Press release from CNW Group
IBI Group Inc. announces the Closing of the Merger/Acquisition of the firm Bay Architects, Inc. (Bay) of Southeast Texas.
Thursday, March 31, 2011
IBI Group Inc. announces the Closing of the Merger/Acquisition of the firm Bay Architects, Inc. (Bay) of Southeast Texas.16:40 EDT Thursday, March 31, 2011TORONTO, March 31 /CNW/ - IBI Group Inc. (the "Company") (TSX: IBG) announced today that all conditions have been satisfied and/or waived and business and legal arrangements concluded for the merger of the practice of Bay Architects, Inc. (Bay) of Southeast Texas within the IBI Group of Firms.Bay is a full services architectural practice known throughout the Southeast Texas Area for its comprehensive services in master planning, design, construction documentation and construction phase for schools and community colleges. Bay also has experience in other building types including civic facilities, religious institutions, office space, retail space and industrial plants. Bay has been active in these Building Facility types in Southeast Texas since the establishment of the practice in 1995. The two Senior Principals, Calvin E. Powitzky and Mark R. French practiced together in predecessor firms prior to establishing Bay.Phil Beinhaker, Chairman Director and CEO of IBI Group noted that: "Calvin Powitzky and Mark French and their fellow principals have established a very fine reputation in the architecture of educational facilities, as well as other building types throughout the Southeast Texas Area. They have had a continuing professional relationship in this capacity with Boards of community colleges and schools as evidenced by a high percentage of their work coming from repeat clients in virtually every physical sector and district of the urban region. The integration of Bay within the IBI Group of Firms is another significant step in the establishment of the international practice of IBI in education facilities and the growth of the overall IBI practice in social infrastructure. It also provides IBI with a platform and base of operations for future growth in Texas with its large population and economic strength".Calvin Powitzky stated that: "We at Bay welcome this opportunity that will enable us to broaden our practice from schools and community colleges in education to higher education, health and other facilities in social infrastructure, as well as private development".Mark French noted that: "We have had experience in other urban regions of Texas and with the strengthened resources offered by the merger with IBI Group, will enable us to initiate and build on activity in other regions of the State while growing our practice in Houston as well".The staff complement of Bay is 65 people. The IBI Group of Firms including the affiliated architectural practice will now comprise 2,650 members.About IBI Group Inc.IBI Group Inc. is a TSX listed company, which pays monthly dividends and trades under the symbol "IBG". IBI Group Inc. holds an indirect 72% interest in IBI Group, a partnership which, directly and through its subsidiary entities, provides professional services, including planning, design, implementation, analysis of operations and other consulting services in relation to four main areas of development, being urban land, building facilities, transportation networks and systems technology. The remaining 28% of IBI Group is owned by IBI Group Management Partnership. On a partially diluted basis, assuming the exchange of its units of IBI Group for common shares of IBI Group Inc., IBI Group Management Partnership together with affiliated entities holds a combined 46% interest in IBI Group Inc.For further information: Philip H. Beinhaker IBI Group Inc. 230 Richmond Street West Toronto, Ontario M5V 1V6 Telephone: 416-596-1930