Australian-origin project management consultancy TSA Management has acquired the infrastructure consulting business of ASX-listed Worley, adding a team of around 110 employees to its stable.
Life under new owner Quadrant Private Equity is off to a flying start. Within two weeks of welcoming its next majority shareholder, the private equity group has backed TSA Management with the $48 million purchase of Capital Projects Advisory, a service line within Worley’s Advisian business that specialises in the delivery of capital projects in the public infrastructure sector.
While the bolt-on doesn’t come as a shocker – Quadrant and TSA’s leadership had signalled their intent to continue growth – the fact that it has come so soon after the newly-wed partners inked their deal is somewhat of a surprise. Typically, private equity firms reserve a number of months to assess their portfolio company and craft strategic plans for M&A and more.
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