WSP PB acquires Canadian engineering consultant MMM for £270m
WSP Parsons Brinckerhoff has closed the acquisition of Canadian engineering consultancy MMM for £270m.
Ontario-based MMM, which has 2,000 employees, posted net revenue of £168m for the year ending 31 December 2014, and generated 80% of its revenue in the transport infrastructure and environment markets.
The two firms’ combined Canadian business will have 8,500 employees and net revenue of around £640m.
MMM has expertise in transport, infrastructure and environment, and buildings. It also has a strong presence in the P3 market, the Canadian term for public-private partnerships (PPP).
WSP PB has grown significantly in recent years on the back of major acquisitions.
In June this year the firm bought 400-strong Nordic project management firm Faveo. In October last year WSP completed the £820m acquisition of 13,500-strong US consultant Parsons Brinckerhoff from Balfour Beatty.
WSP PB is listed on the Toronto stock exchange and was partly borne out of Canadian consultant Genivar, which acquired its larger UK-based rival WSP in 2012. The combined firm dropped the Genivar name from its brand in 2013.
WSP says the acquisition will give it “the opportunity to increase its leading position in transportation, infrastructure, environment, buildings, resources and energy in its home market.”
David Ackert, president and chief executive of WSP in Canada, said: “I am delighted about this acquisition and that our two firms are joining forces.
“The coming together of these two like-minded firms will enable us to pursue our growth strategy and strengthen our foundation across Canada by increasing our ability to deliver superior value to our clients, shareholders and employees.”