TAMPA, Fla., August 5 — 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 CYMCOR, Inc. (“CYMCOR”), a professional services firm specializing in program management, commissioning oversight, and strategic consulting for hyperscale, colocation, enterprise, and mission-critical data center clients. These capabilities also extend to other technically demanding markets, including healthcare.
Transaction Details and Rationale
The acquisition was completed for a purchase price of $30 million (subject to customary post-closing adjustments) and was funded through a combination of cash on hand and borrowings under the Company’s recently expanded revolving credit facility.
The Company currently expects CYMCOR to contribute approximately $12 million in professional services revenue and $4 million in adjusted EBITDA in 2027, not including potential revenue synergies or incremental project pull-through. Limbach’s immediate focus will be on integrating operations, leveraging complementary capabilities, and expanding customer relationships through the combined platform.
A key strategic benefit of the acquisition is its ability to increase pull-through project revenue across Limbach’s existing markets while expanding our presence in data center infrastructure.
Through its program management services, CYMCOR currently oversees project budgets for customers that have a cumulative value exceeding $8 billion. The Company believes this early engagement with owners will create meaningful opportunities for Limbach to provide engineering, construction, commissioning, maintenance and other lifecycle services. Limbach has successfully employed a similar model in healthcare and believes CYMCOR can extend that approach into data centers and other mission-critical markets.
The acquisition expands Limbach’s geographic reach, strengthens its ability to serve national and multi-site data center customers, and positions the Company to engage directly with building owners earlier in the facility lifecycle.
Management Commentary
Mike McCann, President and Chief Executive Officer of Limbach, stated, “We are excited to welcome the CYMCOR team to the Limbach family. CYMCOR positions Limbach further upstream in the owner decision-making process, creating opportunities to generate high-margin professional services revenue while driving downstream project bookings across our platform. CYMCOR brings trusted owner relationships and specialized expertise that would have taken years to develop organically.
“CYMCOR’s business model closely mirrors Limbach’s proven healthcare program management platform, giving us confidence in our ability to drive value in this mission-critical market. Over the last twelve months, our healthcare program management platform generated approximately $3 million of professional services revenue and pulled through approximately $60 million of project bookings resulting in a 20x pull through multiple. Building on that success, this acquisition strengthens our ability to scale nationally while extending a proven and repeatable business model we have already established in healthcare.”
Marc Robertson, President of CYMCOR, added, “Over the past two decades, CYMCOR has built a reputation as a trusted advisor to owners managing some of the most complex capital programs in the industry. Limbach’s growing national presence, engineering expertise and operational resources will strengthen our capabilities, broaden our customer reach, and support long-term growth. We’re excited to build on CYMCOR’s strong reputation while becoming part of an organization that shares our values, customer focus, and long-term vision.”