Legence (LGN) Registration filing summary

Company overview and business model

• Provides engineering, installation, and maintenance services for mission-critical building systems, focusing on mechanical, electrical, and plumbing (MEP) solutions.

• Serves high-growth sectors such as data centers, technology, life sciences, healthcare, and education, with over 60% of Nasdaq-100 companies as clients.

• Operates through two segments: Engineering & Consulting and Installation & Maintenance, with a national footprint across 46 states and DC.

• Emphasizes integrated solutions, in-house engineering, modular construction, and recurring maintenance contracts.

• Pursues growth through sector focus, expanding client relationships, increasing recurring revenue, and strategic acquisitions.

Financial performance and metrics

• Revenue grew at a 27% CAGR from 2022 to 2025, and 15% CAGR pro forma for acquisitions.

• 2025 revenue was $2.55 billion, with a net loss of $77.3 million and Adjusted EBITDA of $298.8 million (11.7% margin).

• Pro forma 2025 revenue including Bowers Acquisition was $3.45 billion, with a net loss of $47.7 million and Adjusted EBITDA of $298.8 million.

• Backlog and awarded contracts totaled $3.7 billion at year-end 2025, up 49% year-over-year.

• Bowers Acquisition added $767 million in revenue and $69 million in net income for the year ended September 30, 2025.

Use of proceeds and capital allocation

• No proceeds from this offering will go to the company; all shares are sold by existing stockholders.

• Company will bear offering costs except underwriting discounts and commissions.

• Recent capital allocation included $325 million in cash and 2.55 million shares for the Bowers Acquisition, funded by cash, revolving credit, and a $200 million term loan.