The SOCOTEC Group Strengthens its International Position Through Acquisition of Vidaris in the USA
The SOCOTEC Group, a major player in risk management and asset performance optimisation, is continuing its expansion with the acquisition of US-leading Vidaris, Inc., a multi-disciplinary consultancy, to build its American platform.m,
Headquartered in New York, Vidaris is a leading TIC (testing, inspection and certification) consultancy focused on assurance services, building design, efficiency and dispute resolution in the construction, real estate, infrastructure and industrial fields, serving as an independent third‐party advisor for leading developers, property owners, industrial operators, utilities, architects and engineers. The Company’s multidisciplinary, highly technical and integrated service offering includes three major segments: (i) Architectural Consulting, Testing, Inspection and Certification (« ATIC »); (ii) Dispute Resolution (« DR »); and (iii) Engineering Consulting, Testing, Inspection and Certification (« ETIC ») on both existing and new assets.
Vidaris covers both the East and West coasts and cities in-between, including prominent cities like New York, NY; Boston, MA; Miami, FL; Atlanta, GA; Houston, TX; and Los Angeles, CA; as well as an office in Australia. Clients and projects come from various market sectors, including industrial, residential and commercial real estate, stadium and entertainment venues, infrastructure- including roadways, airports, railways, bridges and tunnels, transportation equipment to renewable energy equipment, power lines, pipelines, and industrial sites.
“Vidaris aligns well with SOCOTEC’s strategy of partnering with teams of high value‐added services to accelerate our organic- and acquisition-driven growth. We are very excited about this merger as it is another step in our strategy to build the leading international TIC firm in Construction, Building Envelope and Infrastructure, with Vidaris being a monumental stepping stone within the USA,”
“The acquisition broadens the capabilities of SOCOTEC to include consulting, architectural assistance and dispute resolution, services not previously offered, as well as heightens opportunities for cross-selling.”
Chief Executive Officer of Vidaris, Marc Weissbach, said in a statement, “There is tremendous synergy between SOCOTEC and Vidaris. Both firms have similar cultures, recognize the importance of strong relationships with employees and clients, and have long recognized that testing, inspection and certification are not only critical but necessary in our markets. We are happy to be now part of a larger, integrated group and look forward to delivering the highest level and quality of technical expertise our clients rely upon to an expanded geographic realm.”
Vidaris was previously owned by Cortec Group, a New York private equity firm. The company is managed by Marc Weissbach and the firm’s partners, who will continue as shareholders and employees following closing.
The Vidaris acquisition represents SOCOTEC’s sixth investment in 2019.