Limbach buys 1901 Inc. for $63M to grow Midwest
Rhea-AI Filing Summary
Limbach Holdings, Inc. (LMB) closed the acquisition of Madison, Wisconsin-based MEP contractor 1901 Inc. for an initial purchase price of $63 million, funded with available cash and borrowings under its recently expanded revolving credit facility. The deal also includes up to $6 million in performance-based earn-outs over the next two years, contingent on specified performance targets.
The acquisition expands Limbach’s Midwest footprint and establishes its largest electrical operation, while adding mechanical, plumbing, controls, fabrication, service, and underground utility capabilities. 1901 brings about 450 employees, strengthening Limbach’s presence in healthcare, higher education, industrial, and cultural facilities and adding exposure to advanced manufacturing, life sciences, and technology. Limbach expects 1901 to contribute approximately $140 million of revenue and $11 million of adjusted EBITDA in 2027 and plans to apply its operating platform to deepen customer relationships, broaden services, and seek margin improvement.
Positive
- $63 million acquisition of 1901 Inc. expands Limbach’s Midwest footprint and creates its largest electrical operation, adding broad mechanical, electrical, plumbing, controls, service, and underground utility capabilities.
- For 2027, Limbach expects 1901 to contribute about $140 million in revenue and $11 million in adjusted EBITDA, indicating a sizable anticipated financial impact from the acquisition.
Negative
- None.
Insights
Analyzing...
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Initial purchase price: $63 million
Performance-based earn-outs: Up to $6 million
Expected 2027 revenue from 1901: $140 million
+5 more
8 metrics
Initial purchase price
$63 million
Acquisition price for 1901 Inc., subject to customary post-closing adjustments
Performance-based earn-outs
Up to $6 million
Potential additional consideration over two years upon achieving performance targets
Expected 2027 revenue from 1901
$140 million
Company expectation for 1901’s full-year 2027 revenue contribution
Expected 2027 adjusted EBITDA from 1901
$11 million
Company expectation for 1901’s full-year 2027 adjusted EBITDA contribution
1901 employees
Approximately 450
Total employees at 1901, including more than 350 field professionals
Limbach team members
Approximately 2,100
Total Limbach workforce across 23 offices in the Eastern and Midwestern U.S.
Limbach offices
23
Offices across the Eastern and Midwestern regions of the United States
1901 history
125 years
Approximate operating history of 1901 as a union MEP contractor since 1901
Key Terms
performance-based earn-outs, revolving credit facility, adjusted EBITDA, design-build, +1 more
5 terms
performance-based earn-outs financial
"The transaction also includes performance-based earnouts of up to $6.0 million"
revolving credit facility financial
"borrowings under the Company’s recently expanded revolving credit facility"
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
adjusted EBITDA financial
"expects 1901 to contribute approximately $140 million in revenue and $11 million in adjusted EBITDA"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
design-build technical
"providing design-build, construction, fabrication, service, maintenance"
A project delivery method where one firm or team is hired to both design and build a physical project under a single contract. It matters to investors because it centralizes responsibility, often speeding delivery and clarifying who bears schedule and cost risks—think of hiring a single contractor to both draw the plans and do the construction instead of coordinating separate architects and builders. That can reduce surprises but also concentrates decision power and oversight.
mission-critical facilities technical
"operators of mission-critical facilities across healthcare, industrial and manufacturing"
FAQ
What acquisition did Limbach Holdings (LMB) announce on September 1, 2026?
Limbach announced the closing of its acquisition of 1901 Inc., a Madison, Wisconsin-based union MEP contractor, for an initial purchase price of $63 million plus up to $6 million in performance-based earn-outs.
How much is Limbach Holdings (LMB) paying for 1901 Inc. and how is it funded?
Limbach is paying an initial $63 million purchase price for 1901 Inc., funded through a combination of available cash and borrowings under its recently expanded revolving credit facility, plus up to $6 million in performance-based earn-outs.
What financial contribution does Limbach (LMB) expect from 1901 Inc. in 2027?
For 2027, Limbach currently expects 1901 Inc. to contribute approximately $140 million in revenue and $11 million in adjusted EBITDA for the full year.
How does the 1901 Inc. acquisition change Limbach’s operations and scale?
The acquisition establishes Limbach’s largest electrical operation and adds capabilities across mechanical, plumbing, controls, fabrication, service, and underground utility solutions, while bringing about 450 employees and expanding its Midwest and national account coverage.
What are the key terms of the earn-outs in Limbach’s (LMB) 1901 transaction?
The transaction includes performance-based earn-outs of up to $6 million, payable over the two years following closing, only if 1901 achieves specified performance targets.
How large is Limbach Holdings’ overall workforce after acquiring 1901 Inc.?
Limbach reports having approximately 2,100 team members across 23 offices in the Eastern and Midwestern United States. 1901 adds about 450 employees, including more than 350 field professionals, strengthening coverage in the Midwest.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 1, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (412 ) 359-2100
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 7.01 | Regulation FD Disclosure | ||||
On September 1, 2026, Limbach Holdings, Inc. (the “Company”) issued a press release announcing the closing of the acquisition of Madison, Wisconsin-based mechanical contractor, 1901 Inc., for an initial purchase price at closing of $63.0 million to be paid through a combination of available cash and borrowings under the Company’s recently expanded revolving credit facility. The transaction also includes performance-based earnouts of up to $6.0 million, with the earnout amounts being payable, if earned, over the next two years from closing upon the achievement of specified performance targets.
The information in this Current Report on Form 8-K and the Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. | ||||
(d) Exhibits
| Exhibit No. | Description | |||||||
99.1 | Press Release dated September 1, 2026 | |||||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LIMBACH HOLDINGS, INC. | |||||||||||
| By: | /s/ Jayme L. Brooks | ||||||||||
| Name: Jayme L. Brooks | |||||||||||
| Title: Executive Vice President and Chief Financial Officer | |||||||||||
Dated: September 1, 2026
EXHIBIT 99.1 Limbach Acquires Wisconsin-Based MEP Contractor 1901 Inc. Expands Midwest Presence, Adds Significant Mechanical, Electrical, Plumbing and Controls Capabilities and Scale and Broadens Exposure to Attractive End Markets TAMPA, Fla. – September 1, 2026 – Limbach Holdings, Inc. (Nasdaq: LMB) ("Limbach" or the "Company"), a building systems solutions firm that partners with building owners and operators of mission-critical mechanical, electrical, plumbing, and controls ("MEPC") infrastructure, today announced that it has acquired 1901 Inc. (“1901”) a Madison, Wisconsin-based union MEP contractor with a 125 year history providing design-build, construction, fabrication, service, maintenance, controls, and underground utility solutions throughout Wisconsin and the Midwest. Transaction Details and Rationale The acquisition of 1901 increases Limbach’s scale in the Midwest and establishes the Company’s largest electrical operation to date, while adding capabilities across mechanical, plumbing, controls, fabrication, service and underground utility solutions. This addition is also expected to enhance Limbach’s ability to serve national account customers through an expanded geographic footprint and operational scale. The acquisition was completed for a purchase price of $63 million (subject to customary post-closing adjustments) and was funded through available cash and borrowings under the Company’s recently expanded revolving credit facility. The transaction also includes performance-based earn-outs of up to $6 million, with the earnout amounts being payable, if earned, over the next two years from closing upon the achievement of specified performance targets. 1901 brings approximately 450 employees, including more than 350 field professionals, and strengthens Limbach’s position across healthcare, higher education, industrial, and cultural facilities, while adding opportunities in advanced manufacturing, life sciences and technology. Limbach’s initial focus will be integrating 1901 into its operating platform while preserving the local customer relationships, technical expertise and the skilled workforce that has driven its success. Limbach intends to apply its value-creation playbook by deepening customer engagement, identifying cross-selling opportunities and broadening service capabilities to improve margins. The Company expects to provide additional information regarding 1901’s anticipated financial contribution when it reports its third-quarter 2026 results in November. For 2027, Limbach currently
EXHIBIT 99.1 expects 1901 to contribute approximately $140 million in revenue and $11 million in adjusted EBITDA for the full year. Management Commentary Michael McCann, President and Chief Executive Officer of Limbach, stated, “1901 is an exceptional fit with Limbach’s strategy and represents another important step in scaling our building systems solutions platform. Both companies were founded in 1901 and share a long history of technical expertise, strong customer relationships and a commitment to quality. “1901 meaningfully increases our presence in the Midwest and adds significant mechanical, electrical and controls capabilities, while strengthening our ability to serve several of the mission-critical markets we target. Importantly, we also see a clear opportunity to build on 1901’s established foundation by applying Limbach’s operating platform, sales resources and customer solutions to deepen relationships, broaden service offerings and improve margins over time. We believe this combination creates meaningful long-term value for our customers, employees and stockholders.” Paul Christensen, Chief Executive Officer of 1901, added, “Limbach and 1901 share a customer-first culture, a deep commitment to our people and a belief that lasting local relationships are essential to long-term success. Joining Limbach gives our team access to broader capabilities and resources while allowing us to continue serving our customers with the same local expertise and responsiveness they have come to expect. We are excited about the opportunities ahead.” About 1901 1901 (www.1901inc.com) is a Madison, Wisconsin-based union MEP contractor providing mechanical, electrical, plumbing, controls, design-build, construction, fabrication, service, maintenance, and underground utility solutions throughout Wisconsin and the Midwest. Founded in 1901, the company traces its roots to W.J. Hyland Hall and later H&H Industries before rebranding as 1901 in 2018. About Limbach Limbach is a building systems solutions firm that designs, delivers, and maintains mechanical (heating, ventilation, and air conditioning), electrical, plumbing, and controls ("MEPC") systems that support life's most important moments. We partner with building owners and operators of mission-critical facilities across healthcare, industrial and manufacturing, data centers, life sciences, higher education, and cultural and entertainment markets. With approximately 2,100 team members across 23 offices throughout the Eastern and Midwestern regions of the United States, we strive to be an indispensable
EXHIBIT 99.1 partner by combining our national capabilities with strong local execution and talent to deliver proactive, safe, and reliable solutions for complex facilities. Operating on a connected platform, we integrate engineering expertise with field execution to provide customized MEPC infrastructure solutions that address both operational and capital project needs, optimizing performance, enhancing reliability, and ensuring long-term safety. Forward-Looking Statements We make forward-looking statements in this press release within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to, those related to the future contributions and performance of 1901, including, but not limited to, those related to 1901’s potential future financial contributions and performance. These forward-looking statements relate to expectations or forecasts for future events. These statements may be preceded by, followed by or include the words “may,” “might,” “will,” “will likely result,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target,” “goal,” or similar expressions. These forward- looking statements are based on information available to us as of the date they were made and involve a number of risks and uncertainties, which may cause them to turn out to be wrong. There may be additional risks that we consider immaterial, or which are unknown. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Please refer to our most recent annual report on Form 10-K, as well as our subsequent filings on Form 10-Q and Form 8-K, which are available on the SEC’s website (www.sec.gov), for a full discussion of the risks and other factors that may impact any forward-looking statements in this press release. Investor Relations Financial Profiles, Inc. Lisa Fortuna LMB-IR@limbachinc.com