PA CONSULTING acquired by JACOBS ENGINEERING GROUP
Context
Jacobs Engineering Group has finalized a strategic investment to acquire a 65% majority stake in PA Consulting from The Carlyle Group, which exits its position after a successful five-year partnership. This transaction is uniquely structured as a "private equity style" deal to ensure the consultancy retains its independence, brand identity, and distinct corporate culture. The remaining 35% stake is retained by the target's employees, reinforcing the firm’s long-standing partnership model and aligning interests between the management team and the new industrial sponsor. The strategic rationale for the move centers on creating a global benchmark for technically-driven solutions by combining the target’s innovation-led advisory with the group’s massive global delivery platform and client base. The partnership aims to accelerate the target’s growth trajectory through geographic expansion, specifically targeting the US market, and enhanced inorganic growth via future bolt-on acquisitions. Furthermore, the integration allows the group to significantly bolster its capabilities in design, digital transformation, and cybersecurity. This move represents a major step in the group’s transition toward higher-value consulting services, positioning the combined entity as a leader in end-to-end innovation capability across the public and private sectors.
It is worth noting that the fund The Carlyle Group took control of Pa Consulting through an LBO in 2015.
PA CONSULTING, which reported an EBITDA margin of in 2019, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Business Services sector (11.4x).
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Target
PA Consulting is a specialized management and technology consultancy focused on delivering end-to-end innovation and digital transformation solutions. The organization operates a differentiated business model that integrates strategy, design, and engineering to assist clients in navigating complex technological shifts. Its value proposition is built on "ingenuity," utilizing a global community of experts to drive product development and operational efficiency across sectors such as energy, health, and defense. Strategically, the firm prioritizes independence and employee ownership, fostering a culture of long-term partnership rather than short-term transactional advisory. The entity focuses on expanding its geographic footprint, particularly in North America, while maintaining deep technical roots in the UK and Scandinavia. By combining deep industrial expertise with advanced design capabilities, the firm positions itself as a primary technical partner for governments and private enterprises seeking to reinvent their core operations through technology.
Ent. Value
Equity Value
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EV / EBITDA
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Historical Financials (GBP)
Other operations with PA CONSULTING
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 12/2015 | THE CARLYLE GROUP | PA CONSULTING | UNITED KINGDOM | Strategy & Management |
REFERENCES
Valuation range: EV 1b - 4b GBP
Revenue range: 450M - 900M GBP
EBITDA range: 100M - 200M GBP
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Acquirer: jacobs engineering group