Firm
Services
Specializations
Resources
Employment
News
Contact

News

Cortec Group Announces the Acquisition of Vidaris and LPI, Inc.

Vidaris and LPI solidify their bold growth strategy advising the real estate and construction industry in areas of façade, energy efficiency, materials engineering and building codes.

New York City (March 18, 2015). Cortec Group (“Cortec”), a New York private equity firm which invests in middle market specialty service, healthcare, consumer, and distribution businesses, announced that on March 16, 2015, a group led by its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), and management acquired IBA Holdings, LLC d/b/a Vidaris and LPI (“Vidaris”, “LPI”, or the “Company”). Terms of the transaction were not disclosed.

Founded nearly 90 years ago and headquartered in New York, NY, Vidaris and LPI are leading specialty architectural and engineering consulting firms, respectively, providing highly technical, value-added advisory, inspection and testing services. The Company employs over 200 professionals in eight offices worldwide and serves as an independent third-party advisor for leading developers, property owners, industrial operators, utilities, architects and engineers. The Company’s multidisciplinary, integrated service offering includes three major segments: (i) Building Envelope: wall, window, roof and restoration consulting; (ii) Engineering: fitness-for-service and failure analysis; and (iii) Energy: building sustainability /energy efficiency consulting.

Marc Weissbach, Vidaris CEO, stated, “The investment from Cortec presents extraordinary opportunities for our employees and will provide the capital and additional experience to enable us to rapidly grow our practice. I am fortunate to have had the opportunity to work closely with Cortec’s team throughout the process, and I am confident they will make a meaningful contribution while maintaining our culture and values.” Mr. Weissbach and the firm’s partners, including founding partner Israel Berger, will continue as shareholders and employees following closing. Jeffrey Somerlot, Robert Vecchio, and Adrian Tuluca lead the Envelope, Engineering, and Energy practices, respectively. Former NYC Buildings Commissioner, Robert LiMandri, has recently established its Code Advisory practice.

“Vidaris and LPI have an outstanding reputation with their customers as leaders in their technical service offerings. We were attracted to the company based on the success they have achieved in the market and the opportunities to expand their business in the future.” said Scott Schafler, a Managing Partner at Cortec. “We look forward to supporting Marc Weissbach and the management team to continue to grow their core business and to expand their services and geographic footprint.” added Jeffrey Lipsitz, a Managing Partner at Cortec. Jonathan Stein, a Partner at Cortec, concluded “Vidaris and LPI align well with Cortec’s strategy of partnering with management teams of high value-added businesses to accelerate their organic and acquisition driven growth.”

The Vidaris acquisition represents Cortec Fund V’s sixth platform investment.

About Vidaris and LPI

Vidaris is a provider of niche consulting services within the architecture, engineering and construction industries focusing on high-performance buildings and specialty structures. Using an integrated approach, its professionals provide solutions for building envelope, energy efficiency and sustainability projects. LPI provides complex engineering services related to failure analyses and fitness for service, including metallurgy, stress analysis, and fracture mechanics. For additional information, please visit www.vidaris.com and www.lpiny.com.

About Cortec

Founded in 1984, Cortec acquires high value-added, middle-market consumer, healthcare, and specialty products, service, and distribution businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.


Back

Highlights

Motion Amplification Camera Systems for Vibration Measurement
08/07/2020

LPI recently used a motion amplification camera (MAC) system on a custom platform to measure vibrations on the main steam lines at Grand Gulf Nuclear Station.

Read More
Operation Through the Pandemic
07/16/2020

LPI Covid-19 Update—July 16, 2020

Read More
The Importance of Area in Probabilistic Degradation Models
11/07/2018

The Importance of Area in Probabilistic Degradation Models

Read More
LPI to exhibit at CLM Midwest Conference June 14th - 15th, 2018
06/03/2018

Come visit LPI at the CLM Midwest Conference in Chicago! LPI, Inc. will have a table top exhibit at the CLM Midwest Conference in Chicago, IL June 14th-15th 2018. We invite you to stop by our table top booth to talk with Dr. Zuhair Ibrahim to learn ab

Read More
Temperature and Material Effects on Slurry Wear
03/15/2018

Erosion–corrosion is a complex material degradation mechanism involving mechanical erosion and electrochemical corrosion.

Read More
LPI partners with Argonne to support nuclear power plant operations
01/05/2018

LPI partners with Argonne to support nuclear power plant operations

Read More
LPI's Structural Integrity of Piping Ability
05/01/2017

At LPI, we use a variety of such programs to tackle a diverse group of client projects that may involve failure investigations, anomalous operational conditions, or new design.

Read More
LPI's Ability to Prevent Early-Stage Problems
03/17/2017

LPI's reputation for providing reliable fitness-for-service skills to clients is well known. Perhaps less well known, however, but equally a core service it offers to clients, is LPI's ability to enter a product's design cycle early on and provide expert

Read More
Integrated Life Cycle Management model developed by LPI, Inc.
12/05/2016

Integrated Life Cycle Management model developed by LPI, Inc.

Read More
LPI Evaluation, Root Cause Analysis, and Corrective Action of LNG Expander Wheel
07/05/2016

LPI was requested to perform an engineering evaluation of a fractured expander wheel to determine the root cause of failure and corrective actions required to prevent future failures.

Read More
Joseph Crosson, P.E. Featured in Inspection Trends AWS Magazine
04/11/2016

LPI Principal Joseph Crosson, P.E. was included in a profile of the original classes of Certified Welding Inspectors (CWI) featured in the February 2016 issue of Inspection Trends, a magazine published by the American Welding Society (AWS).

Read More
Sri K. Sam Sinha, P.E., Appointed to ASME Board on Pressure Technology
03/01/2016

Sri K. Sam Sinha, P.E., Managing Director of LPI Inc., has been appointed as a member of ASME Board on Pressure Technology Codes and Standards for a term effective January 2016 through June of 2020.

Read More