The management buyout ends HOK Sport Venue Event’s 25 years of operating as part of the HOK Group, although the two practices will continue to collaborate.
It is understood HOK Sport was looking for more independence following continuous success since it became a wholly owned subsidiary in 2000.
HOK Sport senior principal Rod Sheard (pictured) said: ‘We are proud of our 25-year association with HOK; indeed it has helped us to grow and build what has become the world’s leading design firm of sports facilities and convention centres.
‘We are very excited about this next phase, in which we intend to build on that success and grow our specialist Sport Venue Event business to the benefit of our clients and our people alike.’
Patrick MacLeamy, chief executive officer of HOK said: ‘Both practices are enjoying the strongest financial and operational positions in their history. This strategic step will facilitate the continued growth and leadership of both HOK and HOK Sport Venue Event within their respective markets.’
The buyout is likely to take place by the end of the year when HOK Sport is likely to launch a new corporate name and brand.