A management buy out at Adams Consulting Group (ACG) has seen majority shareholder and chief executive David Adams selling the business, with the company being taken over by its other shareholder, Barry McAllister.
McAllister has been with the Glasgow-based project management consultancy for over 12 years and with predecessor MPM Adams for a further eight.
Following successful completion of the management buy out (MBO), McAllister invited fellow director Ranald Ord to join him as an equity director.
David Adams has been involved with ACG and its predecessors for three decades. He returned from working overseas in 1987 to set up a project management subsidiary for Glasgow quantity surveyors, Muirheads Muir and Webster. Under Adams’ leadership, Muirheads established itself as a leading project management consultancy, and Adams led an MBO in 1991, changing the name to MPM Adams.
The business was acquired by Capita PLC in 1999, changing the name to MPM Capita. As a subsidiary of Capita Property Services, the company doubled its turnover to £15 million inside three years.
After three years Adams decided to return to owner managed private practice and left Capita to establish ACG in 2003. Over the last 14 years the company has delivered a number of major projects and provided project governance services to institutional pension funds who invest in commercial property.
ACG has worked on prestigious developments including the new Victoria and Stobhill hospitals in Glasgow, South Bank Tower in London and the new Medical Sciences building for University of St Andrews.
David Adams, who will continue to work with the company as a consultant on projects in London, St Andrews and Sao Paulo, Brazil, 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”.
Barry McAllister added, “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 £1 billion 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.