OceanSound Partners, a New York-based private equity firm that invests in technology companies serving government agencies, has made a strategic investment in architecture, engineering and construction firm Gannett Fleming.
Established in 1915, Gannett Fleming has over 2,800 employees focused on supporting government and commercial customers in the U.S. and Canada by developing and delivering infrastructure and related consulting services in transportation, water resources, life sciences, power, energy, federal, education and industrial markets, the companies said in a joint release published Monday.
Bob Scaer, CEO of Gannett Fleming, said the firm expects to expand its market share in key service offerings through the OceanSound partnership.
“This partnership will help us attract and retain the best talent, make significant investments in emerging technologies, expand and deepen our geographic footprint, and support our employees so they remain at the top of their field,” Scaer added.
Gannett Fleming’s board and employee stockholder base unanimously approved the transaction. The existing management team will continue to lead and keep a significant ownership interest in the firm.
“Gannett Fleming has differentiated technology-enabled solutions spanning transportation, electrification, and water management that make them well-positioned to capitalize on growth of the infrastructure services market,” said Joe Benavides, managing partner of OceanSound.
Houlihan Lokey and Holland & Knight acted as financial and legal advisers, respectively, to Gannett Fleming.
Skadden, Arps, Slate, Meagher & Flom served as OceanSound’s legal counsel in the transaction.
