Glasgow-based project management consultancy, Adams Consulting Group (ACG), has announced that majority shareholder and chief executive David Adams has sold the business, in a deal that will see the company being taken over by its other shareholder, Barry McAllister.
McAllister, who has been with ACG for over 12 years and with predecessor MPM Adams for a further eight, acquired the balance of the equity of ACG in a management buyout (MBO).
Following successful completion of the MBO, McAllister invited fellow director Ranald Ord to join him as an equity director.
They take over a practice which is currently involved with various commercial, education and renewable technology instructions across the UK, with a combined capital value in excess of £675m.
Adams will continue to work with the company as a consultant on projects in London, St Andrews and Sao Paulo, Brazil. He said: “I have been thinking for some time about managing the succession of the business and concluded that this was the right step. ACG is a specialist company which offers niche services to blue chip clients and the MBO retains the identity and independence of the company”.
McAllister said: “It is an exciting time for the business which is currently working on various landmark projects for clients across the country. These include Morgan Stanley’s Glasgow headquarters for HFD Group, the £1bn Paradise Circus regeneration of Birmingham city centre for Hermes Investment Management and Canada Pension Plan Investment Board and over 1100 student bedrooms for University of St Andrews”.
“We have a talented and committed team that have been together many years and we aim to expand on the good work and strong client relationships achieved under David’s leadership of the business”.
Financial advisor on the deal was Aidan McLaughlin of McLaughlin Crolla LLP, with lawyers Andrew Sleigh of BTO acting for the seller and Stephanie Farrell of Bellwether Green for the acquirer.