Cowgills and Hill Dickinson advise on IT consultancy sale

Date posted:
Wed 21 September 2022

Cowgills and Hill Dickinson advise on IT consultancy sale

Cowgills deal advisory team has worked together with commercial law firm Hill Dickinson to advise the founder shareholders of Coeus Consulting on the £21m sale of its business to Wavestone, a French listed management consulting business.

Coeus Consulting is an independent, award-winning IT advisory firm, that works with technology, business and procurement leaders. Founded in 2013, the London-based company, has 45 permanent employees across the UK and Germany, has been a long-standing client of Bolton-based accountancy and business advisory firm, Cowgills.

Coeus serves leading Fortune Global 500 companies and organisations from the private and public sectors across the UK and Europe in industries including manufacturing and construction, energy & utilities, and retail & consumer products. Its value proposition is built on four main service offerings: IT Strategy, IT Sourcing, Change and Architecture.

The Coeus acquisition is Wavestone’s second in recent months following the purchase of PEN Partnership in August and the move sees all three companies combine forces to further Wavestone’s ambitions to become a leading player in the UK consulting market.

Ben Barry, James Cockroft and Rob Walker, Directors and co-founders of Coeus Consulting, comment: “Wavestone and Coeus Consulting's combination perfectly addresses the CIO agenda. We both have a complementary value proposition and client portfolio, as well as close corporate values. In addition, the business consulting expertise of PEN Partnership in the Financial Services and Life Science industries creates an exciting opportunity for us to address the transformation challenges of our clients in these sectors with a holistic value proposition. We were amazed by the strong cultural fit and we believe that the project will provide our teams with numerous opportunities.

Commenting on the sale, Cowgills corporate finance partner Sam Davies who led on the deal, together with director Ben Barlow and tax partner Georges Daubney, said: “This is another high profile, cross border deal we have completed. Coeus benefited from Cowgills’ deep knowledge of the technology and consulting sectors. We achieved a result significantly in excess of the vendor’s aspirations through a carefully built process with multiple international buyers. We are really pleased to have been able to advise the Coeus team on the sale of its business to Wavestone.”

Matt Noon, head of Hill Dickinson’s Liverpool office and of its Corporate and Banking Team, advised the sellers on the transaction, assisted by senior associate Lizzie Jones.

Commenting on the deal Matt said “There is great value to the client in being able to rely on legal and financial advisers working as a team on their behalf on deals like this, as the process is almost always much smoother. We very much enjoyed acting with the Cowgills team on what was a fantastic transaction and hopefully the start of another exciting chapter in the evolution of Coeus.”