The UK's largest architecture studio Foster + Partners has entered into a "strategic partnership" with Hennick & Company, which sees the private investment firm become the studio's largest shareholder.
The studio, which was founded by Pritzker Architecture Prize winner Norman Foster in 1967, announced the sale today.
Hennick & Company becomes largest shareholder
"Foster + Partners today announced that it has completed a strategic partnership with Hennick & Company, a private family investment firm founded by the Hennick family," said Foster + Partners.
"For Foster + Partners, this new partnership is an important step in the evolution of the practice and will encourage further growth and innovation while maintaining its distinctive culture." Following the stock aquisition, Hennick & Company has become the firm's largest shareholder, with Foster and the other long-term shareholders retaining the remaining shares.
"Going forward, Lord Norman Foster and his family will remain the practice's largest shareholders after the Hennick family who acquired a significant interest as part of this transaction," said the studio.
"The practice's existing partners will all remain as long-term shareholders and retain the balance of the equity."
Foster to remain executive chairman
Norman Foster, who will remain executive chairman of the studio, explained that the partnership will allow the studio to expand and take advantage of ...