Company Acquires Stonefield Development Consultants and Announces Intent
to Sell Giffels Associates Limited, Giffels Inc., Giffels of North
Carolina and Giffels International to IBI Income Fund
TORONTO, June 27 /CNW/ - The Ingenium Group announced today that it has
purchased Stonefield Development Consultants and intends to sell member
companies Giffels Associates Limited, Giffels, Inc., Giffels of North
Carolina; and Giffels International to the IBI Group IBI Income Fund
The sale of the Giffels consulting units to the IBI Income Fund is
intended to be completed on July 2, 2008. The transaction does not include
Giffels Design Build Inc., which will remain a member of the Ingenium Group of
companies. The businesses acquired by IBI will retain the Giffels brand and
will be known as Giffels Professional Engineers.
"The sale of the Giffels consulting units will provide a greater
opportunity for them to thrive as their activities are more aligned with IBI's
strategic focus," says Victor Smith, President and CEO, The Ingenium Group.
"The funds that are generated from this transaction will be redeployed to
continue to acquire or invest in businesses and real estate assets that are
more closely aligned to Ingenium's new streamlined strategy and that will
generate higher returns on investment."
"Our acquisition of Stonefield Development Consultants reflects our focus
on aligning Ingenium Group activities against three core priorities;" says
Smith,"to expand strategically against our strengths in a consolidating
marketplace, increase our depth in undertaking major international projects
where we have already achieved great success and offer our professionals
ongoing meaningful career opportunities. We anticipate continuing to make a
series of similar acquisition announcements over the coming months."
With offices in Alberta, British Columbia and Colorado, Stonefield
Development Consultants provides land use planning, project management, public
consultation and landscape architectural services to the residential and
resort development industries. The acquisition will compliment and further
expand the Ingenium Group's expertise and focus on international resort
properties and bring additional capabilities that can be leveraged into
greater opportunities across the Ingenium Group.
"This is the next step in the evolution of Stonefield as a leading
international land development consulting company," says Joe Miotto,
President, Stonefield Development Consultants. "Joining Ingenium gives us the
ability to expand our business, resources and corporate profile worldwide and
allows us to provide new areas of expertise to support our clients in the
areas of project management and architecture."
The Ingenium Group of companies offers an extensive range of
architectural, engineering, interior design, construction and project
management services focused on quality performance, superior client service
and on-budget, on-time delivery of innovative solutions. The Ingenium member
company brands include NORR, PMA, Giffels Design Build, and CION. They employ
more than 900 professional staff in offices in Canada, the United States,
Latin America, the Middle East, Eastern Europe and Asia. For more information
For further information:
For further information: Jill Quinn, GCI Group, Tel: (416) 486-5906,