Alantra advises Foster + Partners on its strategic partnership with Hennick & Company
Alantra, the independent global mid-market investment banking firm, has advised Foster + Partners on a strategic partnership with Hennick & Company, a private family investment firm founded by the Hennick family (“HennickCo”).
For Foster + Partners, this new partnership is an important step in the evolution of the practice and will encourage further growth and innovation while maintaining its distinctive culture. The long-term agreement establishes a ‘perpetual partnership model’ that enables the practice to expand beyond its current 180 partners, ensures that the next generation of professionals can become shareholders in the practice, and allows for an orderly succession of existing partners over the long-term. At a general meeting of the shareholders, 100% of the partners voted and were unanimous in their support of the partnership with HennickCo.
Going forward, Lord Norman Foster and his family will remain the practice’s largest shareholders after the Hennick family, who acquired a significant interest as part of this transaction. The practice’s existing partners will all remain as long-term shareholders and retain the balance of the equity. Lord Foster, who founded the practice in 1967 with his late wife Wendy, will continue to serve as Executive Chairman. All present partners will remain in their current roles and the existing leadership team will retain responsibility for day-to-day operations, thereby maintaining the integrity of the practice’s design ethos and providing long-term stability for the professionals who are central to its success, now and in the future.
To mark the occasion, Foster + Partners also announced that 24 of the current Partners were promoted to the position of Senior Partner.
Alantra has worked with Lord Foster and the Foster + Partners team for over fifteen years having advised on strategic plans, investment to support significant growth and the practice’s transition of the ownership of the business to a long-term partnership model.
Andy Currie, Managing Partner at Alantra who led the deal, said, “One of the most rewarding aspects of what we do is completing transformative deals for longstanding clients and we are very proud to have been involved in this highly significant transaction for Foster + Partners and the Hennick family. The introduction of a perpetual partnership model that accommodates new joiners and leavers will allow the firm to continue to prosper under a partnership model and to maintain its world-leading position in design and architectural services.”
Lord Foster, Executive Chairman of Foster + Partners, said, “Towards the end of last year, we started to explore long-term structures for the practice that would respond to the challenges and opportunities of growth and encourage the next generation of leadership and this partnership is the culmination of that process. We are delighted to be joining forces with the family trust of the Hennick’s, who share our values and the pursuit of excellence. This evolution has the potential to expand the range and depth of our studio – particularly in the fields of sustainability, infrastructure, urbanisation and recycling.”
Matthew Streets, Senior Executive Managing Partner at Foster + Partners, said, “Our new partnership further fortifies the strong foundation upon which our practice was built. HennickCo’s long-term investment horizon and partnership philosophy were important factors in our decision to align with them. On behalf of all the professionals and partners of Foster + Partners, we could not be more excited about the future.”
Brad Hennick, Managing Director of Hennick & Company, said, “We are proud to partner with Lord Foster, his family and the other highly accomplished professionals and partners of this iconic global brand. This new partnership presents a unique opportunity to leverage our experience and long-term perspective to strengthen Foster + Partners’ position as the world’s preeminent architecture, infrastructure, engineering, and design consultancy. We look forward to working with the practice’s exceptional leadership team and partner shareholders to harness the extraordinary skills within the practice to grow into new and exciting areas in the years to come.”