Christchurch engineering firm sold to Canadian company
The Toronto Stock Exchange and New York Stock Exchange-listed Stantec paid an undisclosed sum for its latest acquisition.
Cosgroves has more than 90 staff across New Zealand and works with clients, architects, project managers and other professionals in consulting engineering on private and public building projects such as the redevelopment of the Christchurch Town Hall.
Stantec said the addition of Cosgroves would expand its buildings' engineering capabilities in New Zealand, particularly in fire engineering, electrical, mechanical, hydraulics, buildings' sustainability, and civil expertise.
Cosgroves was expected to support Stantec's growth in healthcare, advanced manufacturing and data centres.
The acquisition will increase Stantec's market presence in New Zealand by about 10%, to more than 900 staff.
Stantec president and chief executive officer Gord Johnston said in a statement bringing Cosgroves on board would diversify its offerings and reinforce its position among top-ranked firms in New Zealand.
''Our two firms have shared values and a history of working together, and our complementary strengths will support our strategic plan in a key region we've identified as a core area for growth.'
The combined Cosgroves and Stantec team sees itself nicely positioned to make the most of increased public funding in healthcare in the next decade, and to increase market share in New Zealand and Australia.
Cosgroves founding director Brady Cosgrove said the company had delivered reliable, sustainably focused services for nearly 30 years and was now facing an exciting opportunity for growth.
'In joining Stantec, we are positioning ourselves to capitalise on increased investments through our local relationships and Stantec's international experience, while providing our staff with expanded opportunities to work on national and international projects.'
Stantec said it had experienced strong business growth in New Zealand in the water, transportation, and government sectors and expanded its regional footprint with the acquisition of Cardno, Traffic Design Group (TDG), and MWH.
In 2019 Stantec also bought Australian buildings engineering firm Wood & Grieve Engineers.
Previously Cosgroves has provided consulting engineering services for projects such as the Rutherford Regional Science and Innovation Centre at the University of Canterbury, Invercargill Central redevelopment to breathe life back into the central business district, Manukau Health Park, Canterbury District Health Board's Outpatients Building and the development of The Court Theatre.
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