The deal gives the senior management team a majority shareholding of 60%; BW founders and co-owners Craig Foster and Mark Richards retain a combined minority stake of 40%.
We feel strongly that it is the optimum time for BW to make this transition due to the following factors: sustainable increasing profits, growth story for the future, strong cash flow, brand advantage and untapped potential for a high-quality/service fit out company.
It has been a transformative 3 years for BW with new management appointments, rebranding, new headquarters and a strengthening of our team of experts.
The MBO will help us keep up this momentum into the future. We have an ambitious strategy to become the first 100% Defect Free company.
HITT provide a wide range of services from corporate campus development to small jobs, service and emergency work, offering the resources to support all commercial contracting needs.
HITT has a fit-out turnover of $500m ($1.3bn total), operating from its headquarters in Washington DC, they also have offices throughout the US in Atlanta, Baltimore, Charleston, Dallas, Denver, Houston, New York, Richmond, Seattle, South Florida and Northern California.
Steve Elliot, CEO said: “There are three objectives to our global alliances: sharing clients, developing globally minded employees, and sharing innovation and development. HITT, like Shape, aspire to the same highest standards of service delivery and quality as BW, the partnerships allow us to share development ideas and cost on a global scale.”
Our first alliance was with SHAPE, one of Australia’s largest fitout and refurbishment specialists, who share an ethos of collaboration to project delivery to ensure the journey is enjoyable for all stakeholders with zero disruption to business operations.
Read more SpecFinish articles: http://specfinish.co.uk/bw-workplace-experts-global-alliance-partner/