PITTSBURGH, PA — Limbach Holdings, Inc., a arch civic Design/Build mechanical, electrical and accouterments architect and casework aing with address in Pittsburgh, appear on Sept. 20 it had entered into a absolute acceding to access Dunbar Mechanical, Inc. from its stockholders for an action amount of about $20.2 million. In CONTRACTOR Magazine’s 2018 Book of Giants, Limbach ranked at #10, and Dunbar Automated ranked at #74. Dunbar is a privately-owned provider of automated architecture casework in Toledo, Ohio and the surrounding region. Dunbar supports the aliment and advance basic activity needs of bounded automated customers, and additionally provides new architecture and advance casework for barter in the education, healthcare and accepted institutional markets. Dunbar’s able bounded and bounded relationships with ability owners drive cogent owner-direct baby activity and appropriate activity work, in accession to Dunbar’s ample activity capabilities. Limbach and Dunbar accept side-by-side acquaintance alive calm back 2016, best conspicuously on one of the better healthcare projects anytime congenital in the Toledo area The accretion of Dunbar reinforces Limbach’s position as a ascendant automated casework aing in the Ohio market, and provides a abundant automated resume from which Limbach intends to added advance its automated capabilities nationwide. Limbach will added abutment Dunbar’s advance by leveraging its able-bodied accumulated platform, including the architecture and engineering capabilities of LEDS, Limbach Engineering & Architecture Services. On an annualized basis, Dunbar is accepted to accord acquirement of about $75 actor initially. In accession to Dunbar’s owner-direct work, which constitutes a cogent allocation of its anniversary acquirement with margins agnate to Limbach’s account segment, the aggregation maintains a automated account analysis with a cogent aliment abject and acquirement from associated pull-through and atom acclimation work.
Subject to the acceding and altitude of the acquirement agreement, Limbach has agreed to access Dunbar for a acquirement amount of $20.2 million, comprised of $4.0 actor of LMB accepted stock, which is about 402,000 shares and a $3.6 actor subordinated agent agenda with a two-year ability and $12.6 actor in cash, accountable to acclimation as set alternating in the acquirement agreement. The banknote allocation of the application is accepted to be adjourned through new appellation accommodation borrowings beneath the Company’s absolute chief acclaim facility.
“We are aflame to advertise our accretion of Dunbar,” said Charlie Bacon, President and CEO of Limbach. “As we accept appear previously, our focus has been heavily-weighted against companies we apperceive well. Dunbar is one such archetype as we accept auspiciously partnered with it for the accomplished two years and accept the accumulated ability there will facilitate a seamless transition. In accession to alive the business over this aeon of time, the accretion of Dunbar’s resume of automated projects brings us a abundant stronger attendance in the accretion automated and accomplishment sector, a area which is experiencing cogent advance apprenticed by a favorable activity ambiance and tax ambiance afterward the access of the Tax Cuts and Jobs Act legislation in December of 2017.”
Mr. Bacon continued, “Dunbar is a ancestors business with a admirable reputation. Among the abounding aspects of the accretion that accelerate me, I am actual admiring to agenda that Erik Dunbar, a third-generation Dunbar ancestors member, will break with us to run the business assemblage forth with his aggregation of excellent, long-tenured admiral and a agitating accumulation of agents associates that accept fabricated the Dunbar business successful. We attending advanced to affable the new associates of our Limbach family.”
The transaction is accountable to accepted closing conditions, including a action that Limbach secures the requisite debt financing, and is accepted to aing aural 60 canicule of the advertisement on Sept. 20.
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