Limbach Holding (LMB) announced that it has acquired Consolidated Mechanical, or CMI. Founded in 1984 in Owensboro, Kentucky, CMI serves the heavy industrial, power, and commercial markets. CMI is a provider of mechanical, millwright, steel fabrication, plumbing construction, maintenance, and outage services to owners of complex process systems in the industrial sector. The acquisition of CMI was internally sourced by Limbach. Limbach paid an initial purchase price of $23M, and CMI is expected to contribute annualized revenue of approximately $23M beginning in 2025, and EBITDA of $4M per annum. Total consideration paid by Limbach at closing was $23M, subject to typical working capital adjustments. The acquisition was funded from available cash and has performance-based, contingent earn-outs totaling up to $2M, which would potentially be payable over the next two years.
