PMFORUM Breaking News
Breaking News in the Project Management World
Friday, February 29, 2008
Hill International Acquires Majority of Gerens in Spain
Reported by Alfonso Bucero, in Madrid
Hill International, the US-based construction and project management company, has announced that it has acquired 60% of Gerens Management Group, S.A., a Spanish-headquartered firm that provides project management services on major construction projects throughout Spain, Western Europe and Latin America. Terms of the transaction were not disclosed.
Gerens is headquartered in Madrid, with 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 Mayakoba 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 EUR 21.0 million (US$30.6 million). The remaining minority stockholders of Gerens, who own 40% of the company, consist of Gerens' Managing Director and a group of leading Spanish savings banks.
"We are very excited about bringing Gerens back into the Hill organization," said Irvin E. Richter (pictured), 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 Jose 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.
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, visit www.hillintl.com.
Hill International, the US-based construction and project management company, has announced that it has acquired 60% of Gerens Management Group, S.A., a Spanish-headquartered firm that provides project management services on major construction projects throughout Spain, Western Europe and Latin America. Terms of the transaction were not disclosed.
Gerens is headquartered in Madrid, with 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 Mayakoba 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 EUR 21.0 million (US$30.6 million). The remaining minority stockholders of Gerens, who own 40% of the company, consist of Gerens' Managing Director and a group of leading Spanish savings banks.
"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 Jose 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.
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, visit www.hillintl.com.
|
