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Mouchel buys Hedra for £50m

Consultant Mouchel has bought management consultant Hedra for £50 million in cash and shares.

The purchase is set to double the size of Mouchel’s management consultancy business under the biggest deal since Mouchel merged with rival Parkman in 2003.

Hedra’s clients are predominantly in central and local Government which underpins Mouchel’s shift from being an engineering-focused consultancy to providing multi-disciplinary services.

Mouchel chief executive Richard Cuthbert said: “This deal adds scale and breadth to Mouchel’s position in the public sector.

“Combining Hedra with our existing management consultancy and project management practice significantly enhances the Group's capability in this area and strengthens our in-house capacity to deliver and transform single and multi-service outsourced contracts.”

Former Serco Solutions chief executive Steve Morriss will head up the consolidated business of Hedra and Mouchel’s Government and business services divisions. He will take up the role next Monday.

In the 12 months to December 2007 Hedra made pre-tax profits of £4 million on a turnover of £47.5 million.