Consultant hopes for boost in Irish market
White Young Green (WYG) has acquired PH McCarthy Consulting Engineers (PHMP) for £13.5m (€19.5m).
The consultant paid £8.1m (€11.7m) in cash for the Irish firm and £5.4m (€7.8m) satisfied by a share issues.
Further consideration of up to £1.7m (€2.5m) will be added if certain performance criteria are met in the first year of trading under WYG’s ownership.
Chief executive Lawrie Haynes said: “The PH McCarthy team will give WYG Ireland a significant boost in accessing the strategically important public infrastructure development market both in Ireland and internationally. It also balances and complements the existing WYG Ireland Engineering business.”
The directors of PHMP have signed contracts of employment with the WYG Group.
PHMP’s pre-tax profit for the year ending 30 April 2007 was £1.8m (€2.5m) on turnover of £12.1m (€17.6m).
PHMP specialises in large public infrastructure projects in the water and highway sectors. It operates from offices in Limerick and Dublin and employs 184 permanent staff.