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
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
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.
For further information:
Philip H. Beinhaker
IBI Group Inc.
230 Richmond Street West
Toronto, Ontario M5V 1V6