Record Third Quarter Performance
Legence reported a record-setting quarter with year-over-year revenue growth of 26%, EBITDA growth of 39%, and backlog growth of 29%, all of which were organic.
Strong Book-to-Bill Ratio
The company's book-to-bill ratio was an impressive 1.5x, indicating a positive outlook.
Successful IPO and Debt Reduction
Legence successfully completed its IPO, using $780 million in proceeds to reduce debt by nearly 50% to $836 million, improving its net leverage ratio from 6.2x to 2.4x.
Data Center and Technology Market Growth
The data center and technology end market experienced over 60% growth, driven by multiple projects and modular construction of technical cooling systems.
Acquisition of Bowers Group
Legence announced the acquisition of Bowers Group, a leading mechanical contractor in the Northern Virginia, D.C. metro area, with significant fabrication capacity and a strong reputation in the data center market.