Alleghany Capital Corporation Announces IPS's Acquisition of Linesight

Rhea-AI Summary

On October 18, 2021, Alleghany Capital announced that IPS-Integrated Project Services has acquired Anchorbuoy Limited (Linesight), a consultancy firm based in Dublin. This strategic acquisition aims to enhance service offerings in the biopharmaceutical, technology, and data center sectors. IPS CEO Dave Goswami highlighted the expected growth opportunities, while Linesight's CEO Paul Boylan noted the enhanced capabilities and geographic expansion. Alleghany Capital's President David Van Geyzel emphasized the complementary strengths of both companies in high-growth markets, facilitating global expansion.

Positive

• Acquisition enhances IPS's service offerings and geographic reach.
• Strengthens position in biopharmaceutical, data center, and technology sectors.
• Combination expected to accelerate growth and provide enhanced career opportunities.

Negative

• None.

NEW YORK, Oct. 18, 2021 /PRNewswire/ -- Alleghany Capital Corporation ("Alleghany Capital"), a wholly-owned subsidiary of Alleghany Corporation, today announced that its subsidiary, IPS-Integrated Project Services, LLC ("IPS"), a leading provider of design, engineering, procurement, construction management, and validation services for the biopharmaceutical market and other industries, has acquired Anchorbuoy Limited (with its subsidiaries, also known as "Linesight").  Headquartered in Dublin, Ireland, Linesight is a global consultancy firm providing cost and project management, project controls, risk, scheduling, and procurement services for clients in the data center, technology, and life sciences sectors, as well as other industries. 

Dave Goswami, Chief Executive Officer and Chairman of IPS, stated, "This is a transformational transaction for both IPS and Linesight and we are excited to embark on a new growth journey together, supported by Alleghany Capital.  By building on both companies' solid track records and combining our skills and management depth, we expect to make a meaningfully positive difference in the industries we serve.  Led by Paul Boylan and a talented executive team, Linesight is a well-known and highly regarded company that complements IPS's current service offerings.  We are thrilled at the prospect of working with the Linesight team to provide a more comprehensive and superior suite of services to our respective clients. With Paul and his team continuing to focus on Linesight's operations post-closing, the company will serve its clients as it always has, but now with the added support and resources that come from being part of a much larger organization."

Paul Boylan, Chief Executive Officer of Linesight, added, "This is a pivotal point in Linesight's long and successful business history that will enable us to deliver on key components of our strategic plan, particularly expanding into new geographies and broadening our portfolio service offering to better meet clients' needs.  The combination of IPS's and Linesight's unique capabilities creates one of the fastest growing architectural, engineering, and construction organizations in the industry.  Linesight's skilled teams will continue to provide the same high-quality service to our clients globally and we see enhanced career opportunities for our employees in all our regions.  We are energized by the potential of this new business partnership and believe it positions us well to deliver on our ambitious growth aspirations in 2022 and beyond."

David Van Geyzel, President and Chief Executive Officer of Alleghany Capital, commented, "This exciting transaction brings together two dynamic companies with complementary service and geographic positioning in several of the most attractive long-term growth sectors.  IPS, which has a large business in the United States and a rapidly growing international division, serves clients in multiple industries, with a particular emphasis on the biopharmaceutical sector.  Conversely, Linesight, which has a large presence in Europe and Asia-Pacific and significant growth opportunities in the United States, has a strong position in the data center and technology sectors with an emerging life sciences operation. We look forward to supporting IPS and Linesight as they continue to expand their businesses globally and capitalize on the opportunities that result from this transaction."

Willkie Farr & Gallagher LLP and A&L Goodbody LLP acted as legal counsels to IPS.  Capnua Corporate Finance acted as financial advisor and Arthur Cox LLP acted as legal counsel to Linesight.

About IPS-Integrated Project Services, LLC

IPS is a global leader in developing innovative business solutions for the biotechnology and pharmaceutical industries.  Through operational expertise and industry-recognized knowledge, skill, and passion, IPS provides consulting, architecture, engineering, construction management, and compliance services that allow clients to develop and manufacture life-impacting products around the world. Headquartered in Blue Bell, Pennsylvania, IPS is one of the fastest-growing companies servicing the life sciences industry with over 1,700 professionals and offices in the United States, Canada, Brazil, the United Kingdom, Ireland, Switzerland, Germany, Singapore, China, and India.  For more information about IPS, please visit www.ipsdb.com.

About Linesight

Linesight is a multinational consultancy firm with over 45 years of experience and over 900 professionals, providing cost, schedule, risk, program and project management services to a multitude of sectors including data centers, life sciences, commercial, high-tech industrial, residential, hospitality, healthcare, and retail.  Linesight's specialist project teams, each with specific skills and experience, provide better predictability of project outcomes, faster project delivery, greater cost efficiency, and maximum value for its clients. For further information, please visit www.linesight.com.

About Alleghany Capital Corporation

Alleghany Capital Corporation owns and supports a diverse portfolio of non-financial businesses for its parent company, Alleghany Corporation (NYSE:Y).  Alleghany Capital's industrial businesses include: (i) Precision Cutting Technologies, Inc., a holding company focused on the machine tool and consumable cutting tools sectors; (ii) R.C. Tway Company, LLC (dba Kentucky Trailer), a manufacturer of custom trailers and truck bodies for several niche end markets; (iii) WWSC Holdings, LLC, a structural steel fabricator and erector for commercial, industrial, and transportation infrastructure projects; (iv) Wilbert Funeral Services, Inc., a provider of products and services for the funeral and cemetery industries and precast concrete markets; and (v) Piedmont Manufacturing Group, LLC, a provider of injection molded and thermoformed parts and multi-component assemblies for OEM customers in the industrial, commercial, transportation, recreational, and medical end-markets.  Alleghany Capital's non-industrial businesses include: (i) IPS-Integrated Project Services, LLC, a provider of design, engineering, procurement, construction management, and validation services for the pharmaceutical and biotechnology industries; (ii) Jazwares, LLC, a global toy and musical instrument company; and (iii) Concord Hospitality Enterprises Company, a hotel management and development company.  For additional information about Alleghany Capital Corporation, please visit www.alleghanycc.com.

Forward-looking Statements

This release contains disclosures which are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.  Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as "may," "will," "expect," "project," "estimate," "anticipate," "plan," "believe," "potential," "should," "continue" or the negative versions of those words or other comparable words.  These forward-looking statements are based upon Alleghany's current plans or expectations and are subject to a number of uncertainties and risks that could significantly affect current plans, anticipated actions and Alleghany's future financial condition and results.  These statements are not guarantees of future performance, and Alleghany has no specific intention to update these statements.  As a consequence, current plans, anticipated actions and future financial condition and results may differ from those expressed in any forward-looking statements made by Alleghany or on Alleghany's behalf.

 

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SOURCE Alleghany Capital Corporation; Alleghany Corporation

FAQ

What is the purpose of IPS's acquisition of Linesight?

The acquisition aims to enhance service offerings and expand into new geographies, benefiting from combined expertise.

When was the acquisition of Linesight by IPS announced?

The acquisition was announced on October 18, 2021.

What sectors will benefit from the acquisition of Linesight?

The biopharmaceutical, technology, and data center sectors are expected to benefit.

What impact will the acquisition have on employees?

The merger is expected to create enhanced career opportunities for employees across all regions.

What is the stock symbol for Alleghany Corporation?

The stock symbol for Alleghany Corporation is 'Y'.