Looking to expand its stake in the expanding U.S. and global water-resources market, Dutch engineering giant ARCADIS NV will acquire one of the sector’s few remaining midsize players, 114-year-old Malcolm Pirnie Inc. The White Plains, N.Y., engineer would become a wholly owned subsidiary of ARCADIS’ Denver-based U.S. arm, adding 1,700 employees and $392 million in 2008 revenue to its $2-billion-plus parent’s girth.
ARCADIS, based in Arnhem, the Netherlands, said on June 25 it will finance the transaction with a combination of stock and $135 million in cash. The purchase price was not disclosed, but the deal is set to close this month, says ARCADIS. It says Pirnie shareholders owning 48% of its stock “have provided irrevocable support” of the transaction. ARCADIS says the combined entities’ global water market revenue “approaches” $500 million, about 17% of the corporate total.