Legence Corp (LGN) has come to the public market with a pragmatic, non-flashy pitch: it’s an engineering and services specialist that keeps mission‑critical buildings — think data centers, hospitals, and life‑science labs — running. The company traces its roots back over a century but was reshaped after a private‑equity takeover and rebrand, following a consolidation playbook of bolt‑on acquisitions to build a national, end‑to‑end platform spanning engineering & consulting and installation & maintenance. That integrated model is its selling point: one partner from design through long‑term upkeep for facilities that cannot fail, and exposure to durable secular tailwinds like data‑center growth, reshoring of manufacturing, and energy‑efficiency retrofits.

But it’s not without friction. Legence is still scaling into profitability, carries significant leverage, faces formidable incumbents (and nimble regional competitors), and must execute a heavy pipeline while integrating acquisitions and managing potential private‑equity overhang. Is this a durable, mission‑critical operator poised to capitalize on multi‑decade infrastructure trends—or a PE‑built growth story that hinges on flawless execution and margin improvement?

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