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  "documentTitle": "Limbach Holdings, Inc. (LMB)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-07-22 00:00:00",
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  "notes": "The slide uses a red highlight to draw attention to the 8% margin of Pioneer Power and the adjusted 11.1% LTM EBITDA margin.",
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      "text": "Pioneer Power stands out as Limbach’s lowest-margin acquisition, with EBITDA margins meaningfully below those of its prior targets and of the legacy business.",
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      "text": "EBITDA margin: 8%",
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      "text": "Pioneer Power stands out as Limbach's lowest-margin acquisition, with EBITDA margins meaningfully below those of its prior targets and of the legacy business. This supports our view that Limbach is being pushed further down the quality curve in its M&A strategy or is potentially sandbagging expectations. As private equity activity in the sector has intensified, we believe many of the most attractive, high-margin targets have likely already been acquired, leaving fewer compelling opportunities. We view Pioneer Power as an extremely weak EBITDA margin target and believe Limbach's pivot to lower-quality assets like Pioneer may indicate mounting pressure to sustain growth despite a shrinking pool of desirable targets.",
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      "text": "Source: Spruce Point analysis",
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      "text": "Limbach Acquisition List table showing Close Date, Annual Revenue, Annual EBITDA, and EBITDA Margin for 6 targets plus totals and LTM adjustments.",
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      "text": "Pioneer Power Is Limbach's Lowest-Margin Acquisition",
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