Key Takeaways
- • Quadrant Private Equity has entered exclusive negotiations with Mace Consult, a Goldman Sachs-backed project management and advisory firm, to sell TSA Riley, its global project consulting business.
- • TSA Riley is valued at approximately $500 million in the current sale process, representing a significant markup from Quadrant's 2021 acquisition of the firm from Livingbridge.
- • TSA Riley generates over $40 million in annual earnings and has advised on major infrastructure projects including Lendlease's Barangaroo South development and Melbourne Airport's Terminal 2 expansion.
- • MA Moelis Australia was appointed to conduct a global buyer search, indicating a competitive auction process beyond the exclusive Mace Consult negotiations.
- • The sale follows TSA Riley's expansion strategy, which included acquisitions such as Capital Projects Advisory from Worley and DGA Group, growing its workforce to over 850 employees across multiple geographies including the United Kingdom.
Summary
Quadrant Private Equity is advancing toward the sale of TSA Riley, its $500 million-valued global project consulting firm, through exclusive negotiations with Mace Consult, a Goldman Sachs-backed advisory and project management services provider. The negotiation represents a potentially lucrative exit for Quadrant, which acquired TSA Riley from Livingbridge in March 2021.
TSA Riley is a substantial earnings generator with more than $40 million in annual earnings and a proven track record advising on marquee infrastructure and development projects. The firm has provided consulting services on major Australian initiatives including Lendlease's Barangaroo South redevelopment and Melbourne Airport's Terminal 2 expansion, demonstrating deep client relationships in the institutional project space.
To maximize competitive tension and valuation, Quadrant appointed investment bank MA Moelis Australia to run a formal global buyer search concurrent with the exclusive Mace Consult negotiations. This dual-track approach typically signals confidence in the asset's market appeal and suggests other interested parties, including major private equity firms focused on the project management and business services space, may be positioned to bid.
TSA Riley has been actively expanded under Quadrant ownership through strategic acquisitions intended to strengthen its service offering and geographic footprint. The firm acquired Capital Projects Advisory, Worley's consulting and strategy division, and also folded DGA Group, a UK-based operation founded in 1993 with approximately 60 employees, into its platform. These bolt-on acquisitions expanded TSA Riley's headcount from 650 to over 850 employees and extended its presence beyond Australasia into the United Kingdom market.
The sale process reflects broader private equity appetite for project management and global consulting assets. The competitive landscape for such assets includes major financial sponsors including Bridgepoint, Goldman Sachs Asset Management, KKR, and CVC Capital Partners, all of which have demonstrated active interest in the consulting and advisory services sector.
TSA Riley is a substantial earnings generator with more than $40 million in annual earnings and a proven track record advising on marquee infrastructure and development projects. The firm has provided consulting services on major Australian initiatives including Lendlease's Barangaroo South redevelopment and Melbourne Airport's Terminal 2 expansion, demonstrating deep client relationships in the institutional project space.
To maximize competitive tension and valuation, Quadrant appointed investment bank MA Moelis Australia to run a formal global buyer search concurrent with the exclusive Mace Consult negotiations. This dual-track approach typically signals confidence in the asset's market appeal and suggests other interested parties, including major private equity firms focused on the project management and business services space, may be positioned to bid.
TSA Riley has been actively expanded under Quadrant ownership through strategic acquisitions intended to strengthen its service offering and geographic footprint. The firm acquired Capital Projects Advisory, Worley's consulting and strategy division, and also folded DGA Group, a UK-based operation founded in 1993 with approximately 60 employees, into its platform. These bolt-on acquisitions expanded TSA Riley's headcount from 650 to over 850 employees and extended its presence beyond Australasia into the United Kingdom market.
The sale process reflects broader private equity appetite for project management and global consulting assets. The competitive landscape for such assets includes major financial sponsors including Bridgepoint, Goldman Sachs Asset Management, KKR, and CVC Capital Partners, all of which have demonstrated active interest in the consulting and advisory services sector.
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