Private equity firm Cortec Group has acquired architecture and engineering consultants Vidaris and LPI.
New York-based Vidaris and LPI provide specialty architectural and engineering consulting services, respectively. Both are owned by IBA Holdings, which Cortec is buying. The company has more than 200 professionals in eight offices that provide services to developers, property owners, industrial operators, utilities, architects and engineers. Terms of the deal were not disclosed.
The deal should allow Vidaris and LIP to expand.
Cortec, also headquartered in New York, manages more than $1 billion in capital. The firm invests in U.S.-based businesses with revenues between $40 million and $300 million and Ebitda between $7 million and $35 million, in health care products and services, distribution, building products, consumer, niche manufacturing and specialty service companies.
There have been a few architecture deals in the past year. In January, Brinkley Sargent Architects and Wiginton Hooker Jeffry merged to form one firm, called Brinkley Sargent Wiginton Architects. Before that, in August, Arcadis NV bought Callison LLC from Blue Point Capital Partners. In June, architecture firm Foster + Partners bought a minority stake of the company back from 3i Group plc.