IBI Group Inc. announces the Settlement of Business Arrangements for the Acquisition of the firm of M•E Companies, Inc. of Ohio, USA.
TORONTO, Dec. 12, 2012 /CNW/ - IBI Group Inc. (the "Company") (TSX: IBG) announced today that business arrangements have been settled for the acquisition of the practice of M•E Companies, Inc., a professional management and engineering firm in Ohio, USA, within the IBI Group of firms. M•E Companies, Inc. was established in 1973.
M•E Companies, Inc. is a full service civil engineering firm with expertise in comprehensive management, engineering design, surveying and construction services. The firm applies these professional skills to transportation infrastructure, water and wastewater systems, and land development. The firm is based in Columbus, Ohio with offices in the Canton and Cincinnati areas. The firm has a strong reputation and standing with the Ohio Department of Transportation in the engineering design of transportation facilities, as well as safety programs; a broad practice in water and wastewater systems for municipalities and counties; and land development activity for many public and private clients.
Arrangements have been concluded for Tim Foley, all senior leadership and staff totalling some 80 people to continue with the firm and integrate within the IBI Group.
Philip Beinhaker, Chairman Director and CEO of IBI Group noted that: "Tim Foley and the practice leaders have built a solid professional practice in transportation and water and sewer infrastructure design. The firm is managed in a profitable manner. The economy in Ohio is expanding on the bases of intensive energy, exploration and development, as well as established industrial activities in automotive and other sectors. This acquisition will provide IBI Group with a platform of introducing IBI's broad range of professional services to this growing Ohio market".
Scott Stewart, Managing Director of IBI Group with overall responsibility for transportation and intelligent systems noted that: "the professional capability of M•E Companies in transport engineering design will be relevant to IBI clients in departments of transportation in other States where IBI currently practices in the Midwest and East Coast of the USA. These professional engineering skills will extend IBI's current work in research, planning, transportation and system applications".
Tim Foley, principal shareholder of M•E Companies, Inc., noted that: "M•E Companies has been examining for some time the opportunities to grow the practice to the next level from our current profitable base. The merger with IBI will enable us to provide a broader range of services to our clients in Ohio, as well as to enable our motivated professional staff to work on projects elsewhere with our established skills. This is an excellent way forward for the practice leaders and the bright young professionals of our firm".
The new trading name of M•E Companies, Inc. will be M•E/IBI Group.
With this acquisition, the total of IBI staff is some 3,000 people.
About IBI Group Inc.
IBI Group Inc. is a TSX listed company, which pays monthly dividends and trades under the symbol "IBG". IBI Group Inc. holds an indirect 77% interest in IBI Group, a partnership (of a subsidiary of IBI Group Inc. and IBI Group Management Partnership) which, directly and through its subsidiary entities, provides professional services, including planning, design, implementation, analysis of operations and other consulting services in relation to four main areas of development, being urban land, building facilities, transportation networks and systems technology. The remaining 23% of IBI Group is owned by IBI Group Management Partnership. On a partially diluted basis, assuming the exchange of its partnership units of IBI Group for common shares of IBI Group Inc., IBI Group Management Partnership together with affiliated entities holds a combined 42% interest in IBI Group Inc.
SOURCE IBI Group Inc.