Epstein announces sale of stake in EN Engineering
Epstein, a global architecture, engineering and construction firm based in Chicago, announced today that it had sold its 50 percent stake in EN Engineering to Clearview Capital Fund, effective March 31, 2009. The company was sold at a purchase price of $35 million with $32 million paid at close and $3 million contingent on 2010 performance, due in 2011.
The company was a joint venture with Nicor Energy Ventures, an affiliate of Nicor, Inc., which also sold its 50 percent stake to Clearview. EN Engineering provides engineering services in the transmission and distribution gas segments of the energy industry. It was founded in January, 2002, and has office locations in Woodridge, IL and Glen Burnie, MD.
“Because of our diversified portfolio of work, Epstein has weathered the economic downturn better than many. However, the sale strengthens our balance sheet at a critical time to position the company strongly for the economic rebound across a variety of market segments, whether commercial, industrial, mixed use or residential,” said Jim Jirsa, Epstein executive managing director and chief financial officer.
“While EN Engineering is a strong, viable business, the sale reflects Epstein’s desire to focus on and strengthen its core talents of architecture, interiors, engineering and construction,” said John Patelski, executive managing director, president, engineering and construction, with Epstein.
Epstein was formed in 1921 and provides architecture, interior design, engineering, and construction services worldwide. Headquartered in Chicago, the firm maintains offices in Los Angeles, California; New York, New York; Warsaw, Poland; and Bucharest, Romania.
Epstein consistently ranks among the leaders by well-known industry media including Engineering News Record, Building Design + Construction and Midwest Construction. The firm is well-known for its commercial, industrial, high-rise office, residential, municipal, and transportation projects. Epstein is also a leader in sustainable design, developing "green” solutions and technologies across all building types. More information is available at www.epsteinglobal.com.