GW Equity and Brenen Hofstadter Announce Sale of Client Isbell Engineering

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GW Equity and its Managing Director Brenen Hofstadter announce sale of client Isbell Engineering Group to Clough Harbour & Associates LLP.

Clough Harbour & Associates LLP (CHA), a full service engineering firm with 26 offices across the United States, and Isbell Engineering Group (IEG) of Fort Worth, Texas, have signed a definitive agreement under which CHA has acquired IEG. The transaction closed November 5, 2007. GW Equity and its Managing Director Brenen Hofstadter represented the seller as merger and acquisition advisor.

The acquisition results in the addition of 85 staff and three offices in the Dallas-Forth Worth area to CHA, bringing the firm's total number of offices to 29 with a staff of more than 725 employees.

The acquisition will extend CHA's national reach farther than ever before and create a firm with combined 2006 revenues of over $118 million. The combined company's services will include civil, structural, geotechnical, mechanical, electrical, transportation and environmental engineering; survey; landscape architecture; technology solutions; planning; and construction services.

Both firms are considered leaders in providing engineering services for both the public and private sectors. CHA is ranked as one of the Top 100 Design Firms in the United States by Engineering News-Record. IEG is a local leader in the Dallas-Forth Worth area and will now be able to provide its services on a national level.

"The union of our two firms will allow both of us to better extend a wide range of professional design and construction services in the growing Dallas-Fort Worth Metroplex," stated Raymond J. Kinley, Jr, Chief Executive Officer of CHA. "The region is experiencing tremendous economic growth, and as such the demand for our services has increased exponentially."

Kinley went on to add, "Our firms share many of the same business philosophies: an emphasis on client satisfaction, a commitment to quality and continuous improvement, and a dedication to the professional growth of our staff."

As a result of the acquisition, IEG's clients will gain access to CHA's full range of services. In addition, CHA will now be able to provide construction materials testing, a well-established aspect of IEG's business.

According to IEG President David Isbell, "Our acquisition by CHA is a testament to IEG's success and the people who have helped it develop over the past 30 years. This is the next logical step in our efforts to grow our business. We are fortunate that our firm has been locally owned and operated since it was established in 1977, and we are excited to advance to the national level with CHA and to provide a broader range of services."

"We wished to align our firm with a premier organization and continue to provide our clients with the highest quality service," continued Isbell. "It was important to find a group with the same culture for integrity. We have found the CHA team to be of the highest caliber and we are proud to be joining their organization."

Kinley added, "The key to transactions like this are the people. David Isbell, Jeff Isbell and Brad Isbell are successful engineers and entrepreneurs. They are quality people and have built a team of loyal and respected professionals."

Mr. Hofstadter said, "This transaction was possible because the principals involved developed mutual trust. This will go a long way with insuring the success of the combined organization." Brenen added, "We are proud to have found the right buyer; this is a win-win transaction."

Clough Harbour & Associates LLP is a highly diversified, full service engineering firm providing planning and design services to public and private clients throughout the eastern United States. The firm employs a staff of 650 people distributed across 26 offices from Florida to Maine.

Isbell Engineering Group is a multi-disciplined consulting engineering firm that has been providing structural, civil and geotechnical engineering; survey services; and construction materials testing services. The firm employs 85 people and serves North Central Texas, Louisiana, Southern Oklahoma, Arkansas, and other clients nationwide.


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