Another U.K. firm crosses the pond
By
Nick Wakeman
Project Performance Corp. has agreed to be acquired by AEA Technology plc, a consulting firm based in the U.K.
Project Performance Corp., of McLean, Va., has agreed to be acquired by AEA Technology plc, a consulting firm based in the United Kingdom that works on climate-change and energy issues.
The $65 million deal will create a 1,000-person consulting firm with a global reach, the companies said.
Michael Nigro, PPC's chief executive officer, will become chief operating officer and president of U.S. operations. He will also join AEA's board. He will report to Andrew McCree, CEO of AEA.
PPC's focus will not change, Nigro said. "We will continue to simplify complex problems for top government and Fortune 500 decision-makers," he said.
For AEA, the addition of PPC will bring more information technology services and knowledge to the company's European customers and give it access to U.S. markets, the companies said.
The demand for data systems to help agencies manage energy costs is rising, McCree said. "A combination of PPC's information technology and data-management skills with AEA's world-class technical expertise in climate change provides us with a compelling proposition for growth," he said.
The acquisition is expected to close in early August. PPC's financial and legal advisers were the investment bank KippsDeSanto and Co. and the law firm Greenberg Traurig.