Patrick Parsons to accelerate growth with multi-million pound investment12/09/2017
Multi-disciplinary engineering consultancy Patrick Parsons has been backed by a multi-million-pound development capital investment by LDC, a leading UK private equity firm, to support the firm’s UK expansion strategy, together with the acquisition of infrastructure engineering specialist THDA.
Headquartered in Newcastle, Patrick Parsons has more than 250 specialist engineers and provides design services across civil, structural, geo-environmental and M&E disciplines to blue-chip clients in the residential, commercial and infrastructure sectors.
Some of the firm’s most notable projects include consulting on restoration works at Durham Cathedral and developing the world’s first modular flat packed white water course in Glasgow.
Under the leadership of Managing Director Peter Stienlet and Board Directors Mark Turner, Grant Richardson, Doug Tidswell, Conor Murphy and Nick Beckwith, Patrick Parsons has enjoyed significant growth over the past 10 years, both organically and through a targeted acquisition strategy.
Since leading a management buyout in November 2007, the business has increased turnover from £1m in 2007 to £18m today; expanding the firm’s geographic footprint from one site in Newcastle to eight sites across the UK.
The investment will support the immediate acquisition of Birmingham based THDA, specialising in the design of civil engineering infrastructure for development schemes such as major highways, roads, earthworks modelling and flood risk assessments, and will further strengthen Patrick Parsons’ national capabilities in this market.
It follows a buy and build strategy that has seen the business complete six complementary acquisitions over the past five years, most recently London-based JSA in 2015, Guildford-based Stilwell in 2016 and Manchester-based BCM this year.
Peter Stienlet, Managing Director at Patrick Parsons, said: “We have grown significantly and this is undoubtedly down to the hard work and commitment of our people. We pride ourselves on having created a collaborative business culture that has a strong focus on the values of a family business and this has enabled us to continue to attract and retain the best talent, and continue to grow and expand.
“It was vital that we found an investment partner that understood both our vision for growth and the importance we place on this culture. In LDC we have a highly-experienced partner that is backing us to continue our growth journey, and helping us to invest in the future of our business. The acquisition of THDA is the next step on this journey and puts a marker in the sand for our commitment to the infrastructure sector. The move will allow us to enhance our presence in Birmingham and sees the firm establish itself as a fully multi-disciplinary practice.”
Patrick Parsons were advised by Mincoffs Solicitors on the LDC investment and the acquisition of THDA. Corporate partner Peter Robinson said “It has been fantastic to work with the team at Patrick Parsons on these deals and their other acquisitions over the past few years. It’s great to see a North East based company grow into a national business and the next few years are going to be really exciting for Patrick Parsons.”