TSA Management – sale of a majority stake to Livingbridge
Miles Advisory Partners advised the shareholders of TSA Management on the sale of a majority stake to private equity firm Livingbridge.
Transaction Details
Sector
Business Services
Miles Role
Sell-side advisor to the shareholders of TSA Management
Deal Type
Business Divestments
Year Completed
2017
Contacts for this Transaction
Ryan Jordan
Managing Director
Jack Atkins
Director
Overview
- TSA is an independent client-side project and programme management consultancy, founded in Sydney in 2001, advising government and private-sector clients on the delivery of major infrastructure and property projects
- At the time of the transaction the business employed around 150 people across five east-coast offices – Sydney, Melbourne, Brisbane, Newcastle and Canberra – with a track record of more than 1,000 completed projects
- Miles advised the TSA shareholders throughout the process, securing Livingbridge as the partner for a majority recapitalisation in which management retained a meaningful equity holding and continued to lead the business
- The transaction was Livingbridge’s first investment in Australia, made from its Livingbridge 6 fund, and established the firm’s regional presence
Industry Context
The transaction reflected growing private equity interest in businesses exposed to Australia’s deep pipeline of infrastructure and social-infrastructure investment. TSA operated in a large and fragmented project management market with strong structural tailwinds, making it well suited to a consolidation strategy.
