Pittsburgh-based Limbach Holdings, a firm specializing in heating, ventilation, air-conditioning (HVAC) systems, recently closed on its purchase of Jake Marshall, a specialty mechanical contractor based in Chattanooga, Tenn., and certain affiliated companies in a $20 million all-cash deal.
Jake Marshall’s owners also might receive up to $6 million in additional cash consideration subject to certain performance thresholds in 2022 and 2023.
The company provides industrial and institutional mechanical construction, fabrication and millwright services to customers in Southeastern Tennessee, Northern Georgia and Northern Alabama. It has a dominant presence in the health-care and higher-education markets in the greater Chattanooga area and also serves the automotive, food processing, packing, specialty chemicals and utilities markets.
Jake Marshall generated more than $45 million in revenue annually from 2014 to 2020.
“Our strategy has been directed toward expanding our owner-direct focus, both organically and through the acquisition of companies that meet our strategic objectives,” Charlie Bacon, Limbach president and CEO, said. “Jake Marshall is an excellent fit with our criteria. In addition to expanding Limbach’s presence in the southeast, Jake Marshall provides expanded owner-direct relationships in industrial and core institutional markets, best-in-class fabrication capabilities, and human capital assets that routinely exceed customer and stakeholder expectations.”