French Building & Industrial Services Leader, SOCOTEC Group, Announces Acquisition of Vidaris, Inc., based in New York City.
“The SOCOTEC group strengthens its international position through acquisition of Vidaris* in the USA, a multi-disciplinary consultancy, to build its American platform.” Terms were not disclosed. See https://www.globenewswire.com/news-release/2019/09/03/1909790/0/en/The-SOCOTEC-Group-Strengthens-its-International-Position-through-Acquisition-of-Vidaris-in-the-USA.html.
“Headquartered in New York, NY, Vidaris is a leading TIC (testing, inspection and certification) consultancy focused on assurance services, building design, efficiency and dispute resolution in the construction, real estate, infrastructure and industrial fields, serving as an independent third‐party advisor for leading developers, property owners, industrial operators, utilities, architects and engineers. The Company’s multidisciplinary, highly technical and integrated service offering includes three major segments: (i) Architectural Consulting, Testing, Inspection and Certification (“ ATIC”); (ii) Dispute Resolution (« DR »); and (iii) Engineering Consulting, Testing, Inspection and Certification (« ETIC ») on both existing and new assets.” Vidaris employs over 300 professionals in 15 U.S. offices.
The SOCOTEC Group was founded in France in 1953, employs 8,000 employees and enjoys gross revenues of $900 million. It is a French and European leader in TIC services for the construction and infrastructure sectors. 33% of the SOCOTEC Group’s revenue is generated outside of France. its subsidiaries are based in 25 countries, including the USA with the purchase of Vidaris.
About the Deal and its Synergies: “ Vidaris aligns well with SOCOTEC’s strategy of partnering with teams of high value‐added services to accelerate our organic- and acquisition-driven growth. We are very excited about this merger as it is another step in our strategy to build the leading international TIC firm in Construction, Building Envelope and Infrastructure, with Vidaris being a monumental stepping stone within the USA” said Hervé Montjotin, CEO of SOCOTEC Group. “The acquisition broadens the capabilities of SOCOTEC to include consulting, architectural assistance and dispute resolution, services not previously offered, as well as heightens opportunities for cross-selling.”
Chief Executive Officer of Vidaris, Marc Weissbach, said in a statement, “There is tremendous synergy between SOCOTEC and Vidaris. Both firms have similar cultures, recognize the importance of strong relationships with employees and clients, and have long recognized that testing, inspection and certification are not only critical but necessary in our markets. We are happy to be now part of a larger, integrated group and look forward to delivering the highest level and quality of technical expertise our clients rely upon to an expanded geographic realm.”
The Vidaris acquisition represents SOCOTEC’s sixth investment in 2019.”