Limbach Holdings, Inc. announced it has entered into a definitive agreement to acquire Dunbar Mechanical, Inc. from its stockholders for an enterprise value of approximately $20.2 million.
Dunbar is a privately-owned provider of mechanical construction services in Toledo, Ohio and the surrounding region. Limbach and Dunbar have side-by-side experience working together since 2016, most notably on one of the largest healthcare projects ever built in the Toledo area.
The acquisition of Dunbar reinforces Limbach’s position as a dominant mechanical services firm in the Ohio market, and provides a substantial industrial resume from which Limbach intends to further develop its industrial capabilities nationwide. Limbach will further support Dunbar’s growth by leveraging its robust corporate platform, including the design and engineering capabilities of LEDS, Limbach Engineering & Design Services.
In addition to Dunbar’s owner-direct work, which constitutes a significant portion of its annual revenue with margins similar to Limbach’s service segment, the company maintains a mechanical service division with a significant maintenance base and revenue from associated pull-through and spot repair work.