Limbach Holdings recently acquired CYMCOR for approximately $30 million to expand its position in the rapidly growing data center infrastructure market and move closer to customers earlier in the project development process.
The acquisition was funded through cash on hand and borrowings under Limbach’s expanded revolving credit facility. Limbach expects CYMCOR to contribute approximately $12 million of professional services revenue and $4 million of adjusted EBITDA in 2027 before potential revenue synergies.
CYMCOR specializes in program management, commissioning oversight, and strategic consulting for hyperscale, colocation, enterprise, and other mission-critical data center customers.
The strategic value of the acquisition goes beyond CYMCOR’s standalone revenue.
CYMCOR currently manages customer project budgets totaling more than $8 billion. By becoming involved with building owners at the program management stage, Limbach expects to gain earlier visibility into projects and create opportunities to win subsequent engineering, construction, commissioning, maintenance, and other lifecycle work.
This “pull-through” opportunity is central to Limbach’s rationale for the deal.
Limbach has already deployed a similar model in healthcare. During the previous 12 months, its healthcare program management business generated approximately $3 million of professional services revenue but helped produce around $60 million of downstream project bookings, representing a roughly 20x pull-through multiple.
Management believes CYMCOR can help replicate that model across the data center market.
The acquisition also expands Limbach’s geographic reach and strengthens its ability to serve national and multi-site data center customers. CYMCOR operates in major data center markets including Dallas/Fort Worth, Atlanta, Charlotte, and Northern Virginia.
KEY QUOTES:
“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.”
Mike McCann, President and CEO of Limbach
“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.”
Marc Robertson, President of CYMCOR
