TSA Management acquires 110-strong Capital Projects Advisory

03 April 2021 Consultancy.com.au 2 min. read
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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. 

TSA Management acquires 110-strong Capital Projects Advisory

The deal, which lifts TSA Management’s headcount to 530 and revenues to around $150 million, comes on the back of several deals for the 20-year-old Sydney-headquartered company. Earlier, TSA Management picked up Xact Project Consultants in Canberra and New Zealand-based project management consultancy Xigo, among others.

According to chief executive officer Andrew Wilson, the Capital Projects Advisory will both broaden and deepen the firm’s capabilities in delivering large, complex capital projects. TSA’s clients in this space include the likes of the federal government, transport and infrastructure agencies, major contractors and private sector players. 

Meanwhile, for $4+ billion Australian engineering company Worley, the sale of Capital Projects Advisory is part of its recalibration plan, said chief executive Chris Ashton. “The sale supports Worley’s investments in strategic growth areas to accelerate our role in supporting customers on their energy transition, sustainability and digitalisation journey.” 

He added that the firm’s advisory business Advisian will continue to be an integral part of Worley’s future. Founded in 1971, Worley is an energy, chemical and resources focused engineering consultancy headquartered in Sydney.

The deal tops off a busy first quarter for dealmakers in Australia’s consulting scene. Since the start of the year, 14 deals have closed including a historic double swoop by McKinsey and the acquisition of Diaxion by Quadrant portfolio company Arq Group.