Company: LGN
Filing Date: 2025-12-09
Form Type: S-1
Source: 0001193125-25-312729
Chunk: 358

Company: Legence Corp.
Filing Date: 2025-12-09
Form: S-1
Chunk 358
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 public offering and we believe such issuances are exempt from the registration requirements of the Securities Act by virtue of Section 4(a)(2) thereof.

II-2

On November 13, 2025, we and Legence Subsidiary Holdings, LLC (the “Purchaser”) entered into an Equity Purchase Agreement (the “Purchase Agreement”) with The Bowers Group, Inc., a Maryland corporation (“Bowers”), and Wayne E. Bowers Revocable Living Trust, Quiet Harbor Trust and The David O’Donnell Revocable Trust dated Nov. 15, 2008 (collectively, the “Sellers”), which provides for a series of transactions, on the terms and subject to the conditions set forth therein, whereby (i) the Sellers will cause Bowers and certain of its subsidiaries to convert into Maryland limited liability companies and the Sellers will contribute 100% of their equity interests of Bowers (the “Bowers Interests”) to a newly formed Delaware limited liability company (“NewCo”), which will be wholly owned by the Sellers and join as a party to the Purchase Agreement, and (ii) Purchaser has agreed to purchase from NewCo all of the interests in Bowers and its subsidiaries. At the closing of the transactions contemplated by the Purchase Agreement, on the terms and subject to the conditions set forth in the Purchase Agreement, the Purchaser will acquire all of the outstanding Bowers Interests from NewCo in exchange for an aggregate purchase price of approximately $475 million, consisting of, among other things, approximately 2.55 million shares of Class A Common Stock (the “Stock Consideration”). In addition, on the terms and subject to the conditions set forth in the Purchase Agreement, on December 31, 2026 (the “Deferred Consideration Date”), NewCo will receive an amount equal to $50 million (the “Deferred Consideration”), payable in either, or any combination of, as determined in the Purchaser’s sole discretion, (i) cash or (ii) shares of Class A Common Stock. The amount of any shares of Class A Common Stock issued in connection with the satisfaction of the Deferred Consideration payment obligation (any such shares, the “Deferred Consideration Shares”) will be determined based on the volume weighted average sales price of the Class A Common Stock, as traded on Nasdaq, calculated for the 10 trading day period ending on the last trading day that occurs at least 3 days prior to the Deferred Consideration Date. The issuance of the Stock