Quadrant invests in project consultancy TSA Management

Project management consultancy TSA Management has swapped private equity hands, with its ownership transferring from UK private equity firm Livingbridge to homegrown investor Quadrant Private Equity.

Livingbridge invested in TSA Management in December 2017, with the objective of helping the Australian consultancy expand into new sectors and geographies. According to leaders at Livingbridge and TSA Management, the partners have – despite the Covid-19 crisis and its aftermath – been able to realise their joint ambitions over the past three years. 

Andrew Wilson, CEO of TSA Management, said: “Livingbridge’s expert guidance and financial support have been instrumental in helping us fulfil our potential. They invested the energy to understand what makes TSA special and supported investments in initiatives that have helped us go from strength-to-strength.”

Quadrant invests in project consultancy TSA Management

During this time, TSA Management managed to more than double in size to over 350 employees (this stood at 150 back in 2017), expand its footprint to ten offices across Australia and New Zealand, grow its number of its clients to 250 and professionalise its operational capabilities, according to Wilson.

TSA’s growth was accelerated by a number of acquisitions, including Xact Project Consultants in Canberra and New Zealand-based project management consultancy Xigo. The project management consultancy also agreed several partnerships that expanded its offerings.

Following Livingbridge’s exit, which was advised during the deal by Rothschild (M&A), L.E.K. Consulting (commercial), PwC (financial and tax) and Minter Ellison (legal), TSA “now looks forward” to its partnership with Quadrant, said Wilson. The Sydney-based investor has closed over 60 investments since its inception in 1996, including in technology services group Arq. This deal is understood to be worth more than $200 million. 

Together, Quadrant and TSA have set out to “continue to grow TSA’s range of services and geographic reach” and “provide the best outcomes for our clients and career opportunities for our people” stated Wilson. 

Oliver Mauldridge and Gareth Young from Livingbridge commented: “We are immensely proud of our partnership with TSA and wish them and Quadrant every success in the future.”  

TSA Management was founded in 2001. The Sydney-headquartered company consults and partners with government and private sector clients to deliver complex programmes and projects across a range of infrastructure and social infrastructure sectors, including road, rail, healthcare, and education.


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