Limbach Taps Trane Veteran Terry Dugan for Board, Signaling Growth Push

WARRENDALE, PA – January 05, 2026 – Limbach Holdings, Inc. (NASDAQ: LMB) has appointed Terry Dugan, a seasoned executive with over four decades of experience at HVAC giant Trane Technologies, to its Board of Directors, a strategic move signaling a sharpened focus on aggressive growth, operational efficiency, and M&A activity. The appointment, effective January 1, 2026, increases the board's size to seven members and places Mr. Dugan on its crucial Compensation Committee.

This decision comes as Limbach, a building systems solutions firm specializing in mission-critical infrastructure, navigates a pivotal transition. The company is actively shifting its business model from lower-margin general construction projects toward more profitable, higher-margin direct relationships with building owners. Dugan's extensive background in driving organic growth, executing strategic acquisitions, and optimizing commercial operations at an industry titan like Trane is seen as a direct injection of the expertise needed to accelerate this transformation.

A Playbook for Strategic Expansion

Limbach's leadership has been clear about its strategic priorities: profitable growth, robust cash flow generation, and long-term shareholder value. The appointment of Terry Dugan appears to be a calculated step to execute on that vision. During his tenure at Trane and its predecessor, Ingersoll Rand, Dugan held senior roles including Vice President and North America Commercial Business Leader and Vice President of Business Development for M&A. In these capacities, he was directly responsible for initiatives that led to sustained revenue expansion and margin improvement.

His deep experience in mergers and acquisitions is particularly timely. The HVAC and building systems industry is currently a hotbed of M&A activity, with private equity firms and strategic buyers driving consolidation at historically high valuation multiples. With an average EBITDA multiple around 8x, a significant increase from pre-pandemic levels, companies are racing to acquire specialized capabilities and market share. Dugan’s background in evaluating and executing strategic acquisitions provides Limbach with invaluable board-level insight to navigate this competitive landscape, whether through acquiring smaller, service-oriented businesses with recurring revenue streams or pursuing more transformative deals.

"Terry’s career at Trane reflects a disciplined, execution-focused approach to growth," stated Joshua S. Horowitz, Chairman of the Board of Limbach Holdings, in the company's announcement. "He has led businesses through periods of sustained organic growth, margin expansion, and strategic M&A, all while serving mission-critical building owners and operators." This endorsement underscores the belief that Dugan's playbook, honed at a market leader, can be instrumental as Limbach seeks to strengthen its own market position.

Optimizing Operations and Shareholder Returns

Beyond M&A, Dugan's operational acumen is expected to be a significant asset. The appointment follows a challenging period for Limbach's stock, which saw a notable decline over the past six months despite the company reaffirming its full-year 2025 revenue guidance of $650 million to $680 million. While its strategic shift to higher-margin Owner Direct Relationship (ODR) work shows promise, the market's reaction suggests a demand for consistent execution and tangible results.

In response, Limbach has already initiated a $50 million share repurchase program to signal confidence and return value to shareholders. Dugan's appointment can be viewed as another crucial part of this strategy. His role on the Compensation Committee is not merely administrative; it is a position of strategic influence. With his past experience on the compensation committee for the Mitsubishi Electric Trane HVAC U.S. Joint Venture, Dugan is well-versed in designing executive incentive structures that directly align with performance metrics, profitability, and shareholder interests. This expertise will be critical in ensuring that Limbach's leadership is motivated to drive the operational efficiencies and margin improvements necessary to win back investor confidence. His dual focus on capital allocation—knowing when to invest in growth and when to return capital to shareholders—makes him a key figure in enhancing shareholder returns.

Deepening Expertise for Mission-Critical Markets

Limbach operates in highly specialized and demanding sectors, including data centers, healthcare, life sciences, and industrial manufacturing. The complexity of the mechanical, electrical, and plumbing (MEP) infrastructure in these mission-critical facilities requires a deep understanding of both engineering principles and end-user operational needs. Dugan's background as a mechanical engineer with an MBA, combined with his career focus on owner-direct customers, provides Limbach's board with a powerful, industry-specific perspective.

This expertise is especially vital given the explosive growth in several of Limbach's core verticals. The global data center cooling market, for instance, is projected to surge from approximately $22 billion in 2024 to over $56 billion by 2030, driven by the intense heat loads of AI and cloud computing. Simultaneously, the building automation systems (BAS) market is on a similar trajectory, expected to more than double in size by the end of the decade as buildings become smarter and more energy-efficient.

Navigating these rapidly evolving technological landscapes—from the shift to liquid cooling in data centers to the integration of IoT in building management—requires more than just general business oversight. It demands the kind of granular, ground-level knowledge that Dugan brings. His ability to understand the challenges faced by facilities managers and building owners will help Limbach refine its service offerings and solidify its stated goal of becoming an "indispensable partner" to its clients, ensuring the company not only competes but leads in these high-growth, high-stakes environments. The appointment strengthens the board's ability to provide strategic guidance that is both ambitious and firmly rooted in the technical realities of the industry.