Private equity firm Welsh, Carson, Anderson & Stowe (WCAS) announced that it has acquired a majority stake in AIA Contract Documents (ACD), a leading platform for risk management and workflow in the architecture, engineering, and construction (AEC) sectors.
WCAS is collaborating with the American Institute of Architects (AIA) and existing investor True Wind Capital. This private equity firm partners with management to develop and lead technology companies in emerging markets. Alongside WCAS, both AIA and True Wind will remain investors, board members, and strategic partners for ACD. The transaction details were not disclosed.
For over 135 years, ACD has been recognized as the gold standard for legal documents in the AEC industry and a trusted thought leader. Its extensive blue-chip customer base relies on ACD’s industry-standard contracts and forms to promote transparency, increase efficiency, and minimize risks across the entire AEC ecosystem, including architects, contractors, engineers, attorneys, and owners.
Plus, ACD has created innovative technology solutions to support key contract workflows. WCAS’s investment will enable further technological development to fuel ACD’s growth and enhance services for the AEC industry amidst rising risks, increasing digital adoption, and the growing use of artificial intelligence.
Support: WCAS was advised by Cantor Fitzgerald and Ropes & Gray. AIA Contract Documents and True Wind Capital were advised by Houlihan Lokey, Piper Sandler, and Gibson Dunn. Blank Rome advised the American Institute of Architects.
KEY QUOTES:
“We welcome WCAS as our new majority partner in ACD and look forward to the opportunities this investment creates to bring world-class products to solve risk management challenges for our customers. WCAS brings exceptional experience to our organization as we execute our growth strategy to create trust and mitigate risk for architects, contractors, engineers, owners and others across the AEC industry. We are also delighted to continue our important partnership with The American Institute of Architects and look forward to the continued support of True Wind, which they’ve provided to our team since their investment in ACD in 2020.”
Nick Macey, Chief Executive Officer of AIA Contract Documents
“We are very excited about our investment in ACD and look forward to supporting Nick and the leadership team to advance ACD’s technology while continuing its mission to reduce risk, improve efficiency, and increase transparency across the architecture, engineering and construction market. We believe there is a massive opportunity in the AEC industry and ACD is well-positioned to accelerate its growth and innovation.”
Christopher Hooper, General Partner at WCAS
“We are thrilled that WCAS has made a majority investment in ACD. They have an excellent reputation, and we look forward to them bringing their decades of technology investing experience to ACD’s future. We believe this transaction will benefit AIA’s members as well as the broader AEC industry for decades to come and look forward to our continued strategic partnership with the company.”
Stephen Ayers, interim Executive Vice President/Chief Executive Officer of AIA
“We are extremely pleased with the outcome of this investment, which represents another example of how True Wind creates value by nurturing its portfolio companies to develop sector leaders. We look forward to partnering with WCAS and AIA during this next phase of ACD’s journey.”
Jamie Greene, Founding Partner at True Wind, and Sam Austin, Vice President at True Wind
