Engineering services provider Michael Baker Corp. announced today the $59 million acquisition of LPA Group, a transportation consulting firm in Columbia, S.C.
Addition of the firm, which has 35 offices, significantly expands Michael Baker's presence in the transportation construction market in the Southeast. The 475-employee firm also broadens its capabilities in the planning, design, program management and construction management.
Based in Moon, Michael Baker said it paid $51.4 million in cash and $8 million in company stock for LPA.
CEO Brad Mallory said the acquisition achieves a "key objective of our growth strategy" by expanding more in the Southeast and "puts us in the top 10 providers of these engineering and architecture services."
Shares of Michael Baker traded at $35.64, up 4 cents, in mid-morning trading.
