Stantec Signs LoI To Buy Penfield & Smith - Quick Facts

(RTTNews) - North American design firm Stantec (STN, STN.TO) said Thursday that it signed a letter of intent to acquire Penfield & Smith. Stantec noted that the acquisition strengthens its infrastructure capabilities, presence on California's Central Coast.

A 90-person civil engineering and land planning firm with local offices in Santa Barbara, Camarillo, Santa Maria, and Lancaster, Penfield & Smith has a sizeable roster of public and private sector clients. This transaction is expected to close in October.

Following nearly seven decades of operation, Penfield & Smith has serviced a variety of projects and clients to support infrastructure in local communities. Among large-scale projects in the firm's portfolio is the 135-acre master planned marina community of Seabridge at Channel Islands Harbor.

From its base of more than 14,000 employees, Stantec currently has nearly 6,500 team members working across the United States, including over 1,000 within California. Additionally, Penfield & Smith will join Stantec's firm-wide infrastructure business operating unit of nearly 4,400 team members.