Nightingale Associates

Deal Summary

Catalyst has successfully advised Tribal Group plc on the sale of its architectural subsidiary Nightingale Associates to the Canadian architecture, urban planning and transportation systems player IBI Group.

Nightingale is the UK’s leading architecture practice specialising in the healthcare, education and science markets, with a highly-established market position and brand-name in the UK and increasing internationally.

Founded in 1989, Nightingales, which employs 250 people, has to date been involved in over 3,000 projects including many of the highest profile hospital construction projects in the UK over the last 20 years. These include the £350m University Hospital in Coventry, the Golden Jubilee Wing of Kings Hospital in London and the Liverpool Heart and Chest Hospital. With this track record, the business has developed exceptional relationships with a number of large private sector healthcare, education and science contractor clients and public sector bodies.

Tribal Group plc is a provider of public sector services quoted on the main market of the London Stock Exchange.

What difference did we make?

Leveraging market knowledge gained through its advisory role to the shareholders of Foster + Partners on its buy-out in 2007 and maintained ever since, Catalyst was able to quickly identify a small group of credible international trade buyers for Nightingale Associates in spite of a difficult M&A market backdrop.

We were then able to engage quickly, directly and authoritatively with these buyers on issues of potential strategies within the architectural and wider urban planning markets, thereby developing a series of strategic rationales, synergies and valuations in respect of Nightingale.

It was through these discussions that IBI emerged as the best option as new owner of Nightingale, specifically by providing the Business with unparalleled access to North American markets whilst preserving the Nightingale brand and levels of autonomy.