LONDON, Sept. 29, 2015 /PRNewswire/ -- PA Consulting
Group (PA), a consulting, technology and innovation firm and global
alternative asset manager The Carlyle Group (NASDAQ: CG), today
announced that they have signed an agreement for Carlyle to invest
in PA for a 51 percent shareholding of the company. The investment
values PA at $1Billion and is
expected to close in December 2015,
subject to regulatory and pension approvals and a shareholder vote
scheduled for November 2015.
PA is a leading consulting, technology and innovation firm that
has made the difference for businesses, governments and communities
worldwide since 1943. PA has produced impressive results before and
since the financial crisis and is successfully delivering on an
ambitious growth strategy across Europe, the Americas and the Middle East. The partnership with
Carlyle will enable PA to build on this success and to accelerate
its growth plan through geographic expansion and the acquisition of
consultant teams and smaller firms. Importantly, the investment
will allow PA to retain independence, alongside current culture,
brand and values. The continued share ownership by PA employees is
a key feature of the transaction.
Capital for this investment will come from Carlyle Europe
Partners IV (CEP IV), a European upper-mid market buyout fund. CEP
IV has made four other investments in European companies as of
September 1, 2015.
Alan Middleton, CEO of PA
Consulting, said, "PA has made the difference for our clients and
communities worldwide for over 70 years. Carlyle's global
reach, business connections and M&A experience will support a
step-change in our rate of growth and allow us to continue to
maintain our independence and track record for high quality
innovation and delivery for our clients."
Marcus Agius, Non-Executive
Chairman of PA, commented, "Carlyle have an established reputation
for building value through developing the investments they make and
our discussions have born fruit because the PA team have recognized
a cultural affinity between the two groups. Both of us
recognize the value of partnership and, in particular, the sharing
of value created."
Eric Kump, Managing Director of
Carlyle Europe Partners, said, "PA is at the inflection point of a
new growth phase, and we are excited to support the leadership's
ambitious plans."
Alex Stirling, Director of
Carlyle Europe Partners, "The consulting sector is going through an
exciting phase of development. We have long admired PA's renowned
reputation for delivering exceptional results to clients in both
public and private sectors, and for scaling world class innovation
from its Technology Center in Cambridge. We are delighted
Alan and the team have agreed to partner with us and are excited
about our future together as we look to grow the business
globally."
About PA Consulting Group
PA is an employee-owned firm of over 2,500 people, operating
globally from offices across North
America, Europe, the
Nordics, the Gulf and Asia
Pacific. Our specific expertise is in energy and utilities,
financial services, health, life sciences, consumer and
manufacturing, government, defense and security, transport and
logistics.
Our deep industry knowledge together with skills in management
consulting, technology and innovation allows us to challenge
conventional thinking and deliver exceptional results with lasting
impact. www.paconsulting.com
PA Make the Difference case studies
http://www.paconsulting.com/case-studies/makingthedifference/
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset
manager with $193 billion of assets
under management across 128 funds and 159 fund of funds vehicles as
of June 30, 2015. Carlyle's purpose
is to invest wisely and create value on behalf of its investors,
many of whom are public pensions. Carlyle invests across four
segments – Corporate Private Equity, Real Assets, Global Market
Strategies and Investment Solutions – in Africa, Asia,
Australia, Europe, the Middle
East, North America and
South America. Carlyle has
expertise in various industries, including: aerospace, defense
& government services, consumer & retail, energy, financial
services, healthcare, industrial, real estate, technology &
business services, telecommunications & media and
transportation. The Carlyle Group employs more than 1,700 people in
35 offices across six continents.
Web: www.carlyle.com
Videos: http://www.carlyle.com/news-room/corporate-videos_new
Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/about-carlyle/market-commentary
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SOURCE PA Consulting Group