Cortec Group has sold Vidaris to SOCOTEC Group. No financial terms were disclosed. Based in New York City, Vidaris is a consulting services firm for the architecture, engineering and construction industries.
(New York, NY) – Cortec Group (“Cortec”), a New York-based private equity firm which invests in middle-market specialty services, B2C and B2B products, and healthcare businesses, is pleased to announce that its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), has sold ArchEng Holding Company d/b/a Vidaris (“Vidaris” or the “Company”) to SOCOTEC Group (“SOCOTEC”), a global provider of inspection services to the construction sector headquartered in France, which is controlled by affiliates of Cobepa, a European private investment company. Terms of the transaction were not disclosed.
Vidaris is a leading multi-disciplinary specialty consultancy focused on highly technical, value added assurance and advisory services related to existing and new buildings, civil infrastructure, industrial/energy facilities, transportation equipment and other high value assets. Vidaris’ integrated portfolio of services helps clients optimize performance, mitigate risk, ensure compliance, determine fitness-for-service and/or root cause of failure, as well as resolve disputes. Headquartered in New York, NY, Vidaris employs approximately 300 professionals in sixteen offices. Additional information on Vidaris is available at www.vidaris.com.
Since Cortec V’s investment in March 2015, Vidaris has grown significantly, both organically and through highly strategic acquisitions, which meaningfully diversified its service lines, end markets, client base and geographic footprint. Scott Schafler, a Managing Partner at Cortec, commented, “During our ownership we invested to expand the Company’s leadership team, completed several transformative acquisitions, and implemented key business systems to improve project management and profitability. These investments allowed us to more than double the business in just over four years.” Jonathan Stein, a Cortec Partner, added,
“We are proud to have successfully partnered with Vidaris’ management to realize our collective vision for the business, resulting in an excellent return for all of the Company’s stakeholders. With best-in-class teams operating in each of Vidaris’ services lines, we look forward to the continued success of the Company as part of SOCOTEC.”
Marc Weissbach, CEO of Vidaris, said, “Cortec was the right partner for Vidaris to help us significantly broaden our business. Their vision for growth, continued investments in our business, support for the management team, and experience executing strategic acquisitions were invaluable.” Mr. Weissbach concluded, “We are extremely excited to partner with SOCOTEC to build on the strong Vidaris foundation.”
The Cortec team included Scott Schafler, Jonathan Stein, Doug Kruep, Allison Klazkin, Jack Miner and Nick Cooper. Vidaris was co-advised in the transaction by Lincoln International and Houlihan Lokey, with Jones Day serving as legal counsel.
About Cortec Group
Founded in 1984, Cortec invests in high value-added, middle-market specialty services, B2C and B2B products and healthcare businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.