Could An Acquisition,
Sale or Merger
Be Right for Your Company?

An acquisition, sale or merger is something that most company owners consider in their succession planning.

Misconceptions about acquisitions, sales and mergers are common because there is a lot of mis-information in the marketplace about prices, terms and effectiveness.

Some transactions fail due to a poor professional service fit or misalignment of cultures.

Fit is usually the most important aspect of any M&A in professional service companies, even more important than price and terms!

Acquiring companies normally value potential purchases higher if they completely understand how the acquired or merged company could enhance the success of their organization.

Higher prices will frequently be offered for an acquisition that provides synergy including producing accretive value to the acquiring company's share price.

We have been involved in many M&A's ranging in size from 10 employees to 3,500 employees.

Some of the news releases from the companies that we have assisted include:

IBI Income Fund announces the Merger of the Stevens Group Architects Inc
IBI Income Fund (The "Fund") (TSX: IBG.UN) announced today the closing of the merger of the Stevens Group Architects Inc., with IBI Group Architects. Stevens Group Architects will continue as a distinct division within the IBI Group of Firms, operating as SGA-IBI Group Architects.

Since Richard Stevens founded the firm over 25 years ago, the practice has grown, especially in recent years with a focus on the architecture of transit and educational facilities, along with other building types, throughout the urban areas of Southern Ontario. The staff team has increased to over 35 members and the leadership broadened with Claudio Cellucci and Celia Johnstone joining in the firm's ownership along with other senior firm members.

Phil Beinhaker, Chairman Director and CEO of IBI Group Architects and of the IBI Group of Firms noted that, "Richard, together with Celia and Claudio, their senior colleagues and staff members have established an outstanding practice serving the transit industry in Toronto, Mississauga and elsewhere, school boards and other clients in a most creative and competent manner, including successful collaboration with many other firms in these fields. Indeed our two firms have been working together on both transit and educational facility projects. We will now be able to serve these clients more effectively on this fully integrated basis. The leadership is all committed to continue the practice of the SGA Firm in this merger with the IBI GroupArchitects within the IBI Group of Firms. We fully expect that the three senior and other leaders along with their staff totalling approximately 35, will achieve greater success through this merger and grow to assume, over time, roles of leadership in the ensuing years in the context of IBI Group.

IBI Group Architects and the IBI Group are committed through this merger to the growth of the SGA-IBI Group practice through the provision of additional professional architectural resources, (all in accordance with regulations of the practice of architecture in Ontario and elsewhere in other respective jurisdictions), as well as complementing this expertise with professional services in urban planning, transportation, real estate research, systems technology and other areas of established IBI professional competence. With this affiliation, the total complement of professionals within the IBI Groupof Firms is now in the order of 2,300 people operating through 68 offices worldwide. The SGA-IBI Group architects division can now participate in projects of the IBI Group of Firms on this global basis.

BCMP Expands into BC with Merger
Calgary-based BCMP Architects is a well-respected firm that has provided architecture, interior design, planning and real estate development services for many years. But managing principal and co-founder Herman Bell says clients have been asking for a more integrated delivery model with additional in-house services. Today, Bell can provide it with the announcement that BCMP has merged with Omicron Consulting Group, British Columbia's largest integrated design and construction company.

Omicron managing principal Bill Tucker was looking to expand its presence in Alberta and sees the merger with BCMP as an ideal fit that adds a Calgary staff of 40 to his 160-person Vancouver office working in retail, renewal, industrial and commercial sectors. Recent commissions include being named prime consultant and construction manager for the development of multiple field operations throughout B. C. for BC Hydro at a capital cost over $250 mil-lion; design and construction management services for a BC Transit operations and maintenance facility at Whistler; and a $17-million Microsoft Canada development centre in Richmond, B. C.

IBI Income Fund Announces the Settling of Business Arrangements for the Acquisition of the Giffels Professional Engineering Practice from Ingenium Group Inc.
IBI Income Fund (the "Fund") (TSX:IBG.UN) announced today that business and legal arrangements have been concluded to provide for the closing in the near future of the acquisition of the Giffels Professional Engineering practice from Ingenium Group Inc.

Giffels is a Legacy Firm, originally established in Detroit, USA in 1925. Giffels Professional Engineering, Ontario, Canada was established in 1949. The US and Canadian Giffels operations separated and were reunited in 2005 with the acquisition of Giffels Inc. USA.

AECOM Acquires Totten Sims Hubicki
TSH, which employs 425 people, will align with AECOM's growth strategy within the Canadian infrastructure market.

"We are excited by the opportunity that TSH provides for AECOM to deliver expert services to clients throughout Canada," said John M. Dionisio, AECOM president and chief executive officer.

Founded in 1962, TSH has completed infrastructure, planning and architectural projects across Canada.

AECOM Completes Acquisition of Tecsult
With more than 34,000 employees around the world, AECOM is a leader in all of the key markets that it serves. AECOM provides a blend of global reach, local knowledge, innovation and technical excellence in delivering solutions that enhance and sustain the world’s built, natural and social environments.

Ingenium Acquires Poon McKenzie
Multi-discipline team of Architects, Engineers and Consultants
20 offices on three continents
1200 professional staff
Diversified multi-sector portfolio
Extensive design/build experience
Delivering creative solutions since 1925

Cansult Joins UMA & AECOM
UMA is pleased to announce the merge of the Canadian operations of Cansult Limited with UMA Engineering Limited. Cansult is an employee owned consulting engineering and project management firm. With approximately 35 people based in Markham, Ontario, Cansult is focused on transportation, buildings, infrastructure, and project management.

UMA’s resources in Ontario and Quebec will be augmented by Cansult's Canadian team. Cansult’s Middle Eastern operations consisting of approximately 650 employees will merge with another AECOM company, Maunsell, to form a new company Cansult Maunsell.

GENIVAR Acquires SEG Engineering
* A Canadian leader in consulting engineering
* More than 2,700 employees - More than 45 years of existence
* More than 60 offices (Canada, Africa, Caribbean)
* Projects in more than 30 countries
* GENIVAR Income Fund
* Listed on the Toronto Stock Exchange (GNV.UN)
* ISO 9001:2000 certified

Halcrow Acquires Yolles
Halcrow specialises in the provision of planning, design and management services for infrastructure development worldwide. With interests in transportation, water, maritime and property, the company is undertaking commissions in over 70 countries from a network of more than 70 offices.

IBI Group Acquires Cumming Cockburn Limited, CCL Consultants Inc and Marshall Cummings & Associates
IBI Group was founded in 1974 and is a leading, international, multi-disciplinary provider of a broad range of professional services focused on the physical development of cities. IBI’s business is concentrated in four main areas of development: Urban Land, Facilities, Transportation and Systems.

GENIVAR Acquires Cochrane Design Group
The GENIVAR Income Fund ("GENIVAR") is pleased to announce the acquisition of the Western Canada-based engineering consulting firm of Cochrane Design Group Inc ("CDG") which has over 150 employees with offices in British Columbia, Manitoba, Saskatchewan and Ontario. With this acquisition, GENIVAR has a workforce of almost 1,800 employees in Canada and abroad.