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
