Limbach is a mechanical, electrical, plumbing, and controls (MEPC) systems services company focused on existing buildings owned by operators of mission-critical facilities — healthcare systems, data centers, life sciences firms, industrial manufacturers, universities, and entertainment operators. Limbach operates two segments: Owner Direct Relationships (ODR, ~75% of revenue) and General Contractor Relationships (GCR, ~25% of revenue). ODR is the core and growing segment, where Limbach works directly with building owners on maintenance contracts, time & materials work, and fixed-price retrofit and upgrade projects. GCR involves competitively bid construction projects awarded through general contractors; Limbach is intentionally shrinking this segment. ODR margins run in the high-20s to low-30s percent range, structurally above GCR (mid-20s), because Limbach earns work through embedded relationships rather than competitive bids — when a Limbach technician identifies a failing system during routine maintenance, Limbach is often the only realistic contractor to fix it, supporting pricing power. Limbach's growth strategy has three pillars: organic ODR expansion by scaling its sales organization and transitioning customers from reactive repairs to multi-year planned capital programs; broadening into higher-margin professional services, rental equipment, and energy efficiency solutions; and acquiring roughly $8-10M in adjusted EBITDA per year to expand geographic footprint and capabilities. The business is relatively asset-light and targets free cash flow conversion of at least 75% of adjusted EBITDA.