As it has with prior mergers, GISI management will partner with Rocco, his management team and employees in advancing LiRo’s strategic vision for growth in the construction-management, and engineering industry while maintaining its culture and core values. The transaction is subject to regulatory review and approval and is expected to close in the fourth quarter of 2020.
“I have known the founders and members of the GISI executive management team for decades,” Rocco said. “I am pleased how this merger will benefit my employees both professionally and financially as shareholders of GISI. Strategically, both of our organizations will be strengthened. LiRo has extensive expertise in construction management engineering and related services for institutional and public-works projects, and our merger, along with the STO Building Group’s leadership position, will significantly advance the GISI strategic objective of being a global leader in construction management services.”
“We look to LiRo to be the cornerstone of our global consulting platform,” said John Dionisio, GISI Vice Chairman and Co-Founder. “Knowing the company and its executive team both as joint-venture partners and competitors provides me with great personal and professional pride to have our two organizations come together. As with GISI’s prior mergers, we value the reputation and heritage of LiRo and we will maintain its brands as a way to honor its legacy. We have always been impressed by LiRo’s ‘client-first’ mentality and look forward to capitalizing on LiRo’s potential, as well as having Rocco, and his employees benefit from our employee-shareholder programs.”
LiRo has approximately 1,000 employees and is ranked 11th on the 2019 list of top 100 construction management-for-fee firms by trade journal Engineering News-Record. LiRo has worked on numerous prominent projects, including the post-9/11 rebuilding of Lower Manhattan, The Governor Mario Cuomo Bridge, East Side Access, the Jacobs School of Medicine and Biomedical Sciences at the University of Buffalo, New York City coastal resiliency, transit, terminal and other infrastructure improvements at John F. Kennedy International Airport, and High Line Park. LiRo’s industry awards include Best Transportation Project from Engineering News Record and NY/NJ Project of the Year Honorable Mention from CMAA NY/NJ for its work on the Number 7 MTA Subway Line extension.
“This merger represents significant growth opportunities for LiRo and GISI, alike, and we look forward to spearheading GISI’s entry into the civil infrastructure sectors, including Design, Project Management and Construction Management Professional Services,” said Luis M. Tormenta, PE, LiRo President and CEO.
GISI President, CEO and Co-Founder Rick Newman added, “We are excited to have LiRo as the initial step in building our Global Consulting Platform to compliment what we have achieved with STO Building Group (STOBG) in Construction Services since our merger in January 2017. According to Engineering News-Record, today our STOBG partner firms comprise the largest privately owned construction manager in the building and manufacturing market place. What makes it special is about 50% of our 3,300 employees are now shareholders and participating in the value they create for their clients, employees and GISI. We look forward to building our exciting future with the LiRo management and employees as well.”
Covered by ENR, September 6, 2020.