Filing Flows › Limbach Holdings (LMB) › Takeover & LBO
Is Limbach Holdings (LMB) a takeover target?
A leveraged buyout at today's price plus 30% ($66.64 a share) would return about 6% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $47.73 a share (−7% against today's $51.26). Historically 3.8% of companies with its figures were bought within a year (0.75× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $66.64 | today's $51.26 plus 30% |
| × shares | 12.0 million | |
| = Equity value | $800M | |
| + Debt refinanced | $40.7M | |
| − Cash | $17.5M | |
| = Enterprise value | $823M | 13.7× EBITDA of $59.9M |
| Fees | $16.5M | 2% of the price |
| New debt | $329M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $510M | 61% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $788M | $64.7M | $25.2M | $26.8M | $302M |
| Year 2 | $841M | $69.0M | $23.1M | $32.3M | $270M |
| Year 3 | $887M | $72.8M | $20.7M | $37.8M | $232M |
| Year 4 | $925M | $75.9M | $17.8M | $43.3M | $189M |
| Year 5 | $953M | $78.2M | $14.5M | $48.6M | $140M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 10.7× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $834M | |
| − Debt left | $140M | |
| = Buyer's equity | $693M | |
| Money multiple | 1.36× | on $510M put in |
| Buyer's yearly return (IRR) | 6.3% |
Price against return
What the buyer makes at other premiums over today's $51.26; the IRR reaches 20% at $47.73 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $56.39 | 12.5% |
| 20% | $61.51 | 9.2% |
| 30% | $66.64 | 6.3% |
| 40% | $71.76 | 3.9% |
| 50% | $76.89 | 1.8% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $730M | |
| EBITDA, last 12 months | $59.9M | 8.2% of revenue |
| Depreciation and amortization | $18.9M | |
| Capital spending | $1.8M | |
| Debt | $40.7M | |
| Cash | $17.5M | |
| Share price | $51.26 | on Oct 9, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 26% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Limbach Holdings would cost about $71.76 a share, $861M for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $58.80 | $706M |
| Median | 40% | $71.76 | $861M |
| High end (a quarter paid more) | 60.2% | $82.12 | $985M |
The odds, from history
Historically 3.8% of companies with its figures were bought within a year (0.75× the average). Its figures put it in decile 3 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Limbach Holdings' latest quarter
Limbach Holdings, Q3 2026: revenue $230M (+25% year over year), operating margin 6.5%, net earnings $9.4M, operating cash flow $20.3M. The chart follows the revenue to costs, profit and cash.
Questions
Is Limbach Holdings being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Limbach Holdings?
A leveraged buyout at today's price plus 30% ($66.64 a share) would return about 6% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $47.73 a share (−7% against today's $51.26).
What would a takeover of Limbach Holdings cost?
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Limbach Holdings would cost about $71.76 a share, $861M for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.