Ballard Spahr Represents Alleghany Corporation Subsidiary in Acquisition of Majority Stake in The Cardinal Group
Ballard Spahr served as counsel to Integrated Project Services (IPS) as it acquired a majority interest in The Cardinal Group, a design, construction management, and engineering firm based outside of Boston.
The transaction expands IPS' presence in New England and, thanks to The Cardinal Group's customer base of life sciences firms and health care providers, access to the northeastern United States' thriving biosciences sector.
IPS is a subsidiary of Alleghany Capital Corporation, which in turn is a wholly owned subsidiary of New York City-based Allegheny Corporation. It owns and manages a diverse portfolio of middle-market companies, chiefly focused on the construction and manufacturing industries.
The Ballard Spahr team was led by Business and Finance Partner Gregory L. Seltzer in Philadelphia. It included Saba Ashraf, co-leader of Ballard Spahr's Tax Group, and Business and Finance Associates Kimberly W. Klayman in Philadelphia and Joshua Bobich and Stephen J. Stark in Minneapolis.