Local engineering firm GEC Inc., known for its expertise in state transportation infrastructure, is slated to be sold to investor and businessman Cary Goss, owner of Baton Rouge-based Industrial Fabrics, Inc.
An attorney for Goss confirms the businessman has signed a Memorandum of Understanding to acquire the 33-year-old firm, and that a month-long due diligence process is underway. GEC officials notified employees in a meeting this afternoon of the pending sale, which is expected to close in early May. Terms of the deal are not being disclosed.
Few, if any, changes are expected to follow the sale, according to Goss’ attorney Kevin Landreneau, who says Goss plans to retain all GEC employees.
“The hope is that GEC continues to grow like it has been,” he says. “This is not intended to change the company in any way. It’s business as usual.”
In a written statement to GEC employees, Goss says “my contacts and relationships through other companies will be used to expand GEC’s work in government and private sector projects nationwide. Together, we can create broadened opportunities for GEC with expanding customer networks.”
Landreneau says Goss personally, not Industrial Fabrics or one of Goss’ other businesses, will be the buyer and owner of GEC.
The sellers are GEC’s longtime owners Verdi Adams and George Fischer, who founded the firm in 1986 and grew it over the years into a well-known, mid-sized engineering firm with an expertise in state highway and coastal projects.
Several of the firm’s top executives are former officials at the Louisiana Department of Transportation and Development, including president Johnny Bradberry, who joined GEC in 2018; senior vice president Sherri LeBas; and, senior vice president Brian Buckel.
Former Baton Rouge Airport Executive Director Anthony Marino is also a senior vice president at the firm.
Landreneau says Adams and Fisher decided to sell the company after nearly four decades because they are ready to retire.