Thursday, IBI Income Fund (IBG-UN.TO) said it concluded certain business and legal arrangements to provide for the closing 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.
The combined Giffels Professional Engineering or GPE; Giffels Associates Limited Canada and Dubai; Giffels, Inc., USA; and Giffels International; collectively carry on professional engineering consulting services and related architectural services in transit, roads and highways; aviation systems; municipal services and utilities; power generation and distribution; manufacturing and warehousing; logistics and materials handling; and automotive facilities.
Phil Beinhaker, Chairman Director and CEO of IBI Group said that the objective of integration of the ability of GPE within the IBI Group was to broaden the ability of both groups to fulfill client needs; the overall growth in professional staff, and market functional activities and projects, increasing stability of fee volume; and the strengthening of IBI US operations.
"The business arrangements that we have settled provide for all five of the senior executives of Giffels Professional Engineering along with the senior managers and all staff to continue with the practice integrated within the IBI Group of Firms." Phil Beinhaker noted.
The company said that the approximate 375 staff members of GPE added to the existing 1,825 staff members of IBI Group increases the total group to 2,200.
The IBI Income Fund is a TSX listed income trust. It holds an indirect 68% interest in IBI Group, The remaining 32% of IBI Group is owned by IBI Group Management Partnership.
IBG-UN.TO declined C$1.75 or C$7.69% and closed Thursday's regular trading session at C$21.00.
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