Award-winning mechanical and electrical engineering specialist Desco has become the first company to be acquired by multi-disciplined civil and structural engineering firm Pell Frischmann as part of its plans to build a group of market-leading engineering consultancy businesses. EMC Corporate Finance provided strategic and research advice to the vendors.
Desco, which has offices in Sunderland, London, Croydon, Leeds, Qatar, and Manila, now becomes a wholly owned subsidiary of Pell Frischmann which itself is owned by RAG Stiftung (Foundation) Investment Company, a German-based investment foundation. Desco will keep its existing management board and structures in place.
Pell Frischmann leads the group’s interests in the UK. Desco joins as the group’s MEP consulting engineering practice operating as a wholly-owned subsidiary of Pell Frischmann, providing MEP expertise.
The complementary strategic fit will allow Desco to remain independent, but develop an accelerated growth plan which includes new UK offices in both Leeds and Manchester over the next 12 months. Desco will also get the immediate benefit of another RAG Stiftung company, Dorsch Gruppe, in the Middle East which is working on several major projects in Qatar and the wider GCC region.
Tushar Prabhu, Chief Executive of Pell Frischmann, said: “Pell Frischmann has a long-term strategy for dynamic growth through the acquisition of related and complementary consultancy engineering companies. Desco is a fast growing and innovative specialist in MEP engineering that fits Pell Frischmann well in terms of culture and ambition, and we are pleased to welcome it into our team.”
Paul Marshall, Managing Director at Desco, said: “This marks a new and exciting phase for Desco as we accelerate our growth strategy with the backing of a major international investor and with Pell Frischmann’s expertise across the infrastructure and property sectors.”
This model is expected to be repeated as Pell Frischmann grows its group of businesses in the UK and overseas.
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