With the transaction, FdG officials said, Limbach regains independence after 16 years of operation as a subsidiary of two different corporations, Vivendi and, most recently, bankrupt energy provider Enron Corp.
Limbach will now be co-owned by FdG Associates and 50 members of Limbach management.
"We are pleased to be partnering with the management of Limbach as the company regains its independence. Together, we intend to further the growth of the company, which today already ranks as one of the 10 largest mechanical contractors in the nation," said Mark S. Hauser, FdG Associates' managing director. "As with our other portfolio companies, we intend to provide resources, insight and strategic direction to assist the company in realizing its potential."
From its existing Pittsburgh headquarters, Limbach Facility Services LLC will continue to be involved in mechanical and electrical construction, pipe fitting, sheet metal fabrication, plumbing, hvac service and maintenance, engineering and mechanical construction management services, FdG officials said.
FdG added that Limbach's existing executive managers, who have operated the company during the past 20 years, would remain in place. The team is led by Stephen B. Wurzel, CEO; Charles L. Boyd, president, central region; Joseph F. Doody, president, eastern region; and Martin A. Keyser, executive vice president and general counsel, and includes numerous other executives with considerable experience in the construction industry, FdG officials added.
"The management team is enthusiastic to be moving forward with FdG as owners of a 100-year old company which can now enter its second century stronger than ever," said Stephen B. Wurzel. "We are confident that our team, coupled with FdG's proven leadership in growing businesses, will increase profitability and exceed customer expectations by delivering quality construction and related services."