Pioneer Power has been acquired by Limbach Holdings for $66.1 million, enhancing Limbach's presence in the Upper Midwest and aligning with its strategic focus on expanding Owner Directed Relationships.

Overview of Pioneer Power

Pioneer Power, Inc. ("Pioneer Power"), located in Minneapolis, Minnesota, has been acquired by Limbach Holdings, Inc. (Nasdaq: LMB) for a total purchase price of $66.1 million. The transaction, which concluded on July 1, 2025, was facilitated by Quazar, serving as the exclusive financial advisor to Pioneer Power, while Winthrop & Weinstine, P.A. acted as legal counsel and RSM US LLP conducted sell-side accounting diligence. Pioneer Power is projected to contribute around $120 million in annual revenue and an adjusted EBITDA of $10 million to Limbach starting in 2026.

Founded in 1947 and previously owned entirely by an Employee Stock Ownership Plan (ESOP), Pioneer Power specializes in providing industrial and institutional mechanical solutions to various sectors, including healthcare, food production, utilities, and oil refining in the Greater Twin Cities area and Upper Midwest. They offer a broad range of services including industrial piping, HVAC, plumbing, and ongoing facility maintenance, which are essential for mission-critical operations.

Industry Overview in the Upper Midwest

The Upper Midwest boasts a dynamic industrial sector, driven by a diverse range of end markets such as healthcare, food and beverage, manufacturing, and energy. This region is recognized for its strong economic foundations a