Albany-based architectural firm EYP, which was in bankruptcy court, was sold to a Houston-based competitor.
ALBANY — Architectural firm EYP, which filed for bankruptcy protection in April, has been sold to Page, a major Houston-based competitor.
“Bringing our two companies together enables us to work on increasingly complex projects that benefit from our expertise across disciplines and market sectors,” Page CEO Thomas McCarthy said of the launch. merger. “Together, we bring the most compelling and innovative designs and expertise to every project we pursue, regardless of scope or location, and we will be able to invest in research and thought leadership. to co-create with our clients.”
The newly integrated company will continue its broad portfolio of design clients including academic, aerospace, civic, cultural; business/commercial, government, healthcare; the housing and hospitality sectors as well as science and technology.
“Both Page and EYP create designs that improve people’s lives and communities,” added Kef Mason, interim CEO of EYP. “Combining our expertise is a winning formula for our clients and our employees.
Page submitted a winning bid in US bankruptcy court in Delaware in June.
EYP has initiated bankruptcy proceedings citing debts and liabilities resulting from lawsuits against the company.
A lawsuit filed by employees accused a former shareholder of the company, Long Point Capital, of convincing them to sell their stake in the company to an employee stock ownership plan for worthless notes or promises of payment.
EYP was not a defendant but the company had indemnification obligations to the former directors of the company and the defendants in the case.
Legal documents further showed that the company’s business fell sharply in 2015 as it searched for a buyer amid a nationwide wave of architectural takeovers and mergers.
Founded in 1972, the Albany-based EYP has developed a national presence, with offices across the country and a reputation for cutting-edge designs, particularly in the education and high-tech fields.
EYP’s customers include Albany Nanotech, General Electric, College of St. Rose, Regeneron, University at Albany, Harvard University, Boston College, Stanford University, and the U.S. Department of Health. ‘energy.
When the company first filed for bankruptcy in April, Ault Alliance, which is a subsidiary of crypto mining firm Bitnile, was listed as a harassing bidder, according to court documents.
These bidders arrange a purchase before the start of an auction. This sets a reserve price or a floor for what others may want to bid. Ault offered nearly $68 million.
Financial details of the final sale to Page were not immediately available.
The sale to Page was reported earlier in Albany Business Review.
Dating back to 1898, Page has 800 employees in offices in Albuquerque, Austin, Dallas, Denver, Dubai, Houston, Mexico City, Phoenix, San Francisco and Washington, DC.
In addition to Albany, where EYP has offices in the ZEN building at SUNY Polytechnic Institute, which it helped design, the company has offices in Atlanta, Austin, Boston, Dallas, Denver, Los Angeles, Raliegh, Washington , DC and Houston.
The combined business is expected to have approximately 1,300 employees.
