Portland, Oregon – Otak, Inc., an award-winning engineering, urban design, architecture, planning, and project management firm, announces the acquisition of Loris and Associates, Inc., a Superior, Colorado-based civil and structural engineering firm, effective August 1, 2017. This merger will provide both firms’ Colorado clients with comprehensive engineering services and expanded capabilities in development-related planning and design.
For Zweig Group, the Fayetteville, Arkansas-based AE consultancy that sourced potential buyers for LORIS, there was no shortage of interest.
“This deal reinforces the fact that Denver is among the hottest markets in the United States,” said Noah Hunt, a consultant with Zweig Group’s M&A services. “In three weeks, we had multiple offers, and that’s typically uncommon.”
What made LORIS, a 15-person firm with annual revenue of about $2M, so appealing to Otak?
“Loris is about good people doing good work, and they have a niche in the market, which drove their value,” Hunt said, referring to the firm’s focus on public construction projects such as bridges, overpasses, roads and trails.
Otak CEO James Hamann said the acquisition opens plenty of doors in the booming Colorado market.
“This acquisition combining Otak and LORIS is a key step in advancing our strategy of building our Colorado business and being able to provide the full range of Otak’s services to our Colorado clients,” Hamann said. “Colorado is a key market and it’s important for us to offer integrated services to our clients while providing a strong platform for future growth in the region.”
LORIS president Peter Loris also sees vast potential in the deal.
“The joining of our firms will dramatically expand the business growth opportunities for both firms while also offering significant career development opportunities for our employees,” Loris said. “Client relationships are core to both firms’ business and, by joining forces, we maintain our relationship-based cultures while providing a wider range of services on larger projects.”
LORIS will become a division of Otak and full integration activities are underway. Peter Loris and his senior management team will pay a key role in this process, working with a small group of Otak’s senior managers in Colorado to increase and diversify business in Colorado. The LORIS team will continue to work from their Superior office and will collaborate closely with Otak’s current offices in Boulder and Denver.
Zweig Group’s M&A team has been on both the buying and selling sides of transactions. Other recent deals include: WGI’s acquisition of Carl Walker, Inc.; NV5 Global, Inc.’s acquisition of Orlando-based Lochrane Engineering, Inc.; Eppstein Uhen Architects’ acquisition of Burkettdesign; and Wold Architects and Engineers’ acquisition of Ruck Pate Architecture.
Zweig Group’s M&A team is led by Jamie Claire Kiser and includes consultants Phil Keil, Noah Hunt, and Brenden Sherrer. For more information, please contact Kiser at firstname.lastname@example.org, or at 479 435 6521.
About Otak, Inc.
Otak, Inc. is an international award-winning engineering, urban design, architecture, planning, and project management firm, specializing in transportation infrastructure, residential and commercial development, water and natural resources, and landscape architecture. The firm has more than 35 years of experience on public and private projects in the United States and internationally. Otak has more than 300 staff working from offices in Oregon, Washington, Colorado, and Arizona. For more information, please visit www.otak.com.
About Loris and Associates, Inc.
Founded in 1988 and based in Superior, Colorado, Loris and Associates, Inc. is a trusted community partner that creates socially and environmentally conscious structure and infrastructure, including trails, roads, bridges, site structures, and construction management. Based on a culture that balances high performance with personal growth, LORIS delivers safe, aesthetic and constructible designs that serve as an ongoing source of community pride and achievement. For more information, please visit www.lorisandassociates.com.