PA Consulting completes investment from Jacobs
PA shareholders welcome a strategic investment from Jacobs: Creating more opportunities for our clients and people
LONDON, March 3, 2021 /PRNewswire/ -- PA Consulting (PA), the consultancy that's Bringing Ingenuity to Life, and Jacobs (NYSE: J) today announce the successful completion of Jacobs' strategic investment in PA.
Jacobs joins PA's own people as investors in the firm, and will support its growth plans, enabling PA to work with even more organisations around the world to unlock the power of ingenuity to build a positive human future. Continued share ownership by PA employees is a key feature of the transaction.
Jacobs' investment completes following PA shareholders voting 99.9% in favour of the transaction and a UK Court approval process that became effective on 2 March 2021. Voluntary election for management rollover was fully subscribed, indicating the enthusiasm and commitment of PA partners and employees about the growth opportunity. The transaction values PA at £1.825 billion.
The completion means that the current institutional investor, The Carlyle Group, will exit its stake in PA, bringing a successful five-year investment period to a close, which saw EBITDA more than doubling over the period of Carlyle's investment and compound annual revenue growth of 12% since 2016.
Since our founding in 1943, the story of PA has been one of ingenuity. Working with a wide range of clients – from start-ups with a promising idea to change the world to some of the most important global companies and organisations – to find innovative ways to be faster and nimbler, to create the successful products and services that grow businesses, delight customers, serve citizens, and improve the health of the planet.
PA and Jacobs intend to find opportunities to partner together in the marketplace, bringing its complementary capabilities together to further strengthen the ability of our teams to deliver ingenious solutions for clients.
Ken Toombs, CEO of PA Consulting, said: "The completion of Jacobs' investment marks the beginning of an exciting new chapter for PA. Jacobs' culture, values and client base are closely aligned to our own, making them a natural marketplace partner. Its complementary capabilities will further strengthen our ability to deliver innovative solutions for our clients. The overwhelming support of PA shareholders for the transaction is a testament to the great potential we all see in this partnership. We would also like to thank Carlyle for the strong partnership and support over the past five years, which has helped PA grow significantly."