DUBUQUE, Iowa — After filing for bankruptcy in 2011, the Iowa-based architect and engineering firm, The Durrant Group, Inc. has announced the selection of Dallas-based Huitt-Zollars, Inc. as its initial bidder. Moglia Advisors in Schaumburg, Ill., is acting as Durrant’s Mergers and Acquisitions advisor and will continue to solicit higher and better offers on behalf of Durrant.
The final sale price will be established in an auction-like bankruptcy sale on March 22, 2012. The company’s debts and assets are both between $1 million and $10 million and they are between 1,000 and 5,000 creditors, according to Durrant’s bankruptcy petition.
Closing on the sale is expected to occur no later than mid-April, 2012. This initial offer meets the goals and objectives set by the Durrant Board when they made the decision to sell the company back in 2011.
Huitt-Zollars is a full-service engineering, architecture, survey and construction management firm. The goal of the company is to expand their building design group and to gain market share through the acquisition of Durrant.
Huitt-Zollars is well known for employee development as well as investments in technology and staffing. They offer attractive benefits to their employees and will meet with all current Durrant employees to discuss opportunities. Huitt-Zollars has agreed to assume and perform all active contracts with Durrant clients and the projects are expected to proceed on schedule. The approach at Durrant is business as usual.
Durrant has worked closely with its lender, American Trust & Savings Bank, which is supportive of the selection of Huitt-Zollars as the initial bidder.