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8-K - FORM 8-K - MICHAEL BAKER CORP | l39596e8vk.htm |
EX-10.1 - EX-10.1 - MICHAEL BAKER CORP | l39596exv10w1.htm |
EX-99.2 - EX-99.2 - MICHAEL BAKER CORP | l39596exv99w2.htm |
Exhibit 99.1
N e w s R e l e a s e |
Contact: | David Higie | |||
Phone: | (412) 269-6449 | |||
Release: | Immediate (May 4, 2010) |
BAKER ACQUIRES THE LPA GROUP
PITTSBURGH Michael Baker Corporation (NYSE Amex:BKR) announced today that it has acquired
The LPA Group, Incorporated (LPA), a 475-person transportation consulting firm based in Columbia,
South Carolina. LPA significantly expands Bakers presence in the Southeastern U.S. transportation
infrastructure market, and broadens the Companys already strong capabilities in the planning,
design, program management and construction management of projects in the aviation, highway,
bridge, and rail and transit markets. The terms of the transaction were a total consideration of
$59.4 million, of which $51.4 million was paid in cash and $8.0 million was paid in Baker common
stock.
Founded in 1981, The LPA Group (www.lpagroup.com) has more than 35 offices across the
Southeastern and Mid-Atlantic regions of the U.S, as well as Southern California. The highly
respected company provides comprehensive engineering, architectural, planning, environmental,
program management, design-build, and construction management and inspection services for the
development of aviation and surface transportation projects. Its revenue in 2009 was approximately
$93 million. The merger of Bakers and LPAs services creates a powerhouse for transportation
engineering and construction-related services in North America, expanding the ability of both
companies to compete for and execute larger and more complex transportation projects on a national
scale.
In making the announcement, Bakers President and Chief Executive Officer, Brad Mallory, said,
LPA is an outstanding company with a very talented team of professional and technical employees.
Its prominence in the Southeast, and particularly in the Carolinas, Georgia and Florida, greatly
expands Bakers presence in that region of the country, which is a key objective of our growth
strategy. He added that the merging of both firms Aviation practices puts us in the Top 10
providers of these engineering and architecture services. Furthermore, the combination of our
highly regarded design-build capabilities enables us to provide this service to our transportation
clients anywhere in the U.S.
LPAs Chairman and co-founder, Glen Lott, said, The two organizations are strikingly similar
in their approach to client service and to employees. The strategic benefits to both organizations
will result in improved services for our clients and more opportunities for our people.
LPAs President and Chief Executive Officer, Ed Parrish, said, All of us at LPA expect to
benefit greatly by merging with Baker. Combining our capabilities with a company that shares our
values allows our employees the opportunity to further develop their skills, and it provides
everyone with a larger platform to serve our clients.
(more)
ADD ONE BAKER ACQUIRES THE LPA GROUP
Morgan Joseph & Co. Inc. served as financial advisor to Michael Baker Corporation in
connection with the acquisition of LPA, and Reed Smith LLP acted as Bakers legal advisor in the
transaction.
Conference Call
Michael Baker Corporation has scheduled a conference call and webcast (with slides) for today,
Tuesday, May 4, at 9:00 AM Eastern Daylight Savings Time to discuss this announcement. Please call
800-860-2442 at least 10 minutes prior to the start of the call. To access the webcast, please
visit the investor relations portion of Bakers website at www.mbakercorp.com
Michael Baker Corporation (www.mbakercorp.com) provides architecture, engineering and
construction services for its clients most complex challenges worldwide. The firms primary
business areas are aviation, defense, environmental, facilities, geospatial, homeland security,
municipal & civil, pipelines & utilities, rail & transit, transportation and water. With more than
2,400 employees in over 40 offices across the United States, Baker is focused on creating value by
delivering innovative and sustainable solutions for infrastructure and the environment.
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