WSP Group pays £11m to expand presence in America

WSP, the global consultancy group, has expanded its presence in America with the acquisition of SEi, an engineering design business, at a price of £11m.

The first payment, running to £7m, will be coughed up right away, with the balance being spread over three subsequent instalments though SEi will have to hit performance targets for these to be triggered in full.

The US company has net assets of £2m. Its latest annual results show a turnover running to £10m and a pre-tax profit of £1.4m.

SEi has 150 staff. It has clients in both public and private sectors and its three offices are based in Boston, Houston and Washington DC. The senior management team will be staying on.

Currently it is working on the £300m Waterside Place complex (a high-end retail and commercial space), as well as the £90m Yale biology building and the £100m Boston museum of fine arts.

Chris Cole, WSP’s chief operating officer, said: “The acquisition expands our capability into another three major US cities, providing increased technical support to satisfy our strong orderbook and the growing needs of our clients.”