Foster and his family will remain the practice’s largest shareholders after the Hennick family, which acquired a significant interest as part of this transaction
Architecture firm Foster + Partners has confirmed a new strategic partnership with private investment firm Hennick & Company.
In order to facilitate this transformation, the architecture house has secured new backing from Hennick & Company. According to Norman Foster, Executive Chairman of Foster + Partners, 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, added: Our new partnership further fortifies the strong foundation upon which our practice was built. This long-term investment horizon and partnership philosophy was 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, he said.
Foster + Partners is a studio for architecture, infrastructure, design, and engineering services. It hosts a global team of 1,500 professionals from offices in 14 international cities.
Going forward, Foster and his family will remain the practice’s largest shareholders after the Hennick family, which acquired a significant interest as part of this transaction. Foster will also continue to serve as Executive Chairman. The practice’s existing partners will all remain as long-term shareholders and retain the balance of the equity, while remaining in their current roles and the existing leadership team will retain responsibility for day-to-day operations.
To mark the occasion, Foster + Partners also announced that 24 of the current Partners were promoted to the position of Senior Partner. At a general meeting of the shareholders, 100% of the partners voted and were unanimous in their support of the partnership with Hennick & Company.
Independent advisory firm Alantra advised Foster + Partners throughout the dealmaking process.
