Wavestone and Q_Perior merge to form European powerhouse

26 July 2023 Consultancy.eu 2 min. read

Two of Europe’s larger management and digital consulting firms, France-headquartered Wavestone and Germany-headquartered Q_Perior, are joining forces to create a powerhouse player with over 5,500 employees worldwide.

Headquartered in Paris, Wavestone is a listed consultancy with 4,400 staff in 9 countries, mainly in France, the UK, the US, and Asia. Munich-headquartered Q_Perior has 1,400 staff in 11 countries, with a strong European presence in its home markets of Germany, Switzerland, and Austria.

“Our ambition is to create a European consulting firm with a global reach, targeting sales of €1 billion by 2025,” said Wavestone CEO Pascal Imbert. “Q_Perior is undoubtedly the best partner for us to embark on such a project. Together, we can set ourselves the ambition of becoming a world-class European consulting champion.”

Wavestone and Q_Perior merge to form European powerhouse

The two companies have signed a memorandum of understanding which will see Wavestone acquire 100% of Q_Perior, based on an enterprise value of €330 million. Wavestone will pay around €68 million in cash, and fund the remainder through the issuance of new shares provided to existing Q_Perior shareholders. Up to €35 million has been reserved for potential earn-out bonuses.

Wavestone and Q_Perior have been working together for years. Imbert said that the past this alliance has clearly demonstrated the value of their complementarities in terms of geographical coverage, industry footprints, expertise, and organisational culture.

The bolt-on will propel Wavestone into one of the leading firms in the DACH market, and deepen its business and technological offerings in the insurance, banking, transport, automotive, manufacturing and public sectors.

CEO Imbert said that the scale of the merged group would make the firm “a leader among European-origin consulting firms” and “a key alternative to large British and American players.”

Some of the brands the two companies work for include BMW, BSH, Crédit Agricole, Deutsche Bahn, EDF, L’Oréal, LVMH, Société Générale, Swiss RE and TotalEnergies.

Combined, Wavestone and Q-Perior now have total revenues of €818 million. Both firms grew with double-digits in their last financial year. To hit their €1 billion target, the merged group aims to expand its presence in two priority markets (the UK and the US), and expand its presence in Asia. Selective acquisitions will be an integral part of the roadmap.

Commenting on the joining of forces, Q_Perior CEO Karsten Höppner said: “We strongly believe that the extraordinary combination of drivers for this combination makes it a unique opportunity for all stakeholders.”