For anyone coming back here in the future, here's my solution:

    if ($ltext =~ m/^(.*)($searchvalue)(.*)$/igm) {
        $matches->Select(1e9, 1e9);
        $matches->ReplaceSel("$server: $1");
        $matches->Select(1e9, 1e9);
        $matches->SetCharFormat(
            -bold    =>1,
            -height    =>260,
            -color    =>0xFF0000
        );
        $matches->ReplaceSel($2);
        $matches->Select(1e9, 1e9);
        $matches->SetCharFormat(
            -bold    =>0,
            -height    =>170,
            -color    =>0x000000
        );
        $matches->ReplaceSel("$3\r\n\r\n");
    }
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