Ricardo expands energy & environment business in Australia
SYDNEY: Ricardo plc, a global engineering, technical, strategic and environmental consultancy business, has signed a share purchase deed to acquire the entire share capital of PLC Consulting Pty Ltd, an environment, planning and infrastructure advisory consultancy which is headquartered in Melbourne, Australia.
The total maximum consideration is AUD9.64 million (£5.36m), subject to any adjustment to reflect net cash balances and normalised levels of working capital at the date of completion. The consideration will be paid in cash, with part paid in instalments over three years, subject to the achievement of agreed financial targets and retention of key management.
The acquisition is expected to be completed on 31 July 2019.
PLC Consulting has a strong technical advisory capability across the project life-cycle in infrastructure, environment and planning, including supporting the environmental requirements of master-planning, business cases, procurement, design, construction and operation. The services offered by the Company complement and extend Ricardo's existing energy and environment capabilities within the growing Australian market.
Founder and Director of PLC Consulting Deane Ellwood will continue to lead the business together with the Company's twenty-one employees. From the date of completion, the Company will operate as part of Ricardo's Energy & Environment business.
Dave Shemmans, Chief Executive Officer of Ricardo plc, said: "I am delighted to be able to announce the signing of the share purchase deed with PLC Consulting and look forward to welcoming Deane Ellwood and his team into Ricardo.
"I am passionate about the work our energy and environment experts deliver in helping to mitigate the worsening impacts of climate change, the reduction of waste and the conservation of the world's scarce resources. This exciting acquisition will also help Ricardo to continue to grow our environmental services in Australia."