LMB - Limbach acquires specialty mechanical contractor Jake Marshall in all-cash transaction

Limbach (NASDAQ:LMB) closed the acquisition of Chattanooga, TN-based specialty mechanical contractor Jake Marshall, along with certain affiliated companies for an enterprise value of $20M in an all-cash transaction. The acquisition consideration stood at $20M which was sourced from available cash in the amount of $10M and additional term loan borrowings of $10M provided by company lenders. Also, Jake Marshall's owners may receive up to $6M in total future cash consideration subject to meeting certain performance thresholders in CY22 and CY23. From 2014-2020, Jake Marshall generated on average $45M+ in revenue and $4.5M in EBITDA annually; the company provides industrial and institutional mechanical construction, fabrication and millwright capabilities with an emphasis on owner-direct project. "This is a highly strategic acquisition that we expect will be immediately accretive to our bottom-line profitability with significant upside potential," President and CEO Charlie Bacon commented.

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Limbach acquires specialty mechanical contractor, Jake Marshall in all-cash transaction