The acquisition provides a clear, quantifiable revenue and EBITDA uplift for 2027, but near-term leverage increases from the debt-funded deal. Monitor Q3 2026 earnings in November for initial integration commentary and any guidance revision.
Price Chart
Executive Summary
Limbach Holdings acquired 1901 Inc., a Wisconsin-based MEP contractor, for an initial purchase price of $63.0 million in cash and borrowings, plus up to $6.0 million in performance-based earnouts. The acquisition adds ~450 employees and is expected to contribute ~$140 million in revenue and ~$11 million in adjusted EBITDA in 2027, representing a significant bolt-on that expands Limbach's Midwest presence and electrical capabilities. The deal is funded via available cash and a recently expanded revolver, adding leverage but providing a clear, quantifiable earnings accretion path for 2027.
Key Facts
- Acquired 1901 Inc. for $63.0 million initial cash consideration plus up to $6.0 million in performance-based earnouts over two years.
- 1901 is expected to contribute approximately $140 million in revenue and $11 million in adjusted EBITDA for the full year 2027.
- The acquisition adds approximately 450 employees, including more than 350 field professionals, and establishes Limbach's largest electrical operation.
- Funded through available cash and borrowings under a recently expanded revolving credit facility.
- Limbach expects to provide additional financial contribution details when reporting Q3 2026 results in November.
Financial Impact
$63M initial cash purchase + up to $6M earnouts; 1901 expected to contribute ~$140M revenue and ~$11M adjusted EBITDA in 2027
Risk Factors
- Integration risk: failure to retain 1901's workforce or customer relationships could impair expected synergies.
- Leverage risk: debt-funded acquisition increases financial risk if 1901's performance falls short of $140M revenue / $11M adjusted EBITDA targets.
- Earnout dilution: up to $6M in performance-based earnouts could be payable, adding to total consideration if targets are met.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-059713 |
| Exhibit: ex991-pressrelease912026.htm | 0001628280-26-059713 |
| Document: 0001628280-26-059713-index-headers.html | 0001628280-26-059713 |
| Document: 0001628280-26-059713-index.html | 0001628280-26-059713 |
| Document: 0001628280-26-059713.txt | 0001628280-26-059713 |
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Sep 17, 2026 5w ago | Insider Cluster | $51.74 $51.48 | ▼ −0.50% | ▼ −1.77% | $48.32 (−6.61%) |
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