WEST PALM BEACH, Fla.–(BUSINESS WIRE)–Palm Beach Capital Fund VI, through one of its investment entities, announced today that it has made a strategic investment in MBI Companies, a leading architecture and engineering design firm based in Knoxville, Tennessee.
PBC’s strategic investment in MBI Companies supports the launch of PBC’s latest investment platform which is focused on creating a national architecture and design services firm. PBC will continue to provide growth capital to support a robust acquisition strategy as well as organic growth initiatives to expand services as well as the platform’s geographical reach.
MBI Companies will retain its existing name and workforce as well as its two offices in Chattanooga and Knoxville. Additionally, existing leadership will remain in-place and continue to lead day-to-day operations going forward.
“With Palm Beach Capital’s proven track record of collaborating with respected firms in the AEC sector, we’re excited to join forces with them to help build a national architecture and design firm that offers a broad range of high-quality services across diverse markets,” said Bill Steverson, President of MBI Companies.
“At the heart of our operations are our culture, our team, our clients, and the communities we serve,” said Eddie Jett, CEO of MBI Companies. “As we grow, we’re focused on partnering with architecture firms that embody these values and demonstrate an unwavering commitment to excellence.”
“MBI Companies is an established and respected leader in the industry with best-in-class service and led by an excellent management team. They have a strong position within the markets they serve, and we see tremendous opportunities for geographic expansion across the United States. We are thrilled to partner with the entire MBI team to support them in this next phase of growth,” said Nate Ward, Palm Beach Capital Co-Founder and Managing Partner.
PBC has a long history of driving transformative growth in the AEC sector. As the lead investor and growth engine behind Universal Engineering Sciences (ENR #36), the fastest-growing AEC firm according to Zweig Group in 2020, 2021, 2022, and 2023, PBC played a pivotal role in helping Universal Engineering Sciences achieve unprecedented scale and success. Additionally, PBC has been the growth partner for Pape-Dawson Engineers (ENR #93), which has more than doubled in size over the past 18 months since PBC’s investment. These accomplishments underscore PBC’s commitment to fostering meaningful growth and partnerships within the AEC sector.
Dale Hersey will serve as an Operating Partner on behalf of PBC, working closely with MBI Companies and future acquisition targets to realize the platform’s long-term goals. His extensive expertise in strategic growth initiatives and implementing value creation plans will play a vital role in shaping the platform’s success.
Brock Shipe Klenk PLC served as seller’s legal counsel and Greenberg Traurig, LLP served as buyer’s legal counsel on the transaction.
About MBI Companies
Founded in 1990, MBI Companies is a multidisciplinary firm providing architecture, engineering, and other design solutions across a range of end markets including industrial, manufacturing, education, healthcare, and more. Headquartered in Knoxville, Tennessee, MBI Companies is home to over 90 employees and continues to expand its reach, driven by a core philosophy that values its culture, people, clients, and communities. For more information, please visit MBI Companies’ website at www.mbicompanies.com.
About Palm Beach Capital
Founded in 2001, Palm Beach Capital is a middle market private equity investment firm based in West Palm Beach, Florida. Currently investing out of its sixth committed fund, the firm focuses on high growth investment opportunities and partners with management teams in management buyouts, recapitalizations and growth equity investments. Since its inception, Palm Beach Capital has made investments in 57 portfolio companies, with a focus on business services, healthcare, and transportation and logistics sectors. For more information, please visit the firm’s website at www.pbcap.com.
