Keystone Capital has sold Vidaris and LPI to Cortec Group Fund V
Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce that IBA Holdings, LLC, d/b/a Vidaris and LPI (“Vidaris”, “LPI” or the “Company”) has been acquired by Cortec Group Fund V, L.P. (“Cortec”). The Company was a portfolio holding of Keystone Capital, Inc. (“Keystone”), a private investment firm based in Chicago, Illinois. Terms of the transaction were not disclosed.
Founded nearly 90 years ago and headquartered in New York, New York, Vidaris and LPI are leading specialty architectural and engineering consulting firms, respectively, providing highly technical, value-added advisory, inspection and testing services. The Company employs over 200 professionals in eight offices worldwide and serves as an independent third-party advisor for leading developers, property owners, industrial operators, utilities, architects and engineers. The Company’s multidisciplinary, integrated service offering includes three major segments: (i) Building Envelope: wall, window, roof and restoration consulting; (ii) Engineering: fitness-for-service and failure analysis; and (iii) Energy: building sustainability and energy efficiency consulting.
Marc Weissbach, Vidaris’ CEO, commented, “Lincoln’s strong professional services experience, deep relationships with key buyers and comprehensive understanding of our unique business model enabled them to share our story and value proposition in a highly compelling manner. The investment from Cortec presents extraordinary opportunities for our employees and will provide the capital and additional experience to enable us to rapidly grow our practice.”
Scott Gwilliam, Partner at Keystone, added, “As a result of Lincoln’s execution expertise and partnership approach with management, not only was the sale process completed in an efficient manner, but the Company also found an exceptional partner to continue its growth trajectory moving forward.”
Lincoln acted as the exclusive sell-side advisor to Keystone and the Company, working closely with the management team and shareholders throughout the sale process. This included providing advisory services and managing the marketing, due diligence and negotiation phases of the transaction.
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