have a steadier pace of deals, how do you plan to finance these acquisitions without diluting shareholder value, and what is your strategy if market conditions make acquisitions less favorable?
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You've mentioned that you're only in the early stages of penetrating your top customers; what are the main obstacles preventing you from increasing your wallet share more rapidly, and how do you intend to overcome them to drive growth?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Consolidated Mechanical, Inc. | 2024 | Deal Value & Structure: Acquired on December 2, 2024 for an initial cash payment of $23 million with performance-based earn-outs of up to $2 million over two years, funded entirely from available cash. Strategic Rationale & Capabilities: The acquisition expands Limbach’s industrial footprint into sectors like power generation and food processing, bolstering its Owner Direct Relationships (ODR) with enhanced repair, maintenance, and retrofit services; it brings in strong capabilities in mechanical, millwright, and fabrication services, including an ASME-certified facility. |
Kent Island Mechanical, LLC | 2024 | Deal Value & Structure: Closed on September 3, 2024 with an initial cash payment of $15 million and contingent earn-outs of up to $5 million tied to performance milestones. Strategic Rationale & Capabilities: The acquisition extends Limbach’s ODR strategy into the Mid-Atlantic region, notably enhancing its service offering in healthcare and complex mechanical and plumbing systems installations, engineering, and maintenance. |
Industrial Air, LLC | 2023 | Deal Value & Structure: Completed on November 1, 2023 for $13.5 million in cash with a potential earn-out of up to $6.5 million over the next two years, funded entirely from available cash. Strategic Rationale & Capabilities: This acquisition strengthens Limbach’s ODR strategy by expanding its geographic presence into the Carolinas and by integrating engineered air handling systems and in-house manufacturing of key components for air conditioning and filtration, ensuring an end-to-end solution. |
ACME Industrial Piping, LLC | 2023 | Deal Value & Structure: Acquired on July 3, 2023 with a cash payment of $5 million and additional earn-out potential of up to $2.5 million based on pre-defined gross profit targets, with part of the funds held in escrow for indemnification. Strategic Rationale & Capabilities: This deal furthers Limbach’s ODR expansion in the Southeast and its portfolio in hydroelectric and industrial maintenance services, offering specialized mechanical solutions for the chemical and manufacturing sectors. |
Jake Marshall LLC | 2021 | Deal Value & Structure: Closed on December 2, 2021 with an enterprise value of $20 million paid in cash (augmented by term loan borrowings and adjustments to a total consideration of $21.3 million), including an earn-out opportunity of up to $6 million contingent on performance. Strategic Rationale & Capabilities: The acquisition supports Limbach’s expansion into the Southeast by leveraging Jake Marshall’s strong fabrication capabilities and historic revenue performance as a specialty mechanical contractor, with its operations remaining distinct post-integration for immediate accretive impact. |
Coating Solutions LLC | 2021 | Deal Value & Structure: Acquired on December 2, 2021 as part of the Jake Marshall transaction for a $20.0 million cash payment plus up to $6.0 million in earn-out payments, with $1.0 million held in escrow for indemnification. Strategic Rationale & Capabilities: This acquisition complements Limbach’s operational portfolio by integrating coating services that enhance the overall mechanical solutions offering, thereby strengthening the combined business’ market position and operational capabilities. |
Recent developments and announcements about LMB.
Earnings
New Earnings (Q4 2024)
·12 hours agoView full earnings summary →LMB projects 23–46% ODR growth in 2025, driving 10–15% total revenue gains. ODR rising to 70–80% of sales (from 66.6%) boosts margins, though Q1 2025 may be flat. Expansion relies on acquisitions and specialized services for longer-term growth.