Limbach Holdings has acquired 1901 Inc. for $63 million, expanding its Midwest operations and creating the company’s largest electrical operation to date.
The transaction also includes performance-based earnouts of up to $6 million, payable over the next two years if specified performance targets are achieved.
Limbach funded the acquisition with available cash and borrowings under its recently expanded revolving credit facility.
Madison, Wisconsin-based 1901 is a union mechanical, electrical and plumbing contractor with a 125-year operating history.
The company provides design-build, construction, fabrication, service, maintenance, controls and underground utility services throughout Wisconsin and the broader Midwest.
The acquisition adds approximately 450 employees, including more than 350 field professionals, to Limbach.
It also strengthens Limbach’s capabilities across healthcare, higher education, industrial and cultural facilities while expanding its opportunities in advanced manufacturing, life sciences and technology.
Limbach plans to integrate 1901 into its broader operating platform while maintaining the company’s local customer relationships, technical capabilities and skilled workforce.
The company sees opportunities to increase margins over time through deeper customer relationships, cross-selling and expansion of 1901’s service capabilities.
For 2027, Limbach expects 1901 to contribute approximately $140 million in revenue and $11 million in adjusted EBITDA.
The combination also carries an unusual historical connection, as both Limbach and 1901 trace their founding to 1901.
KEY QUOTES:
“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.”
Michael McCann, President and Chief Executive Officer of Limbach
“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.”
Paul Christensen, Chief Executive Officer of 1901
