PITTSBURGH: Limbach Holdings, Inc. (Nasdaq: LMB), a provider of building systems solutions, announced Tuesday it has acquired Minnesota-based Pioneer Power, Inc. for $66.1 million in a strategic move to strengthen its position in the Upper Midwest market.
The acquisition was funded through a combination of cash on hand and borrowings under Limbach’s recently expanded revolving credit facility. The purchase includes real estate valued at approximately $4.6 million and remains subject to customary working capital adjustments.
Founded in 1947, Pioneer Power specializes in mechanical services for industrial and institutional clients across healthcare, utilities, oil refining and food industries. The company, previously fully employee-owned through an ESOP, is expected to contribute roughly $120 million in revenue and $10 million in adjusted EBITDA annually beginning in 2026.
“This acquisition further expands our footprint in the Midwest and aligns well with our strategic focus on Owner Direct Relationships,” said Michael McCann, Limbach president and CEO. He added that PPI’s core strengths in complex mechanical systems and industrial maintenance complement Limbach’s existing capabilities and recent acquisitions.
Limbach said it plans to update its fiscal 2025 guidance during its second-quarter earnings call in August, noting that integration and synergy realization will be a primary focus heading into 2026.
As part of the deal, Limbach amended its credit agreement with Wheaton Bank & Trust Company, expanding its revolving credit facility from $50 million to $100 million to support future growth initiatives.
Pioneer Power President Larry Stevens Jr. said the transaction would allow PPI to tap into broader resources and expertise as part of the Limbach organization.
“We are excited to be part of a company that shares our culture and commitment to delivering value-enhancing mechanical solutions,” Stevens said.
Since going public, Limbach has deployed more than $150 million in acquisitions without issuing equity, emphasizing its discipline in capital allocation and shareholder value preservation.