Limbach Holding acquires Pioneer Power for $66.1M to expand Midwest reach

Limbach Holding (LMB)s announced it has acquired Pioneer Power for $66.1M in cash, financed through cash on hand and its expanded revolving credit facility. Pioneer Power provides industrial and institutional mechanical solutions in the Greater Twin Cities region and Upper Midwest. Limbach expects the acquisition to add annualized revenue of approximately $120M and adjusted EBITDA of $10M beginning in 2026. The company also amended its credit agreement, expanding its revolving credit facility to $100M.