10:52 AM EDT, 09/03/2024 (MT Newswires) -- Limbach Holdings ( LMB ) said Tuesday it is purchasing Kent Island Mechanical for an initial price $15 million.

The acquisition supports Limbach's ( LMB ) offerings in sectors such as data centers, healthcare, life sciences and higher education, with KIM expected to contribute $30 million in annual revenue starting 2025, the company said.

KIM acquisition is also expected to support Limbach's ( LMB ) existing operations in the Mid-Atlantic region, it added.

The acquisition was funded through available cash, with a total consideration of $15 million at closing and additional performance-based earn-outs up to $5 million potentially payable over the next two years, Limbach ( LMB ) said.

Price: 60.77, Change: -3.86, Percent Change: -5.97