Deal Announcement
Newport Beach, CA, Oct 29, 2014 – Meritage Partners is pleased to announce the sale of Penfield & Smith Engineers Inc. (“P&S”), one of the largest and oldest Civil Engineering and Surveying firms in California’s Tri-Counties area which includes San Luis Obispo, Santa Barbara & Ventura Counties. Headquartered in Santa Barbara and with 90 employees on staff, P&S services both public and private clients and offers an extensive expertise encompassing engineering, surveying, planning, and construction management services.
P&S was acquired by Stantec Inc. (NYSE: STN; TSX: STN) a publicly traded international design and consulting firm based in Edmonton, Alberta, Canada. The company has over 14,000 employees in 230 locations, including 1,000 employees in California. The acquisition will expand Stantec’s services and strengthen its presence in the region.
Meritage Partners was engaged to position P&S for acquisition, identify and qualify strategic buyers, and act as an acquisition consultant. The transaction was consummated on October 24, 2014. Terms of the transaction were not disclosed.
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About Our Firm
Meritage Partners is a boutique merger and acquisition advisory firm providing a multi-disciplined approach to the market. Our core focus is the sale of privately held and sustainable businesses located in the US and Canada.
Our advisory team consists of entrepreneurial-minded merger and acquisition professionals with over 100 years of collective experience. It has contributed to over $600 million in successful transactions, targeted to strategic acquirers, private equity firms, high net-worth individuals, and public companies.