Privately held investment group Global Infrastructure Solutions Inc. (GISI) has secured a $173-million cash deal to acquire publicly traded construction management giant Hill International.

According to an Aug. 16 press release announcing the purchase, GISI will pay about $2.85 per share for the company, representing a premium of 62.8%, in the transaction unanimously approved by Hill's board of directors.

在其第二季度财务披露发行ed on Aug. 9, Philadelphia-based Hill reported a net income improvement of $1.4 million and a 70.9% increase to its adjusted EBITDA compared to the same period last year.

The purchase is expected to close in the fourth quarter, transitioning Hill into a privately held company under GISI'sdesign and CM business unit.

As a parent company, GISI's structure allows for its subsidiaries—which include contracting firm STO Building Group, GEI Consultants Inc, and The LiRo Group—to operate as their own brands, with added support and resources from GISI as needed, explains company spokespersonGary Sharpe. After the dealclears regulatory reviews and closes, "Hill’s scope of work would not change," he says.

Hill ranks No. 10 on the latestENR Top 100 Professional Services Firmslist, reporting $386 million in domestic revenue and $189 million in international revenue for 2021.

The company's international program and construction management business will expand GISI's relatively new design and CM business unit to a global scale, says Sharpe. In 2020,GISI's deal to buy LiROwas the foundational transaction that launched the business unit domestically.

GISI President and CEO Rick Newman said in a statement, noted“(希尔)uniqueness as a for-fee-only management firm, combined with its technical and managerial expertise."

Hill CEO Raouf Ghali, who is expected to stay in his role and lead the business, said by joining GISI, the CM firm "will be well-positioned to continue to take advantage of the opportunities the industry offers while concurrently enhancing the quality of our client services."