Hill International Acquires Euromost Polska
Hill International, the global leader in managing construction risk, announced today that it has acquired Euromost Polska Sp. z o.o, a firm that provides project management and other construction consulting services throughout Poland. Terms of the transaction were not disclosed.
Euromost, which has approximately 130 employees, is headquartered in Warsaw, Poland and has additional offices in Krakow, Wroclaw and Gdynia. The company has managed the construction of major projects in various sectors, including, commercial, industrial, retail and residential projects. Euromost will continue to operate under its existing name and management team. Jackson Coles, a leading UK-based construction consultancy, is the principal selling shareholder.
In 2007, Euromost’s unaudited financial results included net revenues of PLN24.0 million ($11.1 million), operating profit of PLN6.2 million ($2.9 million) and net earnings of PLN4.8 million ($2.2 million). The company’s total backlog at closing was approximately PLN58 million ($27 million).
“We are very excited about expanding our European project management operations into Poland,” said Irvin E. Richter, Hill’s Chairman and Chief Executive Officer. “Euromost’s management team has built an impressive company, offering high-quality client service on many exciting and challenging projects,” Richter added.
“After more than 15 years under our ownership, we are delighted that Hill will lead Euromost to the next stage of development and have no doubt that they will expand and enhance the substantial successes of the company,” said Richard Jones, Managing Director of Jackson Coles. “The transaction will furthermore enable Jackson Coles to focus on its premium position in the UK construction consultancy market.”
In connection with this transaction, Euromost’s shareholders were advised by financial advisor Devonshire Corporate Finance Ltd. and the law firm of Halliwells LLP. Hill was advised by financial advisor PricewaterhouseCoopers Polska Sp. z o.o and the law firm of Clifford Chance LLP.
