Keystone Capital, Inc. (“Keystone”) is pleased to announce that its portfolio company 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”). Terms of the transaction have not been 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.
Vidaris was the result of a successful partnership originally formed in 2006 between Keystone and original founding partners Israel Berger and Marc Weissbach. During the course of the almost nine year investment horizon, Keystone and management successfully professionalized the operations of the firm allowing for further growth, executed four strategic add-on acquisitions, and grew the business almost four-fold. “Our successful partnership with Israel, Marc and the entire Vidaris organization is a testament to the power of the Keystone model – patience, long-term vision, and a belief in investing in fundamentally sound businesses,” commented Scott Gwilliam, Managing Director, Keystone Capital. “We will sorely miss our years with the Vidaris team, but we know that Vidaris is well-positioned for the next chapter of its evolution.”
“Over nearly ten years, Vidaris has grown and changed dramatically,” noted Weissbach. “Keystone’s patient approach, knowledge of the professional services industry, and dedication to management’s vision were invaluable to Vidaris. But as importantly, the alignment of interests Keystone created with management shareholders, given they invest their own personal capital, made Keystone an ideal partner for us during this phase of our growth.”
Keystone Capital has a high level of domain expertise in the architecture, engineering and technical consulting industries and continues to pursue investments in these fields. In addition to Vidaris, past and present investments in the industry include Eagleton Engineering and Kidde Fire Trainers.
Jason Van Zant