The acquisition of Henry Riley marks a first step into Europe by TSA Management, which already has an office in Malaysia and five in New Zealand, as well as nine in Australia.
TSA is a project management and advisory consultancy backed by Quadrant Private Equity. It has already made six other acquisitions in the past five years.
Adding Henry Riley sees its employee base expand from 650 to 850 across 24 offices.
Henry Riley, which has a 130-year history in the UK, generated fees of £17m last year and paid out £3.5m in profits to its six partners.
Initially, each business will continue to operate independently but are expected to come together in due course.
TSA chief executive Andrew Wilson said: "As a business, we are looking to diversify geographically, and feel that the UK generally, and Henry Riley specifically, are a fantastic fit from a cultural, regulatory and project perspective. We work in many of the same sectors and offer some similar services, however we do have different areas of expertise – for example, Riley’s cost management experience is a growth opportunity for TSA. Understanding and growing from each other’s regional knowledge, specialties and experience will benefit us both. We believe there are many new and exciting opportunities for everyone as a result of this change, and we are keen to work together to create bigger and more exciting new opportunities that we hadn’t envisaged when we launched our 5-year plan."
Henry Riley chief executive David Needham said he was motivated to sell by a desire to grow the business. “Not for the sake of growth alone, but for the value and opportunities growth creates for our business, and most importantly, our people,” he said.
“Getting to know TSA and understanding that their values are completely aligned with ours has enabled us to develop a true partnership approach, which is so important to us,” he said.
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