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Introduction
Limbach Holdings Inc is an integrated building systems provider and commercial specialty contractor that expertly manages the design, construction, and maintenance of critical infrastructure systems. As a key player in the mechanical, electrical, plumbing, and control systems sectors, the company is renowned for its integrated approach in delivering solutions that include sophisticated HVAC design, comprehensive building automation, and advanced control system integration. Operating predominantly through its Owner Direct Relationships (ODR) segment alongside its General Contractor Relationships (GCR) division, Limbach stands apart by tailoring its services to diverse clientele spanning private, non-profit, and public sectors.
Core Business & Service Offerings
Limbach Holdings Inc offers a full spectrum of services that cover the lifecycle of building systems. The company designs and engineers state-of-the-art mechanical, plumbing, air conditioning, heating, electrical, and control systems. Its service portfolio includes:
- Design and Engineering: Crafting detailed blueprints and innovative system designs that encompass modern building automation and energy management.
- Construction & Installation: Overseeing the installation of integrated systems with precision, ensuring that mechanical and electrical infrastructures meet the highest industry standards.
- Maintenance & Performance: Providing ongoing maintenance and performance services aimed at optimizing system functionality and prolonging asset life.
- Energy Retrofits & Equipment Upgrades: Updating existing systems to improve energy efficiency and incorporate emerging technologies without compromising operational continuity.
Operating Segments & Market Position
The company strategically operates under two distinct segments: the General Contractor Relationships (GCR) and Owner Direct Relationships (ODR). Despite a diversified service model, the primary revenue driver is the ODR segment, where direct, long-term relationships with building owners enable tailored service contracts and comprehensive system management. By leveraging relationships with both public institutions and private enterprises, Limbach has secured a notable position within its market.
Geographic Footprint & Operational Excellence
With headquarters in Pittsburgh, PA, Limbach operates from multiple strategic business units across key US regions. The extensive geographic distribution enhances its ability to manage projects across varied climate zones and regulatory environments. This not only ensures logistical efficiency but also provides deeper local market insights that contribute to bespoke system designs and superior site-specific solutions.
Expertise in Integrated Building Systems
The company’s robust expertise is underpinned by its end-to-end service model, which integrates the construction and maintenance of building systems from conception to operation. This integrated approach enables efficient project management, minimizes downtime, and delivers long-term performance improvements in building infrastructure. By continuously adapting to technological advances and industry standards, Limbach remains capable of addressing complex challenges within building automation and energy management.
Value Proposition & Competitive Differentiation
Limbach Holdings Inc differentiates itself in the competitive construction and building systems markets through a commitment to technical excellence and operational integrity. The company’s unique modus operandi — managing every phase of a building system’s lifecycle — is designed to optimize performance and ensure the longevity of critical building infrastructures. This comprehensive service delivery model, coupled with robust expertise in mechanical, HVAC, plumbing, and electrical systems, enables Limbach to offer precise, reliable, and enduring solutions for diverse building applications.
Industry Relevance & Trustworthiness
In an industry where technological sophistication and operational reliability are paramount, Limbach’s integrated approach provides a trustworthy framework for enhancing building performance. The company’s attention to detail in every project phase, from system design and engineering to installation, maintenance, and performance monitoring, reflects a deep commitment to maintaining high industry standards. This long-standing expertise positions Limbach as a crucial contributor to the development and maintenance of modern building systems.
Limbach Holdings, Inc. (NASDAQ: LMB) announced it will release its fourth quarter and full year 2020 financial results on March 25, 2021, after the market closes. A conference call for investors and analysts is scheduled for March 26, 2021, at 9:00 a.m. EDT, featuring CEO Charlie Bacon and CFO Jayme Brooks. Participants can join via domestic dial-in at 866-604-1698 or international at 201-389-0844. The call will also be webcast live on Limbach's website, providing an opportunity for stakeholders to engage with the company's leadership.
Limbach Holdings, Inc. (Nasdaq: LMB) has entered into new credit agreements worth $55 million, including a $25 million revolving credit facility and a $30 million term loan, aimed at refinancing existing debt and reducing the cost of capital. The new terms will lower cash interest expenses by approximately $4 million in fiscal 2021. The revolving credit facility allows for up to $25 million to support working capital, with reduced interest rates dependent on achieving a senior leverage ratio below 1.00:1. Total funded indebtedness now stands at $30 million.
Limbach Holdings, Inc. (Nasdaq: LMB) has successfully closed its public offering of common stock on February 12, 2021, selling 1,783,500 shares and raising approximately $20 million in net proceeds. The funds are intended to support key initiatives in 2021, including investments in digital transformation and growth capital. Lake Street Capital Markets served as the sole book-runner, while additional financial advisors included Littlebanc Advisors, LLC and Roth Capital Partners. The offering was conducted under a shelf registration statement effective since August 6, 2019.
Limbach Holdings (Nasdaq: LMB) has priced its underwritten public offering of 1,783,500 shares at $12.00 each, aiming for gross proceeds of approximately $21.4 million. The offering includes a 30-day option for underwriters to purchase an additional 267,525 shares. The funds will support general corporate purposes, including working and growth capital. The offering is set to close on February 12, 2021, subject to standard conditions. Lake Street Capital Markets LLC is the sole book-runner.
Limbach Holdings plans to offer common stock in an underwritten public offering, with an option for underwriters to purchase an additional 15% of shares. The offering is subject to market conditions and aims to provide funds for general corporate purposes, including working and growth capital. The company employs over 1,700 individuals across 22 U.S. offices, focusing on HVAC and building infrastructure services. Lake Street Capital Markets is the sole book-runner for this offering.
Limbach Holdings, Inc. (NASDAQ: LMB) has appointed Melissa DiMuro as the Chief People & Culture Officer, effective immediately. With 18 years of experience, primarily in human capital leadership at GE Aviation, DiMuro is poised to enhance Limbach's Owner Direct & Service business and technology platform. CEO Charlie Bacon emphasized the importance of recruiting and retaining skilled labor, citing DiMuro's experience as crucial for the company's evolving business model. Limbach aims to meet industry challenges while maintaining leadership in safety and technical capability.
Limbach Holdings, Inc. (NASDAQ: LMB) announced that CEO Charlie Bacon will present at NobleCon17 on January 19th at 12:45 PM EST. This conference will be held virtually, free of charge. A recorded video of the presentation will be available on their website the next day and will also be rebroadcast on Channelchek next month. Limbach, which had a revenue of $553.3 million in 2019, specializes in integrated building systems solutions, predominantly serving commercial and institutional clients across various sectors.
Limbach Holdings, Inc. (NASDAQ: LMB) will present at the 13th annual LD Micro Main Event investor conference on December 14th, at 9:20 AM PST/12:20 PM EST. Executive Vice President Matt Katz will address a virtual audience. This year’s Main Event introduces a unique format, featuring 10-minute presentations followed by a Q&A session with investors and analysts. The conference will take place on the Sequire Virtual Events platform and aims to engage both executives and investors. For further details, register here.
Limbach Holdings, Inc. (NASDAQ: LMB) announced participation in Sidoti & Company’s Virtual Microcap Conference 2020. Executive VP Matt Katz will present on November 19 at 2:30 PM EDT and be available for virtual one-on-one meetings. The presentation webcast is accessible on Limbach’s investor relations webpage.
In 2019, Limbach reported revenue of $553.3 million, focusing on integrated building systems solutions for commercial clients, particularly in healthcare and education sectors. The company employs over 1,700 staff across 22 offices in the U.S.
Limbach Holdings reported a 10.6% increase in revenue for Q3 2020, totaling $163.9 million compared to the same period last year. Gross margin improved to 14.8%, up 235 basis points, leading to a net income of $2.5 million and Adjusted EBITDA of $8.8 million, more than double last year's figure. Despite revenue growth in its Construction and Service segments, total backlog decreased to $469.3 million. The company raised its Adjusted EBITDA guidance to $23-26 million while maintaining revenue guidance of $560-600 million.
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