A UK consultant working on the Virgin Hyperloop has been sold to US-based Jacobs in a deal that values the company at £1.8bn.
PA Consulting, founded in 1943, has more than doubled its EBITDA during the five years it has been backed by investment firm Carlyle, making seven acquisitions.
The firm has worked on projects including the Virgin Hyperloop and iPredict, an AI and machine
Jacobs is understood to be making a private equity-style investment, which sees it acquire a 65% stake and will allow PA to retain its independence.
John Alexander, chair of PA, said: “We have undertaken a thorough process to screen and select potential new external investors that align with PA’s culture, independence and ambition. Jacobs stood out during the selection process because of the close affinity between our respective values and their reputation as one of the leading global providers of technical and professional services to clients across the public and private sectors. We were hugely impressed with Jacobs’ commitment to a PE style investment to support our values and purpose and accelerate our growth trajectory.”
Jacobs chair and CEO Steve Demetriou said: “We are excited by this partnership and the opportunity to set a new industry benchmark together for technically-driven solutions that drive value for our clients, employees and investors – and changing the shape of our industry. We look forward to working together to deliver PA’s ambitious growth plans and strengthening their reputation as the leading provider of end-to-end innovation capability.”
