Bridgepoint moves on ERM

The offer has been made for the 52% stake held by ERM’s current private equity backer 3i Group Plc as well as the 48% holding currently owned by ERM’s 400 employee shareholders. The transaction is expected to complete in December 2005, subject to usual regulatory clearances. If completed, this transaction will be the largest LBO ever undertaken in the UK professional services sector. It is expected that a significant number of employee shareholders will roll-over a substantial portion of their proceeds from the sale to re-invest in the new business.

The initial MBO in 2001 was led, with the backing of 3i, by Robin Bidwell, currently executive chairman of ERM and Peter Regan, now CEO. Since then the company has focused on a handful of core strategic initiatives to create value for both its clients and shareholders. These have included the further development of its global presence: the group has offices in 39 countries and has strengthened its presence in emerging economies such as China, Brazil and Russia. The company has also focused on building relationships with global multinational companies and building the services required to meet the challenges they face around the world. ERM clients include BP, BHP Billiton, ConocoPhillips, Raytheon Company, Whirlpool, Pfizer Inc and DuPont.

The impact of these initiatives on the financial performance of ERM has been significant. Since 2001 gross revenues have grown from $289.5m to $425.4m and EBITA from $26m to $38m. Today, ERM has over 100 offices in 39 countries and employs over 2,500 staff, around 400 of whom are shareholders.

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