(New York, NY) — Cortec Group (“Cortec”), a New York-based private equity firm that specializes in investing with entrepreneur owners of middle market specialty services, consumer, healthcare, and distribution businesses, announced that IBA Holdings, LLC d/b/a Vidaris (“Vidaris” or the “Company”), a portfolio company of Cortec Group Fund V, L.P., acquired CBI Consulting, Inc. (“CBI”) on November 30, 2017 and C2G International, LLC (“C2G”) on January 5, 2018. Terms of the transactions were not disclosed.
Based in Boston, MA, CBI is a leading architectural design and structural engineering firm that provides consulting services for repair, restoration and renovation projects on existing structures as well as new buildings. Over its 33-year history, CBI has served clients in various end markets, including corporate, government, institutional, education, housing, and real estate development. CBI has earned the loyalty and respect of its clients by providing attention to detail, commitment to client needs and focused problem solving.
C2G, with principal offices in Southern California and Atlanta, GA, is a consulting firm providing claims dispute, litigation support and project advisory services to the construction industry. C2G’s experts support dispute resolution though design and construction defects assessments, delay and scheduling cost analysis and construction project management. End markets served include corporate, government, institutional, healthcare, residential, industrial, and energy throughout the U.S. and Canada.
Marc Weissbach, CEO of Vidaris, commented “The acquisitions of CBI and C2G are both highly strategic and complementary to Vidaris. The service lines and geographies covered are natural extensions of our current business.” Regarding the CBI transaction, Mr. Weissbach stated “CBI’s decision to partner with Vidaris immediately expands the services that CBI can provide to its clients, while also strengthening Vidaris’ presence in New England with an office that has expertise in existing structures and new construction.” With respect to C2G, Mr. Weissbach continued “The partnership with C2G, a recognized leader in supporting construction-related disputes and litigation, construction advisory, and project controls, is a perfect fit for Vidaris’ client base. Further, we expect that C2G will benefit from the technical services that Vidaris is able to offer in forensic engineering, root cause and failure analysis, and building envelope investigation.”
Jonathan Stein, a Partner at Cortec, commented “We are pleased to support management in the strategic acquisitions of CBI and C2G. These businesses broaden Vidaris’ geographic reach to a national scale and extend the breadth of construction-related services that Vidaris can provide to clients managing existing properties and in connection with new construction.” Mr. Stein concluded, “We look forward to continuing to partner with Vidaris’ leadership to drive organic and acquisition-related growth.”
About Vidaris
Vidaris, together with its affiliates, assists real estate owners, institutions, governments and other project stakeholders realize their goals and objectives in the areas of building envelope, energy efficiency, project management, code compliance and specialty engineering. The group employs more than 275 professionals in fifteen offices. Additional information about Vidaris can be found at www.vidaris.com.
About Cortec
Founded in 1984, Cortec invests in high value-added, middle-market consumer, healthcare, and specialty products, service, and distribution businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.
