IBI Group Inc. announces the Closing of the Acquisition of the Firm, Taylor Young Limited of the UK
TORONTO, Aug. 6, 2012 /CNW/ - IBI Group Inc. (the "Company") (TSX: IBG) announced today the closing of the acquisition of the professional practice of Taylor Young Limited Architects and Master Planners. The new trading name will be IBI - Taylor Young. With this acquisition, the total of the IBI staff increases to approximately 3,050 worldwide and in the UK to over 300. Philip Beinhaker, Chairman Director and CEO of IBI Group noted that: "The commitment of the leadership of Taylor Young, the enthusiasm of the professional staff and the very strong appreciation by the clientele of the professional work, dedication of the leadership and the professional staff of the firm is most encouraging. We have identified material opportunities for synergy of this practice, IBI - Taylor Young with IBI - Nightingale and with the IBI transportation and systems practice in the UK. This will enable us to build a more comprehensive, professional offering across the UK and increase the market share of the firm overall and of the respective components".
Stephen Gleave, continuing as Chairman of IBI - Taylor Young noted that: "This is truly a transformative step for Taylor Young and we are all excited with the enhanced scope, geographic spread and professional opportunities". Rod King, continuing as a Senior Director of IBI - Taylor Young, noted that: "Through this process of due diligence and merger negotiations, we have had the opportunity to work with our new colleagues and are most encouraged with the prospects of raising our practice to a new level of professional achievement and financial results".
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.For further information:
Philip H. Beinhaker
IBI Group Inc.
230 Richmond Street West
Toronto, Ontario M5V 1V6