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carlyle lines up banks for sale of pa consulting group stake

by:Newland     2019-11-12
As one of the oldest management consulting companies in the world, private equity supporters of PA Consulting Group are calling bankers to oversee potential sales.
Sky News learned that the acquisition company Carlyle holds a large stake in 2015pa PA Consulting, which is interviewing investment banks on the strategic review to be conducted in the coming months
Sources said on Monday they expect the selected Bank to oversee the auction of PA Consulting, although the timing of the official auction has not yet been determined.
They added that the consultant could be formally appointed as early as next month.
The sale will limit Carlyle\'s success as a consulting firm investor, which employs more than 2800 experts in industries such as global defense and security, life sciences and financial services.
PA Consulting does not disclose its customer relationship frequently, but has spoken publicly about its work on Virgin Hyperloop One, a maglev transport system developed under the auspices of Sir Richard Branson.
The source said Carlyle had the option to refinance the business, which would delay sales until later.
The consultancy\'s refinancing plan, which will eventually be delayed, will bring benefits to more than 1,000 employee shareholders and Carlyle.
Carlyle holds a 51% stake in the company and the rest is held by employees.
Since the 2015 acquisition, PA Consulting has been seen as a significant increase in revenue and profits with the help of its continued international expansion.
It is reported that the original deal valued the company at more than $1 bn (£800m)
Although the current valuation is not clear on Monday, an insider said that they expect any sale to bring attractive returns to Carlyle.
Since Carlyle became a shareholder, PA Consulting has completed many acquisitions, including Nyras, an international airline consultancy.
Last year, the company also acquired Sparkler, a digital insight and strategic consulting firm that works with customers such as Diageo, eBay and J Sainsbury.
PA Consulting\'s balance sheet has been collated through a £ 850 agreement with pension insurers to reduce its pension liabilities.
Last year, the company appointed John Alexander, the former owner of the environmental consultancy ERM, as chairman.
Mr. Alexander replaced former Barclays chairman Marcus Agius.
PA Consulting is one of the most well-known brands in the Consulting industry, with peers such as Bain, McKinsey and Bosch Allen Hamilton.
Founded in 1943, it is one of the oldest international consulting companies in the world.
Carlyle declined to comment.
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