Consulting M&A Weekly Round-up (25th to 2nd March, 2024)

Greetings and thank you for joining us for another consulting M&A round-up. In this edition, we present a range of significant transactions that are shaping the dynamics of the industry.

In the week gone by, notable deals include the acquisition of Leonardo by the global tech consultancy UST, Toney Healthcare's purchase of healthcare consultancy Rebellis Group, and several others. Without further ado, let's explore the latest events from the past week.

#1. Australia's Leonardo bought by global tech consultancy UST

UST, a global technology consultancy, has successfully acquired Leonardo, a Melbourne-based company, to strengthen its presence in the Australia/New Zealand (A/NZ) region.

Founded by Chris Nagel in Brisbane over two and a half decades ago, the consultancy specializes in process transformation, facilitating end-to-end intelligent process improvement through advanced technology. While operating under its own name, it will now carry the UST tag, reflecting the integration of the two entities.

Leonardo has been a trusted partner for clients in the A/NZ community for more than 25 years, particularly excelling in the field of process transformation. The company's expertise extends across various sectors, including government, financial services, manufacturing, retail, mining, and utilities.

Kumaran CR, UST's Managing Director for Australia, emphasized Leonardo's invaluable contribution, stating, "For over 25 years, Leonardo has been a reliable partner to its clients in the ANZ community, especially in the process transformation area. Their deep-rooted understanding and experience in these areas is invaluable. For UST, improving organizational efficiencies and thereby uplifting productivity for our clients is a key pillar within our transformation agenda."

#2. Toney Healthcare acquires healthcare consultancy Rebellis Group

Toney Healthcare, a consultancy based in Tampa specializing in health plan clinical operations, has successfully acquired Rebellis Group, a consultancy based in Overland Park, KS, with a specific focus on Medicare Advantage.

Established in 2020 by former executives from Gorman Health Group, Rebellis provides guidance to organizations in areas such as strategy, change management, regulatory compliance, and process optimization, primarily within the realm of Medicare Advantage and Part D.

Dr. Sam Toney, the founder and CEO of Toney Healthcare, expressed the benefits of the partnership, stating, "Our collaboration with Rebellis positions Toney Healthcare to enhance our client offerings with a comprehensive range of regulatory, compliance, pharmacy, and strategic consulting services. Leveraging their substantial industry experience and expertise in Medicare Advantage and Part D, we anticipate that the inclusion of Rebellis will contribute significantly to the enduring success of Toney Healthcare."

#3. Tetra Tech acquires federal consultancy LS Technologies

Tetra Tech, an engineering and consulting firm based in Pasadena, CA, has completed the acquisition of LS Technologies (LST), a consulting firm headquartered in Fairfax, VA, specializing in the National Airspace System (NAS), encompassing the airspace, navigation facilities, and airports of the United States.

Established in 2000, LST utilizes its extensive technical proficiency in air traffic control to deliver engineering, technical, and professional services to various federal government agencies. The firm's expertise spans IT modernization and service integration, mission-critical operations, digital transformation, advanced technology, cybersecurity, and program engagement services.

Tetra Tech's acquisition of LST is set to enhance and expand its federal IT practice within the government services group, bringing forth additional capabilities and a broader client base.

Dan Batrack, Chairman and CEO of Tetra Tech, emphasized the positive impact of the acquisition, stating, "The addition of LS Technologies to our Federal IT Division enhances the support we provide our government and commercial customers in modernizing their critical infrastructure. Our combined capabilities bring the best data analytics, cybersecurity, and digital transformation solutions to these vital projects."

#4. IT firm Port-P transitions to employee ownership

Port-P, an IT solutions provider based in Birmingham, has recently undergone a significant change in ownership, selling a controlling stake to an employee ownership trust. The transaction was orchestrated by the transactional tax team at PKF Smith Cooper.

Established in 1994 by Mark Paget and subsequently joined by Aaron Harte, Port-P has evolved into a prominent provider of both cloud-based and on-premises IT solutions. With a diverse clientele spanning the entire UK, the company is now entering its 30th year as an employee-owned entity.

Reflecting on this development, Paget remarked, "In the year marking our 30th anniversary, it feels apt to embark on the next phase of our journey. The foundation of our business lies in our exceptional team, and it is truly gratifying to acknowledge and reward them through the transition to full employee ownership."

Closing Thoughts

That’s a wrap from this week. Thank you all for joining us in our weekly consulting M&A round-up. If we missed out on any deals, then please don’t hesitate to write back to us and make it known. We will see you all again next week, so until next time, take care and bye for now.