Legence (LGN) Registration Filing summary

Company overview and business model

• Leading provider of engineering, installation, and maintenance services for mission-critical building systems, focusing on high-growth sectors such as 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 over 60% of Nasdaq-100 companies, with no single client exceeding 5% of revenue from 2021–2024.

Financial performance and metrics

• 2024 revenue: $2,098.6 million; net loss: $27.6 million; Adjusted EBITDA: $229.6 million (10.9% margin).

• Six months ended June 30, 2025: $1,104.8 million 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 as of June 30, 2025: $2.8 billion, up 29% year-over-year.

• Gross profit for 2024: $430.8 million; net loss margin: (1.3)%.

Use of proceeds and capital allocation

• Net proceeds from the IPO will 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, with the remainder for general corporate purposes.

• If underwriters exercise their option, additional proceeds will be used to purchase LGN Units and Class B Common Stock from Legence Parent.