07/20/2023
Dear Phi team, present and past, Valued Clients, and Partners,
I am writing to share some bittersweet news with you. As of July 27th, Phi will be acquired by Hay Runner. It has been an incredible journey leading this design build company, even though it wasn't originally part of my life plan. Nevertheless, I have given it my best effort, and the experiences, lessons, and connections have been invaluable.
Throughout this journey, we have strived to follow the wisdom of respected mentors by treating our associates as "the most important asset that walks out the door every night and has the choice to walk back in the door the next day", respecting the very personal investment clients are making in their homes, and appreciating our vendors as truly partners in our projects. I trust that Hay Runner shares these values and will continue to uphold them.
You may wonder why we decided to sell, especially when the construction industry is thriving. The answer lies in the belief that it's time for the next generation to lead the industry. Hay Runner, led by Shannon Richards, represents that next generation. Their strength in the Portland area will complement Phi's Midcoast presence, expanding our geographic reach. The teams possess complementary skills and talents, and I firmly believe that their combined energy, vision, and scaled operations will be a recipe for success.
We want to assure each of you that we have been working diligently with Hay Runner for several months to ensure a seamless transition on all fronts. Your satisfaction and the continuity of our work are of utmost importance to us. We want to extend our heartfelt gratitude for the lessons learned, the opportunities embraced, and the dedication you've shown. We have full confidence that Hay Runner will flourish and achieve great heights.
Thank you once again for being a part of our journey. Sincerely, Bettina Doulton and Tim Lewis