Legence acquires Bowers for ~$475M; LTM revenue $767M, EBITDA $72M

Legence Corp.

Deal: ~$325M cash + ~$100M stock at close, plus up to $50M deferred payable by Dec 31, 2026 in cash/stock.
Bowers LTM (Sep 2025): $767M revenue, $69M net income, $72M EBITDA; backlog/awards ~$1.3B.
Bowers has ~1,700 employees, 370k sq ft fabrication; leading data-center mechanical contractor in DC Metro.
Closing expected Q1 2026; subject to HSR and customary conditions; Jefferies committed $150M incremental term loan.

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