Stantec to acquire Page, a US-based full-service design, architecture, and engineering firm
Rhea-AI Summary
Stantec (NYSE:STN) has signed a definitive agreement to acquire Page, a 1,400-person architecture and engineering firm headquartered in Washington, DC. The strategic acquisition will position Stantec as the second largest architecture firm in the US and strengthen its position as North America's largest integrated engineering and architecture firm.
The acquisition will expand Stantec's expertise in key growth areas including advanced manufacturing, data centers, and healthcare, while adding new capabilities in cleanroom design and fabrication facilities. With Page's integration, Stantec's US Buildings practice will grow by approximately 35% and its US employee headcount will expand to about 13,500 people.
Page, founded in 1898, operates across 20 cities in the US and Mexico. The company's portfolio includes notable projects such as the Indeed Tower in Austin, Terminal B at George Bush Intercontinental Airport, and the National Museum of African American History and Culture. The transaction will be funded through existing funds and credit facilities, with the company expecting to maintain its net debt to adjusted EBITDA ratio within 1.0x to 2.0x.
Positive
- 35% growth in US Buildings practice
- Expansion into fast-growing sectors: data centers, advanced manufacturing, healthcare
- Addition of 1,400 skilled professionals
- Geographic expansion across 20 cities in US and Mexico
- Strengthens position as largest integrated engineering and architecture firm in North America
Negative
- Increased debt load from acquisition financing
- Integration risks with large workforce merger
- Regulatory approval pending for deal closure
Insights
Stantec's acquisition of Page represents a strategically significant move that substantially enhances the company's competitive positioning in the US architecture and engineering market. By adding Page's 1,400-person team across 20 locations, Stantec will become the second largest architecture firm in the US while strengthening its position as North America's largest integrated engineering-architecture firm.
The transaction aligns perfectly with Stantec's 2024-2026 Strategic Plan, targeting growth in high-value market segments. Most notably, this acquisition enhances capabilities in three rapidly expanding sectors: advanced manufacturing, data centers, and healthcare facilities. The addition of specialized expertise in cleanroom design creates differentiated capabilities that command premium margins.
From a financial perspective, Stantec's approach demonstrates disciplined capital allocation. The company plans to fund the acquisition through existing funds and credit facilities while maintaining its targeted net debt to adjusted EBITDA ratio within 1.0x-2.0x. This conservative financing approach preserves balance sheet flexibility for future opportunities while avoiding excessive leverage.
The 35% expansion of Stantec's US Buildings practice represents substantial operational growth that should drive meaningful scale efficiencies. Page's diverse project portfolio spanning academic, aviation, healthcare, and technology sectors complements Stantec's existing capabilities while providing expanded cross-selling opportunities across an integrated client base.
This acquisition fundamentally transforms Stantec's competitive positioning in the US architecture landscape. Page brings exceptional capabilities in specialized facility design that perfectly complements Stantec's engineering strength. The firm's expertise in mission-critical facilities, cleanrooms, and fabrication environments addresses growing demand from technology clients investing heavily in domestic infrastructure.
The transaction follows the architecture industry's consolidation trend, where integrated design-build capabilities increasingly determine which firms win complex, high-value projects. Page's impressive portfolio - including Indeed Tower in Austin, the National Museum of African American History and Culture collaboration, and advanced semiconductor manufacturing facilities - demonstrates their design excellence in precisely the sectors experiencing sustained investment growth.
Their prior collaboration on Sarasota Memorial's cancer facilities suggests cultural compatibility, potentially reducing integration challenges that typically plague architecture firm acquisitions. The merged entity will possess comprehensive capabilities spanning the entire project lifecycle from planning through construction across virtually all building typologies.
From a geographic perspective, Page's strong presence in key growth markets - including Texas tech hubs (Austin, Dallas), government/institutional centers (Washington DC), and innovation corridors (Boston, San Francisco) - provides Stantec expanded access to regions driving infrastructure spending. This complementary footprint creates opportunities to deploy integrated architecture-engineering teams on increasingly complex projects requiring multidisciplinary expertise - a capability few competitors can match at this scale.
WASHINGTON and EDMONTON, Alberta and NEW YORK, April 03, 2025 (GLOBE NEWSWIRE) -- TSX, NYSE:STN
Highlights:
- Acquisition positions Stantec as the second largest architecture firm in the US and greatly strengthens its position as the largest integrated engineering and architecture firm in North America
- Significantly enhances Stantec’s service offerings in some of the fastest growing segments and regions of the US
- Continues to advance the achievement of Stantec’s targets in its 2024-2026 Strategic Plan
Stantec, a global leader in sustainable design and engineering, has signed a definitive purchase agreement to acquire Page, a 1,400-person architecture and engineering firm headquartered in Washington, DC.
Page is a leading, nationally recognized US-based architecture and engineering firm. The acquisition will deepen Stantec’s expertise and resources in key growth areas such as advanced manufacturing, data centers, and healthcare, while adding new capabilities in cleanroom design and fabrication facilities. It also strengthens Stantec’s US offering in mission critical, academic, civic, cultural, aviation, science and technology, and commercial.
“Page is a respected architecture and engineering firm with shared values and a commitment to design excellence and innovation,” said Gord Johnston, president and chief executive officer of Stantec. “This acquisition will greatly support our strategic market growth in our Buildings business while enabling us to leverage our expanded platform to better serve our North American clients and grow our worldwide market presence.”
With the addition of Page, Stantec’s US Buildings practice will grow by approximately 35 percent and the Company’s overall US employee headcount will expand to approximately 13,500 people.
The acquisition is expected to close upon receipt of required regulatory approvals. The terms of the transaction are not disclosed. Stantec intends to fund the acquisition through existing funds and credit facilities. Post close, the Company expects to remain within its internal range of 1.0x to 2.0x net debt to adjusted EBITDA.
Founded in 1898 in Austin, Texas, Page has offices in 20 cities across the US and Mexico, including Houston, Austin, and Dallas in Texas; Denver, Colorado; New York City, New York; Boston, Massachusetts; Atlanta, Georgia; and San Francisco, California.
Stantec and Page have a shared history of providing design excellence as evident in their collaboration on the six-story, 150,000-square-foot Brian D. Jellison Outpatient Cancer Pavilion and the seven-story, 200,000-square-foot Outpatient Cancer Center Institute for Sarasota Memorial Health Care System in Sarasota, Florida.
“Together, we will support our clients with expanded reach, greater expertise, and deeper resources. Our strategic plans were to achieve domestic primacy and global influence for our team, joining Stantec positions us to accelerate these plans,” said Thomas McCarthy, Washington, DC-based chief executive officer of Page. “We are delighted to be joining Stantec and elevating the capabilities of our talented team.”
Page’s portfolio of projects
Offering a range of architecture, engineering, interior design, and urban design services, Page’s award-winning experience includes work in academic, advanced manufacturing, aviation, civic, commercial, government, healthcare, mission critical, and science and technology. Highlights of their portfolio include:
- Indeed Tower: Located in the heart of downtown Austin, Indeed Tower re-envisions an entire block with a new tower, renovated historic post office, and plaza. The new 36-story, glazed office tower offers a sculptural form and transparent base, making a mark on the city’s skyline.
- Terminal B Transformation Program at George Bush Intercontinental Airport: The three-level, 765,000-square-foot terminal features the largest United Club in the United system as well as 22 narrow-body gates, a sensory room, interactive multi-media park, and comfort spaces for passengers with disabilities.
- Semiconductor Manufacturer FAB A2 and Central Utility Plant: The largest wafer fabrication facility in the US when built, the 1.6 million-square-foot plant includes expansive Class 100 cleanroom; office support area for the client’s headquarters; and an expansion to the existing central utility building and support facilities.
- John A. Paulson Center at New York University: With design architect Kieran Timberlake, the new 735,000-square-foot mixed-use building provides new facilities for a wide range of university functions including performing arts, general academics, and athletics, as well as university housing for students and faculty.
- National Museum of African American History and Culture: In collaboration with Adjaye Associates, this award-winning, 400,000-square-foot museum in Washington, DC rethinks the role of civic institutions in the 21st century, offering new modes of user experience and engagement.
- Hackensack Meridian Health Helena Theurer Pavillion: Spanning 530,000 square feet, the facility in Hackensack, New Jersey, features nine floors of world-class acute care that provides comfort, safety, and privacy for patients and families.
About Stantec
Stantec empowers clients, people, and communities to rise to the world’s greatest challenges at a time when the world faces more unprecedented concerns than ever before.
We are a global leader in sustainable engineering, architecture, and environmental consulting. Our professionals deliver the expertise, technology, and innovation communities need to manage aging infrastructure, demographic and population changes, the energy transition, and more.
Today’s communities transcend geographic borders. At Stantec, community means everyone with an interest in the work that we do—from our project teams and industry colleagues to our clients and the people our work impacts. The diverse perspectives of our partners and interested parties drive us to think beyond what’s previously been done on critical issues like climate change, digital transformation, and future-proofing our cities and infrastructure.
We are designers, engineers, scientists, project managers, and strategic advisors. We innovate at the intersection of community, creativity, and client relationships to advance communities everywhere, so that together we can redefine what’s possible.
Stantec trades on the TSX and the NYSE under the symbol STN. Visit us at stantec.com or find us on social media.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements regarding the initiatives and projects described above. Forward-looking statements also include any other statements that do not refer to historical facts. By their nature, forward-looking statements are based on assumptions and subject to inherent risks and uncertainties. There is a risk that the initiatives and projects described above may be delayed, cancelled, suspended or terminated. This could cause future results to differ materially from the forward-looking statements made in this news release. Except as may be required by law, Stantec undertakes no obligation to publicly update or revise any forward-looking statements. Forward-looking statements are provided herein for the purpose of giving information about the initiatives and projects referred to above and their expected impact. Readers are cautioned that such information may not be appropriate for other purposes.
| Media Contact Susan Bender Stantec Media Relations Ph: (267) 773-9593 susan.bender@stantec.com | Investor Contact Jess Nieukerk Stantec Investor Relations Ph: (403) 569-5389 ir@stantec.com |
FAQ
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