Hill International a leader in managing construction risk, has set May 5, 2017, as the funding and closing date for sale of its Construction Claims Group to Bridgepoint Development Capital, part of international private equity group Bridgepoint.
On May 3, 2017, the company and Bridgepoint entered into an amendment of the definitive stock purchase agreement dated December 20, 2017, (as amended, the “Definitive Agreement”) providing for, among other things, a funding and closing date of May 5, 2017, a $7.0-million reduction in the purchase price, from $147.0 million to $140.0 million in cash, an increase of $3.0 million in the working capital that the company must deliver to Bridgepoint, from $35.4 million to $38.4 million, and additional specific indemnification of the buyer relating to certain potential CCG liabilities.
Following the closing, Hill International will have 3,300 professionals in 60 offices worldwide, and provide program management, project management, construction management, and other consulting services primarily to the buildings, transportation, environmental, energy, and industrial markets.
Engineering News-Record magazine recently ranked Hill as the eighth largest construction management firm in the United States.
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