Engineering Staffing Report: Sept. 28, 2017

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Private equity acquisitions include CDI and BHI Energy

AE Industrial Partners LLC — a private equity investor specializing in aerospace, power generation, and specialty industrial companies — completed its acquisition of CDI Corp., a Philadelphia-based provider of engineering and IT staffing. AEI also acquired BHI Energy from New York-based private equity firm Harvest Partners LP.

The deal was first announced in July and called for AEI to acquire all of the outstanding shares of CDI’s common stock for $8.25 per share in an all-cash tender offer and follow-on merger. With approximately 19.09 million outstanding shares, the deal was valued at $157.5 million.

The transaction closed Sept. 13. CDI became a privately held, indirect wholly-owned subsidiary of an affiliate of AEI and CDI’s common stock ceased trading on the New York Stock Exchange.

CDI ranks fifth on Staffing Industry Analysts’ 2017 list of largest engineering staffing firms in the US and No. 19 on its list of largest IT staffing firms in the US.

BHI Energy

The BHI Energy transaction closed Aug. 28, but terms were not announced.

BHI Energy provides a variety of on-site specialty maintenance and staffing services to the power-generation industry; BHI Energy|Staffing Solutions ranks No. 9 on Staffing Industry Analysts' list of largest engineering staffing firms in the US. The BHI Energy brand will remain and the firm’s executives will stay with the company in their current roles.

Headquartered in Weymouth, Mass., BHI’s workforce includes more than 8,500 project management and technical, professional and craft employees operating at more than 130 global project locations.

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