Legence (LGN) Registration Filing summary

Company overview and business model

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

• Operates through two segments: Engineering & Consulting and Installation & Maintenance, with a national footprint and over 6,300 employees across 74 offices in 45 states.

• Revenue is primarily from fixed-price contracts, with 67.5% from retrofits, upgrades, and maintenance, and 32.5% from new building projects in 2024.

• Client base includes over 19,000 clients since 2019, with significant diversity and no single client representing more than 5% of revenues.

• Pursues growth through organic expansion in high-growth end markets and strategic acquisitions, having completed about 20 acquisitions since December 2020.

Financial performance and metrics

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

• Nine months ended September 30, 2025: revenue $1,812.8 million; net loss $22.6 million; Adjusted EBITDA $211.8 million (11.7% margin).

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

• Backlog and awarded contracts as of September 30, 2025: $3.1 billion, up 29% year-over-year.

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

Use of proceeds and capital allocation

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

• Net proceeds from the September 2025 IPO ($780.2 million) were used to repay term loan debt and for general corporate purposes.

• Ongoing capital allocation includes funding acquisitions, expanding fabrication capacity, and investing in technology and workforce development.