Dive Brief:
- Canadian-based design company Stantec has announced its plans to buy Chicago architectural firm VOA Associates via a stock deal. VOA will assume the Stantec name, but no other details of the purchase have been released.
- Stantec, which is publicly traded and has 16,000 employees globally, is expected to use VOA’s network of offices to strengthen its architectural presence in the U.S., and the 280-employee VOA will be able to access Stantec’s international reach, as well as expertise. According to VOA Chairman Michael Toolis, VOA will sell its offices in Beijing and Sao Paulo, Brazil, as part of the deal.
- VOA has been involved with many signature Chicago projects, including a renovation of Wrigley Field, the Chicago Shakespeare Theater at Navy Pier and the Lucas Museum of Narrative Art, according to the Chicago Tribune.
Dive Insight:
The Stantec-VOA deal is part of a larger consolidation trend in Chicago, according to the Tribune. In December, noted city architect Dirk Lohan closed his firm and made an executive move to Wight & Co., another major design and construction firm in Chicago, while OWP/P was purchased by a larger company.
The consolidation trend has also emerged recently with major engineering firms.
In September, global engineering/architectural giant Thornton Tomasetti Inc. merged with Weidlinger Associates Inc. to stimulate innovation within the construction and engineering industries, according to company officials. In fact, the company said it would form a holding company specifically for research and development of construction innovations.
Following soon after, but choosing to retain their same names and offices under one holding company, were KJWW Engineering and TTG Engineers, who merged in October. Together they formed a 900-employee workforce with 25 locations in the U.S. and five throughout the world. Company officials said that "scale," like their two companies could bring, is becoming more important for firms to be relevant to clients in areas like BIM and sustainability.