DALLAS--(BUSINESS WIRE)--GW Equity, an advisor to closely held and family-owned businesses for mergers, acquisitions, and strategic growth initiatives, announced the sale of its client Isbell Engineering Group (IEG), a Fort Worth-based engineering firm focusing on structural, civil and geotechnical engineering, to Clough Harbour & Associates LLP (CHA), a full service engineering and planning firm based in Albany, New York. The value of the transaction was not disclosed.
The acquisition will extend CHA’s national reach and create a firm with combined 2006 revenues of over $118 million. The combined company’s services will include civil, structural, geotechnical, mechanical, electrical, transportation and environmental engineering; surveying; landscape architecture; technology solutions; planning; and construction services. In addition, CHA will now be able to provide construction materials testing, a well-established aspect of IEG’s business.
The acquisition will result in the addition of 85 staff and three offices to CHA, bringing the firm’s total number of employees to more than 725 and offices to 29 nationwide.
“The union of our two firms will allow both of us to better extend a wide range of professional design and construction services in the growing Dallas-Fort Worth Metroplex,” stated Raymond J. Kinley, Jr, chief executive officer of CHA. “The region is experiencing tremendous economic growth, and as such the demand for our services has increased exponentially.”
According to IEG President David Isbell, “Our acquisition by CHA is a testament to IEG’s success and the people who have helped it develop over the past 30 years. This is the next logical step in our efforts to grow our business. We are fortunate that our firm has been locally owned and operated since it was established in 1977, and we are excited to advance to the national level with CHA and to provide a broader range of services.”
Brenen Hofstadter, GW Equity’s lead managing director for the transaction said, “This transaction was possible because the principals involved developed mutual trust. This will go a long way with insuring the success of the combined organization. We are proud to have found the right buyer; this is a win-win transaction.”
“We wished to align our firm with a premier organization and continue to provide our clients with the highest quality service,” added Isbell. “It was important to find a group with the same culture for integrity. We have found the CHA team to be of the highest caliber and we are proud to be joining their organization.”
