An affiliate of Veritas Capital, a private equity investment firm, has acquired PwC USA public sector advisory business.
PwC’s USA public sector business advises the governments at federal, state and local level on improved processes and risk management. Work in progress for public sector clients will be uninterrupted during the transition.
The 1,500 PwC partners and staff will maintain their position under Veritas’ ownership. But the business will rebrand and operate as an independent company.
PwC USA chairman and senior partner Tim Ryan said: “Our USA public sector business has an excellent brand and client base with a strong record of growth, and this transaction will provide the partners and staff with an opportunity for continued development for both their business and careers.”
Veritas Capital CEO and managing partner Ramzi Musallam said: “We could not be more pleased to acquire the USA public sector business, which has consistently demonstrated visionary leadership, deep sector understanding, and an unparalleled commitment to helping its clients solve pressing business issues.”
The deal’s closing is subject to regulatory approvals and other conditions and is expected to take place shortly following the completion of these conditions.
By Joe Pickard