Merger Announcement – Fisher Arnold and MidSouth Utility Consultants
Exclusive: With acquisition, Fisher Arnold becomes area’s largest engineering firm
Sep 20, 2017, 1:58pm CDT
INDUSTRIES & TAGS
MERGERS AND ACQUISITIONS
Jacob Steimer ReporterMemphis Business Journal
Fisher Arnold employees working on 3D Substation Design. L to R: Mike McMahon, Booker Smith, Tina McKinney
One Sunday morning at Bellevue Baptist Church, Fisher Arnold president Jeff Arnold bumped into Keith Budlong, then-president of MidSouth Utility Consultants.
Each knew each other’s name through years of friendly competition, but — until that 2013 morning — they had never had a conversation. So, they set a time to grab lunch together.
That lunch led to monthly meals between to two company presidents and, eventually, to the creation of Memphis’ largest engineering firm. With the merger, Fisher Arnold now employs 164 people, including 43 local licensed engineers.
“It’s really uncommon to have leaders of two companies meet and realize how similar the two companies were … sharing pretty much the same mission statement,” Budlong said. “Our future got founded, basically, on the combination of faith and forward thinking. … Both firms had very optimistic looks at the future.”
Merger Fast Facts:
– The acquisition of MidSouth Utility by Fisher Arnold became official Jan. 1, 2017. The companies have spent the last year efficiently merging and coming up with strategic growth plans.
– Before the merger, MidSouth Utility — primarily an electrical engineering firm — employed 27 people.
– Fisher Arnold — a multifaceted engineering firm — employed 137 people in its eight locations pre-merger.
The combined company, which made more than $20 million in revenue in the past year, is planning for ambitious growth and aggressively looking to hire, Fisher Arnold principal of business development Steve Jones said. It’s especially looking to grow its electrical department, which grew from 25 to 40 employees with the acquisition, he said.
Arnold said the goal is to use that growth to reach into more markets across the Southeast, adding clients and branches.
“We’re probably more excited about our future right now than we’ve ever been,” said Arnold.
Jeff Arnold, president of Fisher & Arnold, Inc., was a founding member of the firm.
– Jacob Steimer covers CRE, manufacturing, finance and nonprofits for MBJ.
Read original article on Memphis Business Journal here