Cortec Group has acquired IBA Holdings (DBA Vidaris and LPI), a specialty architectural and engineering consulting firm. Marc Weissbach, the CEO of Vidaris, and founding partner Israel Berger, will continue as shareholders and employees under Cortec ownership. This acquisition represents Cortec sixth platform investment for its fifth fund, Cortec Group Fund V, LP.
Vidaris and LPI are specialty architectural and engineering consulting firms that provide 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 developers, property owners, industrial operators, utilities, architects and engineers. Vidaris and LPI are headquartered in New York (www.vidaris.com) (www.lpiny.com).
“Vidaris and LPI have an outstanding reputation with their customers as leaders in their technical service offerings. We were attracted to the company based on the success they have achieved in the market and the opportunities to expand their business in the future.” said Scott Schafler, a Managing Partner at Cortec.
Cortec Group invests in middle-market distribution, healthcare, consumer, and specialty products and service businesses with enterprise values from $40 million to $300 million. Cortec currently manages over $1 billion in its two active funds. The firm was founded in 1984 and is based in New York (www.cortecgroup.com).
“We look forward to supporting Marc Weissbach and the management team to continue to grow their core business and to expand their services and geographic footprint,” said Jeffrey Lipsitz, a Managing Partner at Cortec.
“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. I am fortunate to have had the opportunity to work closely with Cortec’s team throughout the process, and I am confident they will make a meaningful contribution while maintaining our culture and values,” said Mr. Weissbach, Vidaris CEO.
© 2015 PEPD • Private Equity’s Leading News Magazine • 3-19-15