Lonsdale Capital Partners led a management buyout of London-based P2 Consulting, a project management company. No financial terms were disclosed. Equiteq advised P2 Consulting on the MBO.
Equiteq, a consulting sector M&A specialist, is pleased to announce that it has advised its client P2 Consulting on a management buyout led by the existing management team and supported by Lonsdale Capital Partners. Equiteq acted as exclusive financial advisor to P2 Consulting. The transaction closed on December 23, 2016.
London headquartered P2 provides senior project management support to international blue chip clients that are undertaking significant change initiatives. P2 has grown significantly year-on-year since being established in 2013 and currently generates revenues of around £10m, principally from clients in the financial services and consumer/retail sectors.
With Lonsdale’s investment and wider support, P2 intends to accelerate its growth by expanding into new sectors and geographies, and capitalizing on attractive acquisition opportunities in a fragmented space. P2 is aiming to continue its impressive growth trajectory and realize its ambition to become the world’s leading brand in project and programme management.
Commenting on the deal, P2’s Managing Director, Douglas Elliott, said, “This is a very exciting new phase for the P2 business. With Lonsdale as our partner for growth, we look forward to achieving our ambition to become the world’s leading project and programme management company. We also look forward to taking advantage of significant growth opportunities whilst retaining our absolute focus on clients and our commitment to delivering the best possible outcomes for them.”
The founders will remain very involved with the business, with Pip Peel assuming the role of Chairman. Regarding Equiteq’s role in the transaction, he stated, “Given their consulting sector M&A experience, Equiteq was the natural choice for us when we started to explore options for the business. Equiteq ran a comprehensive process and, guided by them, we concluded that a private equity backed MBO would give the best outcome to shareholders, management and the company going forward. Equiteq introduced Lonsdale and we immediately recognized their experience and the cultural fit would make them the ideal partner.”
Ed Groome, Director, who led the Equiteq team, commented, “Pip and his co-founders have built a very impressive business in a short space of time with deep expertise in project and programme management and a growing blue-chip client base as a result. With so much change and delivery required in today’s large corporates, P2, led by an impressive management team, is ideally placed to capitalize on the opportunity. Lonsdale’s investment enables management to take a greater role in the business and for the founders to realize some of the value they have created to date. We thoroughly enjoyed working alongside the team and believe that, in Lonsdale, we have found the ideal partner to help management realize their ambitions.”
Equiteq is a global business services sector M&A specialist working with knowledge rich consulting, agency and technology firm shareholders to grow and realize equity value. Equiteq’s strategic advisory services transform equity value ahead of exit transaction processes led by sector specialists dealing with corporate and private equity investors. Based in London, New York, Singapore and Sydney, Equiteq provides clients with a unique blend of operational, strategic, financial and corporate finance advice with global reach and perspectives.
About P2 Consulting
P2 Consulting is a market leading Project & Programme Management Company founded in 2013. P2 works in partnership with clients to turn their business ambitions into reality, bringing a unique blend of leading-edge thinking and hands-on delivery. Headquartered in London, P2 works with blue chip clients across sectors ranging from Retail, Financial Services, Engineering and Telecommunications. The company specialises in running major business transformation programmes.
About Lonsdale Capital Partners
Lonsdale Capital Partners is a hands-on private equity firm focused on the smaller end of the mid-market. With its £110 million fund it makes majority investments across a variety of sectors and in cash generative businesses in the UK and Europe. The team have worked on over 30 private equity deals since 1996. Lonsdale Capital Partners was founded in 2009 by Alan Dargan, Ross Finegan and David Gasparro who combined their experience of the private equity, advisory and asset management sectors.