Boxwood Partners Advises Industrial Air, LLC on Sale to Limbach Holdings, Inc.
The Latest Transaction Builds on Boxwood’s Reputation as a Trusted Advisor across the Industrial & Commercial Sectors
JUPITER, FL – Boxwood Partners is pleased to announce the sale of Industrial Air, LLC (“Industrial Air” or “IA”), a Greensboro, NC-based specialty mechanical contractor, to Limbach Holdings, Inc (Nasdaq:LMB) (“Limbach”), a building systems solutions firm with offices located throughout the United States.
The deal marks the 3rd commercial and industrial transaction in 2023 and the latest in a series of over 20 total transactions in which Boxwood Partners has advised over the past 24 months.
Boxwood Partners, a leading boutique middle-market investment bank based in Jupiter, FL, acted as the exclusive sell-side advisor to Industrial Air on the transaction. The transaction was led by Brian Alas, Managing Director, Robbie Nickle, Director, and Colby Carter, Associate.
“We are very pleased with the outcome of the transaction and believe that Industrial Air has found a great home with Limbach,” said Robbie Nickle, Director of Boxwood Partners. “It was a natural fit and we are excited that the combined business will be positioned for success for many years to come.”
Founded in 1964 and led by second-generation President Allen Hunter, Greensboro-based Industrial Air serves industrial customers throughout the Southeast US and along the Eastern Seaboard. Industrial Air provides environmental mechanical and air filtration solutions and customer air handling equipment to industrial customers, with particular expertise in serving the mission-critical needs of leading businesses in the textile industry.
“Industrial Air is positioned for significant growth in the coming years, and the additional systems, processes, and resources that Limbach offers will help drive continued success for the company and, more importantly, its employees,” said Allen Hunter, President of Industrial Air. “Boxwood provided us with great insight as we worked to achieve our goals with this transaction.”
Founded more than 120 years ago, Limbach has over 1,500 team members across 19 offices throughout the United States. The company partners with institutions with mission-critical infrastructures, such as data centers and healthcare, industrial & light manufacturing, cultural & entertainment, higher education, and life science facilities.
“Through both its long history of success and its recent series of strategic acquisitions, Limbach has established itself as one of the premier building systems solutions firms throughout the country,” said Brian Alas, Managing Director of Boxwood Partners. “We believe the addition of Industrial Air will strengthen the track record of success for both companies and we look forward to IA’s future under the leadership of Limbach.”
About Boxwood Partners
Boxwood Partners, LLC is a boutique investment bank based in Jupiter, Florida with offices in Richmond, Virginia. Boxwood Partners combines a unique blend of senior-level transaction advisory, business operating experience, and proven process execution skills to give its clients a distinct advantage in the market. The firm’s extensive relationships within the global capital and buyer communities (including U.S. and international private equity groups, corporations, and lenders) and other important transaction-related service providers such as consultants, attorneys, and accountants, ensure that the firm’s clients receive the attention, service, and results they deserve. For more information about Boxwood Partners, please visit www.boxwoodpartners.com.
About Industrial Air, LLC
Founded in 1964 and led by second generation President Allen Hunter, Greensboro-based Industrial Air serves industrial customers throughout the Southeast US and along the Eastern Seaboard. Industrial Air focuses on delivering engineered air handling systems, including air condition and air filtration, along with controls systems and maintenance work.
About Limbach Holdings, Inc.
Limbach is a building systems solutions firm with expertise in the design, prefabrication, installation, management and maintenance of heating, ventilation, air-conditioning (“HVAC”), mechanical, electrical, plumbing and controls systems. With over 1,500 team members and 19 offices located throughout the United States, we partner with institutions with mission-critical infrastructures, such as data centers and healthcare, industrial & light manufacturing, cultural & entertainment, higher education, and life science facilities. With Limbach’s full life-cycle capabilities, from concept design and engineering through system commissioning and recurring 24/7 service and maintenance, Limbach is positioned as a value-added and indispensable partner for building owners, construction managers, general contractors, and energy service companies.
