LEO A DALY COMPLETES STRATEGIC PARTNERSHIP WITH HENNICK & COMPANY
42 Members of the Senior Leadership Team Also Acquire a Significant Equity Interest in the Company, Marking the First Ownership Transfer from the Daly Family in Over 100 Years
Hennick & Company, Inc. (“HennickCo”) announced today the completion of a long-term strategic partnership with Leo A Daly, LLC (“LAD”) and Lockwood, Andrews & Newnam (“LAN”). With 26 offices located across the United States, LAD and LAN (“LEO A DALY”) employs 850 professionals providing architecture, planning, engineering, program and project management and interior design services. As part of the transaction, and in keeping with HennickCo’s partnership philosophy and commitment to significant employee ownership, 42 senior employees have acquired a 25% stake in the firms. This marks the largest expansion of equity ownership in the company’s history. For the 12 months ending February 29, 2024, LEO A DALY generated combined global revenues of US$232 million.
Founded in Omaha, Nebraska in 1915 by Leo A Daly I, and family-owned for over a century, LEO A DALY is one of the oldest and largest firms in the United States in its industry. Lockwood, Andrews & Newnam was founded in Texas in 1935 and merged with LEO A DALY in 1991. Today, the combined companies provide services to a wide range of industries, including government, healthcare, aviation, critical infrastructure (such as water and transportation), education, and hospitality. Clients include federal, state, and municipal governments, real estate developers, corporate end-users, and prestigious academic institutions in the United States and beyond.
HennickCo’s unique partnership approach ensures strong strategic alignment and a shared vision for the future, emphasizing collective dedication to creating value for clients, employees, and stakeholders. The partnership also includes a ‘perpetual partnership model,’ allowing future generations of employees to become equity shareholders over time.
Going forward, Leo A Daly III will remain as Chairman of LEO A DALY and LAN to ensure each firm’s legacy and culture continue to thrive. All members of LEO A DALY’s senior leadership, including Edward Benes, James Brader, Steven Lichtenberger, John Somerville, Wayne Swafford, and Stephen Gilbreath, have become equity shareholders and will continue to lead the company’s day-to-day operations to provide stability for key talent, clients, and stakeholders. Clients can expect the same unwavering commitment to excellence, innovation, and personalized service that has defined the organization for over a century.
Leo A Daly III, Chairman, said: “I am incredibly proud of the legacy my family has built over the past century, the projects we’ve completed for our valued clients, and the dedicated employees and leadership teams who have been the backbone of our companies. As a family-owned business since 1915, it was important to me to pass stewardship of our family’s namesake to the very professionals who have been so loyal to us for so many years. I couldn’t be more pleased with the new partnership with HennickCo and I look forward to an exciting future together.”
Edward G. Benes, Chief Executive Officer, said: “On behalf of myself and the senior leadership team, we are thrilled to enter this unique partnership with HennickCo and to become equity partners in such a storied business. This transaction reinforces LEO A DALY’s commitment to its people and ensures we continue to attract and retain the most talented professionals in our industry, carrying on the legacy of our great firm that has served clients for more than a century.”
Bradley Hennick, Managing Director of HennickCo, added: “We were drawn to this organization because of its long-standing success, leadership in high-growth, resilient sectors like healthcare, government, and critical infrastructure, and its scale across the United States. We are honored to be entrusted with the incredible legacy the Daly family has built over the past century, and we look forward to working with the talented senior leadership team to grow the business and expand the partnership for years to come.”
Media Contact, Hennick & Company:
Bradley Hennick
Hennick & Company
416.966.9500
Media Contact, LAN:
Kerry Gregg
Lockwood, Andrews & Newnam, Inc.
713.266.6900