Limbach buys Industrial Air for $13.5M cash plus up to $6.5M earnout

Limbach Holdings, Inc.

Acquired Industrial Air, a Greensboro NC specialty mechanical contractor, for $13.5M cash at close.
Performance-based earnout of up to $6.5M payable over two years; total consideration may reach $20.0M.
IA expected to contribute ~$30M annual revenue and ~$4M EBITDA; impact on 2023 minimal, more in 2024.
IA serves industrial customers with air handling and filtration, particularly textile industry mission-critical needs.
Deal establishes Limbach's presence in the Carolinas, aligns with ODR-heavy model and cultural fit.

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