From today’s Austin Business Journal:
Bury, the civil engineering stalwart based in Austin, will be acquired by global giant Stantec for an undisclosed price. The Bury brand, so prominent in Austin, will cease to exist within a short time.
The transaction is expected to close in March and Bury employees were notified of the purchase Wednesday afternoon. Management and operations at Bury’s six offices will continue as normal and the leadership team will not change — though founder Paul Bury, who also serves as CEO and president, will exit the company soon. No precise date has been determined for his departure.
“Obviously, it’s a little bittersweet,” said Bury, who started the company in 1984. “It’s a great time for the company to transition to the next level.”
Stantec (NYSE: STN, Toronto Stock Exchange: STN), a multifaceted design firm headquartered in Edmonton, Canada, has more than 15,000 employees in 250 offices. With the acquisition, it will assume a major presence in Texas, along with some additional traction in Florida and Arizona.
Bury’s 325 employees — in Austin, San Antonio, Houston, Dallas, Phoenix and Orlando, Florida — will operate under the Stantec name very soon. Bury is the fifth-largest engineering company in Austin with 2015 billings of $20.86 million, according to Austin Business Journal’s latest list of the largest engineering firms. Stantec ranked No. 9 on the ABJ’s architecture firms list with $4.89 million in design revenue in 2014.
A quick transition
The change of signage and business operations will be a major logistical undertaking, but Bury said he wants to see it happen quickly — for the benefit of everyone involved. He believes Stantec’s acquisition will open up many new opportunities for Bury employees and provide clients with a stronger reach of services.
Stantec Executive Vice President Eric Nielsen, who is based in Irvine, California, led the acquisition effort from that end. He has high praise for the Bury brand, which has handled many premiere real estate developments and design assignments during its 30-year history. Additional information>>>