v3.25.1
Goodwill and Intangibles (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following table summarizes the carrying amount and changes in goodwill associated with the Company’s segments for the three months ended March 31, 2025 and for the year ended December 31, 2024.
(in thousands)GCRODRTotal
Goodwill as of January 1, 2024$— $16,374 $16,374 
Measurement period adjustments - Industrial Air Transaction(1)
— 59 59 
Goodwill associated with the Kent Island Transaction(2)
4,244 1,240 5,484 
Goodwill associated with the Consolidated Mechanical Transaction— 11,117 11,117 
Goodwill as of December 31, 20244,244 28,790 33,034 
Measurement period adjustments - Kent Island Transaction(2)
94 — 94 
Measurement period adjustments - Consolidated Mechanical Transaction(3)
— 14 14 
Goodwill as of March 31, 2025$4,338 $28,804 $33,142 
(1)     Includes certain adjustments to preliminary estimates of fair value within the measurement period of up to one-year from the date of the Industrial Air transaction. Measurement period adjustments related to certain working capital adjustments.
(2)     In connection with the Kent Island Transaction, the Company recorded preliminary goodwill of $4.8 million. During the fourth quarter of 2024, the Company recognized certain adjustments to preliminary estimates of fair value within the measurement period of up to one-year from the date of the Kent Island Transaction. The measurement period adjustments amounted to $0.7 million and related to certain working capital adjustments made in connection with the finalization of the transaction’s closing date cash consideration. In addition, during the first quarter of 2025, the Company recognized further adjustments to the preliminary estimates of fair value within the measurement period of $0.1 million related to the receipt of additional information regarding the facts and circumstances that existed as of the acquisition date.
(3)    During the first quarter of 2025, the Company recognized certain adjustments to the preliminary estimates of fair value within the measurement period amounting to less than $0.1 million associated with certain working capital adjustments made in connection with the finalization of the transaction’s closing date cash consideration.
Schedule of Intangible Assets
Intangible assets are comprised of the following:     
(in thousands)Gross
carrying
amount		Accumulated
amortization		Net intangible
assets, excluding
goodwill
March 31, 2025
Amortized intangible assets:
Customer relationships$32,820 $(8,160)$24,660 
Backlog5,560 (3,872)1,688 
Trade name, trademarks and intellectual property4,550 (1,465)3,085 
Total amortized intangible assets42,930 (13,497)29,433 
Unamortized intangible assets:
Trade name – Limbach(1)
9,960 — 9,960 
Total unamortized intangible assets9,960 — 9,960 
Total amortized and unamortized assets, excluding goodwill$52,890 $(13,497)$39,393 
(1)    The Company has determined that its trade name has an indefinite useful life. The Limbach trade name has been in existence since the Company’s founding in 1901 and therefore is an established brand within the industry.
(in thousands)Gross
carrying
amount		Accumulated
amortization		Net intangible
assets, excluding
goodwill
December 31, 2024
   
Amortized intangible assets:   
Customer relationships$32,820 $(7,124)$25,696 
Backlog5,560 (3,310)2,250 
Trade name, trademarks and intellectual property4,550 (1,228)3,322 
Total amortized intangible assets42,930 (11,662)31,268 
Unamortized intangible assets:
Trade name – Limbach9,960 — 9,960 
Total unamortized intangible assets9,960 — 9,960 
Total amortized and unamortized assets, excluding goodwill$52,890 $(11,662)$41,228