Sale of MMB Associates to Capita Symonds
Release date: 14/5/2009
Grant Thornton's Midlands Corporate Finance team and Harvey Ingram's Birmingham office have advised the shareholders of MMB Associates on its sale to Capita Symonds, for an undisclosed sum.
MMB Associates, originally founded in Birmingham but its 60 staff are now based in Wiltshire and Surrey, specialises in the development, implementation, operation and management of Intelligent Transport Systems on the UK motorway and trunk road network. The company works directly and indirectly for the Highways Agency, designing and implementing traffic management systems such as variable speed limits, message signs, traffic surveillance, communications networks and speed enforcement.
Capita Symonds, part of Capita Group plc, is one of the UK's largest and most diverse multi-disciplinary consultancies operating in the building design, civil engineering, environment, management and transport sectors. The acquisition will complement Capita Symonds' existing technology and communications offering, making it one of the largest ITS consultants in the UK with over 160 staff.
John Southgate, Executive Director Infrastructure, Capita Symonds, said: "We are delighted to welcome MMB Associates to Capita Symonds. Its proven expertise and track record has influenced many of today's ITS solutions and this acquisition further strengthens our position as a leading transport technology consultancy".
Mike Mackinnon, Managing Director, MMB Associates, and one of the three founding shareholders of the business, said: "We are delighted to be joining Capita Symonds. It has all the attributes we consider necessary to build on the success of MMB Associates, and to take the company forward as a leading ITS consultant".
The Grant Thornton team comprised Martyn Pilley, Simon Clewlow and Jasbir Bansal. Commenting on the transaction, Simon Clewlow, Associate Director, said: "MMB Associates has grown rapidly over the last few years on the back of its excellent reputation in the transport technology sector. This transaction is proof that there continues to be market appetite for good quality businesses to come together for strategic benefit".
Legal advice was provided to the shareholders of MMB Associates by Harvey Ingram Corporate partners Mathew Harvey and Heidi Hendon.
Mathew Harvey said: "We were delighted to be able to work on this deal, which is a very good fit for both MMB Associates and Capita Symonds. Despite challenging economic conditions there are clearly still superb opportunities to acquire solid, well-managed businesses."