Benzinga | Oct 18, 2021 08:40AM EDT

Alleghany Capital Reports Its IPS-Integrated Project Unit Purchased Anchorbuoy (Also Known As 'Linesight'), No Terms Disclosed

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.