Irish firm Clarion Consulting has acquired a majority stake in UK consulting firm The Planning Loft, in a deal that will increase its turnover to €7m.
"The move represents a good strategic fit across both organisations in terms of complementary skillsets and service portfolio and also gives us access to a market which is roughly ten times the size of the Irish one," said Clarion's managing director, Pat Millar, in a statement. The financial terms of the deal were not disclosed.
"We have committed to significant investment in The Planning Loft with a view to doubling revenues and headcount over the next 12 months. This will favourably position us to meet demand for project management and IT consulting services, which is growing strongly in the UK," Millar added.
The deal will see the number of staff employed by the Clarion Group increase to 75 by the end of the current financial year. The company said that year-on-year growth of 50 percent in its consulting division has prompted a recruitment drive that will see new staff hired across the board in both Ireland and the UK.
Clarion is also looking to make further acquisitions and to continue expanding. "The Clarion group of companies will grow through a combination of organic growth and acquisition," said Millar. "Much of our recent organic growth has come from financial services and we aim to consolidate our footprint in this market and also focus on expanding our presence in government and technology sectors into the future."
Clarion is also actively seeking other acquisition opportunities in the Nordic region and in Western Europe.
Founded by Robert Hughes and Lawrence Young, The Planning Loft's client portfolio includes DHL, Citigroup, Vodafone and the Royal Bank of Scotland.
Clarion Consulting is a privately owned consultancy that specialises in program and project management and IT consulting. The company's client portfolio includes Standard Life, IIB Bank, O2, PepsiCo and the HSE.
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