International practice Foster + Partners announced yesterday that it has completed a strategic partnership with Canada-based Hennick & Company, a private family investment firm founded by the Hennick family.
The long-term agreement establishes a ‘perpetual partnership model’ that enables the practice to expand beyond its current 180 partners, ensures that the next generation of professionals can become shareholders in the practice, and allows for an orderly succession of existing partners over the long-term. At a general meeting of the shareholders, 100% of the partners voted and were unanimous in their support of the partnership with HennickCo.
Moving forward, the Hennick family who acquired a significant stake in the practice, will become the largest shareholder of the company, followed by Lord Foster and his family. The practice’s existing partners will all remain as long-term shareholders and retain the balance of the equity. Lord Foster, who founded the practice in 1967 with his late wife Wendy, will continue to serve as executive chairman. All present partners will remain in their current roles and the existing leadership team will retain responsibility for day-to-day operations. To mark the occasion, Foster + Partners also announced that 24 of the current partners were promoted to the position of senior partner.
The global practice provides architecture, infrastructure, design, and engineering services. Its team of 1,500 is headquartered in London, with studios in 13 other cities including Abu Dhabi, Bangkok, Beijing, Buenos Aires, Dubai, Hong Kong, Madrid, New York, San Francisco, Shanghai, Shenzhen, Singapore and Sydney.
Foster + Partners’ recent projects include the Apple store in Singapore and Bangkok and several new projects in the Middle East, among others.