Architecture and engineering industry consolidation has slowed significantly this year, but a greater percentage of international buyers are checking out American firms, according to consulting firm Morrissey Goodale LLC.
Newton-based Morrissey Goodale said industry consolidation was down 34 percent year-to-date compared to 2008. In that time, 91 mergers and acquisitions were closed compared to 138 in 2008, the firm said. Activity is expected to increase in the second half of the year as publicly traded companies reenter the market.
Taking advantage of a weak dollar, overseas firms pounced on American firms during the first few months of the year. The number of firm sales involving overseas buyers increased to 15 percent from 9 percent a year ago. Morrissey Goodale said that percentage is likely to increase during the remainder of the year.
Deals done across state lines made up 71 percent of all domestic architecture and engineering firm mergers and acquisitions compared to 67 percent a year ago.
