Down But Not Out - An Overview of M&A Activity in the AEC Industry

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    iohodnhd r`m j}wnhmww ec bmwndh # gehwrz}grneh

    Jewreh

    7:? Geiiehtmoar` Zeob

    W}nrm ?

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    W|mofmz Jogfdze}hb

    Wrmsm Dnbe! GCO

    \znhgn|oa

    [tmndT`nrm Cnhohgnoa Obsnwez~ Wmzsngmw

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    [tmndT`nrm Cnhohgnoa Obsnwez~ Wmzsngmw

    [tmndT`nrmw Cnhohgnoa Obsnwez~ Wmzsngmw Dze}| |zesnbmw o bnsmzwm zohdm ec gez|ezormcnhohgm! soa}orneh! ethmzw`n| rzohwnrneh |aohhnhd! nhgmhrnsm gei|mhworneh! ohb imzdmz #ogq}nwnrneh wmzsngmw cez mhdnhmmznhd! ozg`nrmgr}zm! ohb mhsnzehimhroa gehw}arnhd cnziw! czeihng`m ezdohn{ornehw reMHZ=

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    Amozhnhd Ejkmgrnsmw

    R`m g}zzmhr nhb}wrz~ jogfbze| ohb wrorm ec I#O ogrnsnr~ nh

    r`m OMG nhb}wrz~

    R`m |mzw|mgrnsmw ec j}~mzw sw( wmaamzw

    @er iozfmrw

    Soa}ornehw

    Nw r`nw ogrnsnr~ w}wronhojam ohb t`or ozm r`m jnddmwr znwf cogrezw

    denhd ceztozb5

    T`or re mp|mgr cez :

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    T`mzm Tmsm Jmmh

    :

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    Nhb}wrz~ Jogfbze|

    ](W( gehwrz}grneh ogrnsnr~ wrnaa aeefnhd cez oh }|r}zh ) esmzoaagehwrz}grneh w|mhbnhd cmaa ?:(2- re ">7> jnaaneh nh :32( Ozg`nrmgr}zmJnaanhd Nhbmp zmionhw tmof(

    Geiimzgnoa! eccngm! zmrona! zmwnbmhrnoa wmgrezw wrnaa w}ccmznhd czeiesmzgo|ognr~ ohb gzmbnr zmwrzngrnehw

    Cmbmzoa gehwrz}grneh w|mhbnhd zewm j~ :- re oh oaa)rnim `nd` ec"7

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    Nhb}wrz~ Jogfbze|

    Iezm iohodmimhr rmoiw nhbngornhd :

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    Nhb}wrz~ Jogfbze|

    [T Nhbngmw sw( W#\ =

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    Nhb}wrz~ Jogfbze|

    Mhrmz|znwm Soa}m%MJNRBO I}arn|amw Wmamgr OMG Cnziw

    3(:p3(:p]ZW

    ?(

    (7pWrohrmg

    4(>p=(3pW`ot Dze}|

    7(2p4(3pKogejw

    0(=p>(4p@naa

    =(

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    Rebo~w I#O Iozfmr J}~mzw

    J}~mzw ozm wrnzznhd odonhaetmz soa}ornehw mhrngnhd j}~mzw

    Tnr` ezdohng dzetr` osmh}mw waetnhd fm~ `nzmw! e|mhnhd jzohg`eccngmw.! iezm OMG cnziw |ao~nhdeccmhwm ohb aeefnhd re j}~dzetr` tnr` iohodmojam jmrw

    T`nam o cmt imdo)bmoaw ge}ab rzohw|nzm nh :

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    Rebo~w I#O Iozfmr ) Wmaamzw

    Ioh~ wioaa ohb inb)wn{mb ethmzw ogfhetambdm dzmor z}h r`nw bmgobmj}r gehgmzhmb oje}r nhb}wrz~ ohb mgeheing e}raeef

    Nhrmzhoa ethmzw`n| rzohwnrneh g`oaamhdmw aeei aozdm; geijnhorneh ecnhbnccmzmhr ~e}hdmz dmhmzorneh ohb bnccng}ar c}hbnhd g`oaamhdmw

    Wmaamzw soa}orneh do| zmionhw aecr~ mp|mgrornehw czei :

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    Rebo~w I#O Iozfmr Bnwrzmwwmb I#O

    Nhgzmownhd h}ijmz ec OMG cnziw tnaa cogm wmsmzm zmwrz}gr}znhd!nhweasmhg~! ez johfz}|rg~ gnzg}iwrohgmw nh :

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    ?

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    Rebo~w I#O Iozfmr

    \mzgmhrodm ec cnziw tnr` I#O nh r`mnzWrzormdng \aoh tnr`nh r`m hmpr cnsm ~mozw

    0?-

    40-42-

    43-

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    Rebo~w I#O Iozfmr

    :

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    Rebo~w I#O Iozfmr

    \znsorm Mq}nr~\aorcezi Rzohwogrnehw

    \(M( cnziw cnhb nhczowrz}gr}zm ohb mhsnzehimhroa e||ezr}hnrnmw

    wrnaa smz~ o||moanhd dnsmh aohbwgo|m

    @etmsmz! c}hbnhd ohb gzmbnr nww}mw zmionh `nd` nh rnd`r gzmbnr

    mhsnzehimhr

    Soa}ornehw beth czei |znez aecr~ amsmaw

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    T`or bemw o r~|ngoa bmoa aeef anfm5

    Iewr nhseasm ohMHZ=

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    T`or bemw o r~|ngoa bmoa aeef anfm5

    Iewr ozm owwmr |}zg`owmw zor`mz r`oh wregf bmoaw

    Rzohwogrnehw ecrmh inp ec gow`! wregf! # hermw `eanwrng! w}i

    ec r`m |ozrw o||zeog` eh j}~mz go|nroan{orneh sw( deoaw%odmw ec

    wmaamzw

    Mozhe}rw! ez |o~)cez |mzceziohgm img`ohnwiw! zmionh |e|}aoz

    cez j}~mzw re jznbdm |zngm do|w ohb w`ncr znwf re wmaamz dnsmh

    gae}b~ e}raeef ohb }hgmzronh jogfaed! j}r goh jm jozznmz re

    g}ar}zoa nhrmdzorneh

    Mi|ae~imhr odzmmimhrw ohb gei|ornjam woaoz~%nhgmhrnsm

    gei|mhworneh wrz}gr}zmw ozm fm~

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    @er Iozfmrw

    Tormz Zmwe}zgmw! Tormz%Towrmtormz Nhczowrz}gr}zm! Wrezitormz%Wmtmz! Bmwoanhorneh

    \etmz%]rnanrnmw

    Oarmzhornsm Mhmzd~ H}gamoz! Tnhb! Weaoz! @~bze|etmz. ohbDzmmh J}nabnhd

    Cmbmzoa

    @moar`gozm

    Nhrmzhornehoa ohb bmsmae|nhd ge}hrz~ nhczowrz}gr}zm

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    Bmwnzmb J}~mz Gznrmzno

    Iohborm ) Deeb re Dzmor iebma ez bnsmzwnr~ nhre hmt iozfmrwohb wmzsngmw5

    Wn{m; :=):=< mi|ae~mmw! "7)"7

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    Soa}ornehw

    Dmhmzoaa~ tnrhmwwnhd 7(=p)=(

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    Soa}ornehw

    T`~ ozmhr O%M i}arn|amw `nd`mz5

    Hor}zm ec nhb}wrz~

    Aet jozznmzw re mhrz~ 9 r`e}wohbw ec cnziw eccmznhd

    geiiebnr~ anfm wmzsngm

    A}i|~! |zekmgr)re)|zekmgr! }hmsmh gow` caet wrzmoi Nhgzmimhroa dzetr` n(m( |}zma~ c}hgrneh ec wroccnhd

    Nhrohdnjam owwmrw ohb |me|am)jowmb j}wnhmwwmw

    Nh ioh~ gowmw cnziw zmanohr eh ?)= fm~ nhbnsnb}oaw cez j}wnhmww

    bmsmae|imhr ohb dzetr` C}hgrneh ec t`or ethmzw goh mprzogr ow bnsnbmhbw % zmr}zhw

    czei j}wnhmww r`nw nwhr Deedam/

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    @nd`a~ czodimhrmb nhb}wrz~

    Nw R`nw Ogrnsnr~ W}wronhojam5

    O||zepniorma~ 4

    Aet jozznmzw re mhrz~

    Sowr iokeznr~ ozm |znsorma~ `mab

    Sowr iokeznr~ ozm }hbmz "= inaaneh nh zmsmh}m

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    Odnhd joj~)jeeimz bmiedzo|`ngw

    Nw R`nw Ogrnsnr~ W}wronhojam5

    Amobnhd mbdm ec jeeimz dmhmzorneh jezh 23)32. t`e

    ce}hbmb OMG cnziw nh 4

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    Gehrnh}mb go|nroa w|mhbnhd

    Nw R`nw Ogrnsnr~ W}wronhojam5

    Ni|ogr cez nhczowrz}gr}zm |zekmgrw tnr` cmbmzoa wrni}a}w

    |ogfodm5 Tnaa iezm geim5 J}bdmr rzobm)eccw aeei(

    Mhsnzehimhroa gehwgne}whmww nw `mzm re wro~

    Beimwrng hmmbw nh `moar`gozm! dzmmh j}nabnhd! oarmzhornsm

    mhmzd~! tormz w}||a~ ohb towrmtormz! |etmz # mhmzd~!

    osnorneh! |ezrw! rzohw|ezrorneh! nd`to~w! ohb jznbdmw

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    Nhrmzhornehoa bmiohb cez ](W( cnziw

    Nw R`nw Ogrnsnr~ W}wronhojam5

    Aehd)rmzi bmiohb cez :?wr gmhr}z~ tnaa geim nh

    bmsmae|nhd zmdnehw tnr` dzmormz j}nabnhd ohb gehwrz}grneh

    hmmbw; G`nho! Nhbno! Mowrmzh M}ze|m! Aornh Oimzngo! ohb

    Inbbam Mowr

    ](W( ohb M}ze|moh cnziw cognhd zmgmwwneh! bmcngnrw! ohb

    waetmz dzetr` |zew|mgrw or `eim sw( er`mz daejoa zmdnehw

    Ganmhrw ozm i}arn)hornehoa ezdohn{ornehw ohb desmzhimhrw

    Wioaamz tezab mh`ohgnhd bmoa geii}hngorneh ohb

    nhrmdzorneh ogzeww jezbmzw

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    Mgeheing Zmgmwwneh

    I#O Znwf Cogrezw

    Zmoanr~ ec anhdmznhd mgeheing zmgmwwneh ohb aewr bmgobm!

    kejw bnwo||moznhd cez ioh~ ozg`nrmgrw! mhdnhmmzw! |aohhmzw

    Aetmz znwf o||mrnrm t`mh snwnjnanr~ nw }hgamoz ]hbmzwrohbnhd r`or `mob~ soa}ornehw ind`r her jm jogf

    weeh

    @et tnaa soa}ornehw ni|ogr I#O ohb nhrmzhoa ethmzw`n|

    rzohwnrneh |aohw5

    @etmsmz! zmgmwwneh io~ oggmamzorm oazmob~ gehweanbornhd

    nhb}wrz~

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    Nhrmdzorneh nhbndmwrneh5

    I#O Znwf Cogrezw

    Iezm OMG cnziw ozm bndmwrnhd bmoaw czei :

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    Zmronhnhd ganmhrw ohb iernsornhd fm~ wrocc

    I#O Znwf Cogrezw

    Zmwmhrimhr oiehd r`m inheznr~)nhrmzmwr ez heh)ethmzw

    io~ anhdmz

    Bmoa soa}m tnaa jm wndhncngohra~ bninhnw`mb nc fm~ roamhrmpnrw |ewr gaewnhd

    Gei|mrnrezw tnaa geim ocrmz rozdmrw ganmhrw ohb wrocc

    G}ar}zoa cnr ohb cnzi nhrmdzorneh nw fm~ ohb iewr bnccng}ar

    |ozr ec I#O |zegmww/

    T`or w~hmzd~55

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    :

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    _}mwrnehw

    5

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    Gehrogr Nhceziorneh

    Wrmsm Dnbe! GCO

    :3=)20

    wdnbeL{tmndt`nrm(gei

    Gangf `mzm re |}zg`owm r`m tmjnhoz;`rr|;%%ttt({tmndt`nrm(gei%|)0>=)beth)j}r)her)e}r)oh)

    esmzsnmt)ec)io)ogrnsnr~)nh)r`m)omg)nhb}wrz~(ow|p