Legence (LGN) Registration Filing summary

Company overview and business model

• Leading provider of engineering, installation, and maintenance for mission-critical building systems, focusing on high-growth sectors like technology, life sciences, healthcare, and education.

• Services include complex HVAC, process piping, and MEP systems for new and existing facilities, with 67.5% of 2024 revenue from retrofits, upgrades, and maintenance.

• Operates through two segments: Engineering & Consulting (design, sustainability, project management) and Installation & Maintenance (fabrication, installation, ongoing service).

• National footprint with 6,000 employees across 70 offices in 45 states; over 50,000 jobs completed annually from 2021–2024.

• Diverse client base, including 60% of Nasdaq-100 companies, with no single client over 5% of revenue from 2021–2024.

Financial performance and metrics

• 2024 revenue: $2.10 billion; net loss: $27.6 million; Adjusted EBITDA: $229.6 million (10.9% margin).

• Six months ended June 30, 2025: $1.10 billion revenue, $23.0 million net loss, $123.0 million Adjusted EBITDA (11.1% margin).

• Revenue grew at a 39% CAGR from 2021–2024 (16% CAGR pro forma for acquisitions).

• Backlog and awarded contracts reached $2.8 billion as of June 30, 2025, up 29% year-over-year.

• Maintenance & Service revenue grew at a 23% CAGR from 2021–2024, now 15% of total revenue.

Use of proceeds and capital allocation

• Expected net proceeds of $636.9 million (assuming $27.00/share IPO price) to be contributed to Legence Holdings in exchange for LGN Units.

• Proceeds will be used primarily to repay outstanding borrowings under the Term Loan Credit Facility; remaining funds for general corporate purposes.

• If underwriters exercise their option, additional $80.6 million net proceeds will be used to purchase LGN Units from Legence Parent and further repay debt.