CAMP HILL, PA, January 9, 2023 – Gannett Fleming, a prominent leader in providing comprehensive engineering and infrastructure solutions, has officially announced a strategic investment from Oceansound Partners. OceanSound Partners, a private equity firm recognized for its growth-focused investments, particularly in technology and technology-enabled service companies that serve both government and enterprise sectors, has made this investment to propel Gannett Fleming into its next phase of growth. Gannett Fleming will maintain its operational continuity under the guidance of its current management team, who will also retain significant ownership in the company. The specific financial details of this transaction remain undisclosed.
Gannett Fleming stands as a premier provider of infrastructure consulting services. Their expertise spans across engineering, architecture, construction, and program management, primarily catering to vital sectors such as transportation, water, federal, power, and energy. The company prides itself on close collaboration with its clients to engineer and implement modern infrastructure solutions designed to withstand the evolving challenges of our world. Established in 1915, Gannett Fleming boasts a workforce of over 2,800 professionals, including highly skilled engineers, scientists, technologists, and construction experts. Their proven history is marked by the successful development and maintenance of infrastructure that is not only resilient and sustainable but also future-proof. Gannett Fleming partners with a diverse range of entities, from government bodies, including numerous departments of transportation, to private and commercial clients across the U.S. and Canada. The firm’s commitment to excellence is consistently recognized through industry awards for superior client service and project delivery. Notably, Gannett Fleming currently holds the #29 position in the Engineering News-Record (ENR) Top 500 Design Firms list, securing impressive rankings of #12 in transportation and #13 in water.
Bob Scaer, CEO of Gannett Fleming, expressed enthusiasm about this new chapter, stating, “Our 107-year legacy is rooted in tackling intricate infrastructure challenges with innovation, reliability, and a commitment to excellence. The entire Gannett Fleming team is eager to embark on our second century with OceanSound Partners by our side.” He further emphasized the opportune timing of this partnership, “With a record-high backlog and increasing demand fueled by landmark legislations like the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, we are entering this partnership with OceanSound from a position of strength. OceanSound Partners brings a strong track record of accelerating growth for companies that serve government agencies. This collaboration will be instrumental in attracting and retaining top-tier talent, making substantial investments in cutting-edge technologies, expanding our geographic presence, and providing robust support for our employees to remain leaders in their respective fields. Together with OceanSound, we anticipate significantly increasing our market share within our core service areas while preserving the enduring culture and mission that our employees and clients deeply value.”
Joe Benavides, Managing Partner at OceanSound Partners, highlighted the critical context of this investment, stating, “The imperative for sustainable infrastructure that optimizes lifecycle cost of ownership is intensifying as climate change accelerates and the cumulative effect of decades of underinvestment in essential infrastructure becomes more apparent. Gannett Fleming’s differentiated, technology-enabled solutions across transportation, electrification, and water management uniquely position them to capitalize on the expanding infrastructure services market.” He further added, “We are confident that OceanSound Partners’ value creation approach will catalyze substantial further growth at Gannett Fleming. Gannett Fleming is an esteemed and long-standing leader in the infrastructure consulting sector, and we are thrilled to collaborate with their management team and highly skilled professionals to further enhance the Company’s value proposition to its clients.”
The transaction received unanimous approval from Gannett Fleming’s board of directors and its existing employee stockholder base. Houlihan Lokey, Inc. served as the financial advisor, and Holland & Knight LLP acted as the legal advisor to Gannett Fleming. OceanSound Partners received legal counsel from Skadden, Arps, Slate, Meagher & Flom LLP.
