LDC takes majority stake in Moorhouse

LDC backed a management buy-out of Moorhouse from Expleo, announced on 9 November 2026, returning the consultancy to independent ownership. Partners Anna Rissen, Hinesh Patel and Leo Koshutova continued to lead the business with executive chair Karen Thomas-Bland, investing alongside the new shareholder. Founded in 2004 and based in London, Moorhouse advises organisations on the design and execution of large-scale change programmes, from the restructuring of operations and the adoption of new technology to the reduction of costs. Its consultants work alongside the client’s own teams through delivery rather than supplying recommendations alone, and it serves government departments, health bodies, utilities, pharmaceutical companies and infrastructure operators. It employs 220 people and recorded revenue of £25–50M with an EBITDA of £0–5M for the year to 2026. Consulting firms are valued on the people they retain, since the client relationships and the sector knowledge belong to individuals who can leave, which is why an equity interest for the partners forms part of transactions of this kind and why the terms of their participation matter as much as the price. Independence restores the firm’s ability to work alongside other consultancies on the same programme, a position complicated by ownership within a group competing for the same engagements, and allows it to acquire other practices in its own name. Moorhouse had been acquired by SQS in 2018, which was subsequently absorbed into Expleo, an engineering and technology services group for which management consulting sat apart from its principal activities. Clearwater advised LDC on corporate finance and debt, with Osborne Clarke as legal counsel, GCS on commercial and Queen’s Tower on financial due diligence, and KPMG on tax.

The acquisition of Moorhouse is part of the growth strategy of LDC, which already has several external growth operations under its belt, notably Ubds Group in 2026.