Vidaris Holdings, LLC (“Vidaris”), a portfolio company of Keystone Capital, is pleased to announce the acquisition of Lucius Pitkin, Inc. (“LPI”). Terms of the transaction have not been disclosed. The transaction marks another significant step in the evolution of Vidaris to becoming a leader in professional consulting services to the architectural, engineering, and construction communities.
In addition, the transaction represents another expedited closing for Keystone, having been completed in time for calendar year end and in less than 40 business days from Letter of Intent to closing.
Founded in 1885, LPI is a leading consulting firm specializing in the areas of fitness for service, failure analysis, non-destructive testing, and metallurgical analysis. LPI’s mission critical services are utilized across a variety of market segments, including infrastructure, transportation, nuclear power, energy and utilities, general industrial, and litigation/insurance support. LPI employs approximately 55 professionals and is headquartered in New York, NY with additional offices in Amesbury, MA and Richland, WA. LPI is led by principals Robert Vecchio, Joseph Crosson, Thomas Esselman, and Paul Bruck. “We are quite excited about the opportunity for LPI’s principals and employees to join the Vidaris family,” stated Robert Vecchio, Principal of LPI. “Lucius Pitkin has a storied past and proud history, and with Vidaris, will continue to have a bright future.” Please visit www.luciuspitkin.com to learn more about LPI.
LPI will form a new, distinct brand within the Vidaris platform, which consists of IBA (exterior wall consultancy and inspection group specializing in building facades, roofing, water-proofing, renewable energy and non-destructive testing technologies), and Viridian (energy efficiency, sustainability, commissioning and regulatory compliance services). “The addition of LPI to the Vidaris platform of companies is yet another step towards the goal we identified when we partnered with Keystone – to build a market leading consulting firm capable of delivering multiple high value, niche services to demanding clients,” remarked Israel Berger, CEO of Vidaris. Please visit www.vidaris.com to learn more about the Vidaris platform.
Although LPI will become a division of Vidaris, very little will change as a part of the transaction. The four principals of LPI will become principals of Vidaris. Robert Vecchio will become CEO of Lucius Pitkin, Inc. and join the board of Vidaris. All employees and offices of LPI will be retained, and day-to-day operations will be unaffected. The combined firm (IBA, Viridian and LPI) will employ approximately 175 professionals with headquarters in New York City and four locations throughout the country.
Vidaris’s vision is to acquire highly specialized, niche architectural and engineering firms in order to leverage their expertise to provide a more holistic service across specialties and industries. “Long term, our goal is to utilize the Vidaris platform to provide a superior service level to the clients of IBA, Viridian and LPI than we do today,” commented Marc Weissbach, President of Vidaris. “We believe that by maintaining what has made each of us successful and then building a powerful organization to support the service delivery, we can be even more successful in the future.”
Keystone Capital continues to seek independent, third party providers of niche, highly specialized engineering consulting services with greater than $5 million of revenue as add-on acquisition/growth strategy targets for Vidaris. Please contact one of the Keystone team members below with any opportunities that might be a fit as a part of this strategy.
Jason Van Zant