Private equity firm LDC has invested in Patrick Parsons, an engineering consultancy based in Newcastle.
Part of LDC’s investment is being used to fund the acquisition of infrastructure engineering firm THDA, a business based in Birmingham which specialises in the design of civil engineering infrastructure for development schemes such as major highways, earthworks modelling and flood risk assessments.
Patrick Parsons has over 250 specialist engineers and provides design services to blue-chip clients in the residential, commercial and infrastructure sectors, in the areas of civil, structural, geo-environmental and monitoring and evaluation.
Its previous projects include consulting on restoration works at Durham Cathedral and developing the world’s first modular flat packed whitewater course in Glasgow.
Since leading a management buyout in 2007, the company has increased its turnover from £1 million to £18 million, with growth achieved both organically and through acquisition.
Peter Stienlet, Managing Director at Patrick Parsons, said: “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.”
Ben Snow, Investment Director at LDC, added: “Patrick Parsons has an exceptionally strong management team that has successfully spearheaded the growth of the business, while retaining the values of a smaller sized firm. The acquisition of THDA is an exciting development for both businesses. It allows Patrick Parsons to further strengthen its service line and create more opportunities for both its employees and customers in a market that shows strong growth prospects as infrastructure investment continues to rise.”
Robert Horvath will join the board of the business as non-executive chairman.