Hill Intl (MM) (NASDAQ:HINT)
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From Jun 2019 to Jun 2024
Hill International (Nasdaq:HINT), the global leader in managing
construction risk, announced today that it has acquired 60% of the
outstanding capital stock of Gerens Management Group, S.A., a
Spanish-headquartered firm that provides project management services on
major construction projects throughout Spain as well as in Western
Europe and Latin America. Terms of the transaction were not disclosed.
Gerens is headquartered in Madrid and has additional offices in
Barcelona and Cancun, Mexico. The company has managed the construction
of major projects in various sectors, including residential, commercial,
healthcare, retail and leisure, infrastructure, and hotels and resorts.
Some of Gerens’ largest projects include the
Ciudad Real Airport, the Caja Madrid headquarters building (the tallest
skyscraper in Spain), the Endesa headquarters building, the Parque Norte
Business Center, the five-star Hotel Villa Magna in Madrid, the new
Toledo Hospital, the new Puerta de Hierro Hospital, the ESADE Business
School campus extension in Barcelona, and the 300 Has Mayakobá
Resort in Mexico's Rivera Maya.
Hill co-founded Gerens in 1998 but divested its minority stake in the
company in 2000. Gerens, which has about 250 employees, plans to
immediately change its name back to its original name of Gerens Hill
International, S.A.
In 2007, Gerens achieved unaudited total revenues of approximately €21.0
million ($30.6 million). The remaining minority stockholders of Gerens,
who own 40% of the company, consist of Gerens’
Managing Director as well as a group of leading Spanish savings banks.
“We are very excited about bringing Gerens
back into the Hill organization,” said Irvin
E. Richter, Hill’s Chairman and Chief
Executive Officer. “Their management team has
built one of the leading project management firms in Europe in less than
a decade and we look forward to helping them continue their success,”
Richter added.
“Gerens’ management
and the Spanish stakeholding banks feel excited about this agreement
with Hill International which is to produce a win-win situation, as
Gerens will become part of one of the most well-regarded firms worldwide
in the construction consultancy area while Hill will benefit from Gerens
experience and privileged access to new and important business areas
both in Europe and Latin America,” said José
Manuel Albaladejo Gonzalez, Managing Director and co-founder of Gerens.
In addition to maintaining his current position with Gerens, Albaladejo
has also been named a Senior Vice President with Hill.
In connection with this transaction, Gerens was advised by financial
advisor GBS Finanzas and the law firm of Garrigues, S.L. Hill was
advised by financial advisor PricewaterhouseCoopers S.L. and the law
firm of Clifford Chance, S.L.
Gerens Management Group brings together extensive knowledge of the
Spanish market and worldwide experience in the management and control of
complex design and construction processes offering their clients best
practices in project management and independent technical consultancy
services. For more information on Gerens, please visit their website at www.gerens.com.
Hill International, together with Gerens, has 1,800 employees in 70
offices providing program management, project management, construction
management, and construction claims services worldwide. Engineering
News-Record magazine recently ranked Hill as the 10th largest
construction management firm in the United States. For more information
on Hill, please visit our website at www.hillintl.com.
This press release includes certain statements that fall within the
definition of “forward-looking statements”
under the Private Securities Litigation Reform Act of 1995. Any such
statements are subject to risks and uncertainties, overall economic and
market conditions, competitors’ and clients’
actions, and other conditions, which could cause actual results to
differ materially from those anticipated, including those risks
identified in Hill’s filings with the
Securities and Exchange Commission. Accordingly, such statements should
be considered in light of these risks. Any prediction by Hill is only a
statement of management’s belief at the time
the prediction is made. There can be no assurance that any prediction
once made will continue thereafter to reflect management’s
belief, and Hill does not undertake to update publicly its predictions,
whether as a result of new information, future events or otherwise. All
currency conversions shown above were made using the exchange rate in
effect as of the date of this press release.
(HINT-G)