The investment arm of German mining business RAG Stiftung has bought a majority stake in consultant Pell Frischmann.
The RAG-Stiftung (Foundation) Investment Company has bought the stakes previously owned by the Frischmann family and part of the Prabhu family.
Senior management team members Tushar Prabhu and Richard Barrett will become joint chief executives. Pell Frischmann’s chairman, Wilem Frischmann, will become the strategic advisor to the board.
RAG-Stiftung Investment Company managing director, Jürgen Wild, will become chairman of Pell Frischmann.
Wild said: “Our strategy is to invest in market leading firms with an international reach and a strong existing management team that delivers steady returns and growth. Pell Frischmann fits our criteria perfectly. A highly respected engineering consultancy that has an enviable reputation of combining cutting edge technical expertise with superior customer service. I am committed to support the team growing the business both in the UK and abroad.”
Source: Pell Frischmann
Out-going chairman Wilem Frischmann added: “Pell Frischmann has grown to become one of the most respected consultant engineers in the business, and I am delighted that we have found an investment partner to help continue this legacy and provide an ideal platform for further growth.”
Major projects for the company include the restoration of the Forth Bridge, which recently became a Unesco World Heritage Site.