Limbach acquires Consolidated Mechanical for $23M cash; adds industrial services footprint

Limbach Holdings, Inc.

Initial purchase price $23M cash; earnout up to $2M over two years.
CMI expected to contribute ~$23M annual revenue and $4M EBITDA starting 2025.
Expands into power generation, food processing, manufacturing, metals in KY, IL, MI.
CMI revenue primarily from Owner Direct Relationships (repair, maintenance, retrofit).
Total M&A spend now >$82M without issuing stock; funded from available cash.

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