Oliver Wyman, a global management consulting firm and a business of Marsh McLennan, announced it has entered into an agreement to acquire Avascent, an aerospace and defense (A&D) management consulting firm focused on the corporate and private equity sectors.
Avascent complements Oliver Wyman's strong position and reputation across the aviation, aerospace and defense industry globally. For more than 15 years, Avascent has been the preeminent specialist management consulting firm serving clients across aerospace, defense, and government sectors. Avascent is also the leading boutique private equity and M&A advisor in the A&D space and the combination of Avascent and Oliver Wyman will create a team with unparalleled experience in both deal and post-transaction work.
"Avascent will complement Oliver Wyman's expertise, and strengthen it significantly in the Aerospace and Defense sector, both with our corporate and private equity clients," said Nick Studer, president and CEO, Oliver Wyman. "The company also has a similar business focus – built on deep industry expertise, analytics, impact and collaboration – and we believe these values will benefit our clients."
"We are excited to join Oliver Wyman, a company that shares both our dedication to deep sector expertise and an open, collaborative culture," said Steve Irwin, Avascent president. "Joining Oliver Wyman gives us access to the breadth and depth of capabilities necessary to accelerate our growth by addressing the full spectrum of challenges faced by A&D leaders today."
Avascent is based in the U.S., Canada, UK and France and with an extended network of clients and senior advisors around the world. A team of approximately 130 professionals, including 10 partners, will join Oliver Wyman and will be integrated into Oliver Wyman's Transportation & Services and Private Capital practices.
The terms of the transaction were not disclosed. The deal is expected to close before the end of the year.
