Buy Rating for Legence Corp: Strategic Expansion and Vertical Integration Drive Growth PotentialWe hosted Je ff Sprau, Chief Executive O ffi cer from Legence at our Conference today. Bottom line, we come away positive on (i) rising project scope in data centers, (ii) continued runway for M&A, and (iii) Legence’s unique vertically integrated o ff ering. Key takeaways follow. s Company evolution Legence started as a highly specialized Mechanical contracting fi rm in California n primarily, but since 2019 has expanded its scope of work meaningfully via M&A with a strategy to become a life cycle provider for facilities in markets focused on high-tech industries. Today, Legence also has an electrical contracting business as well as a comprehensive Engineering and Consulting business.