McGraw Hill Construction, the business group of McGraw Hill Financial that includes Engineering News-Record (ENR), as well as sister units Architectural Record, Dodge and Sweet's, is set to have a new owner, expected in the fourth quarter.
McGraw Hill Financial announced on Sept. 22 a definitive agreement to sell the construction group to Symphony Technology Group (STG), a strategic private equity firm based in Palo Alto, Calif. It focuses on acquiring high-performance companies that are leaders in growth markets.
STG has a global portfolio of 22 companies with a combined revenue of $2.7 billion and 17,000 employees.
"We believe that STG will enable MHC to build on its storied past of nimbly adapting to changing market conditions and pursuing new growth opportunities in the construction market," said Doug Peterson, president and CEO of McGraw Hill Financial.
Kathryn Cassino-McHugh, president of the construction group, said STG management "clearly recognizes the multiple opportunities we have to enhance our growth."
According to Cassino, McGraw Hill Construction had multiple prospective buyers, "which underscores the power of our brands and the criticality of the information we provide to the industry." She added that "the combination of our unique assets and a strengthening market represents an exciting moment for our business, one that many investors were eager to be a part of."
The deal, for a cash purchase price of $320 million, is set to close before Dec. 31. ENR's parent firm announced in March that it was seeking "strategic alternatives" for the construction group.
"We look forward to helping the business achieve the next level of success by continuing to deliver mission critical data and industry news while enhancing analytics and tools to better serve construction professionals," said William Chisholm, STG managing director.