International consulting group Sia Partners has snapped up London-based rival Molten Group in a bid to expand its oil and gas practice in the UK and US.
Sia will integrate Molten with its London office in the UK and will keep Molten's Houston, Texas, office in the US, bringing it under the Sia brand.
Molten was founded in 2003 and specialises in management consulting for oil and gas, financial and consumer clients, generating more than £6m in annual revenues.
Sia Partners, which was founded in 1999 in Paris, will now have close to 60 consultants in four practices in the UK middle market and 80 consultants in the US spread across four offices.
It will now have more than 250 dedicated workers for oil and gas consulting, generating more than $40m (£31m).
The value of the deal was not disclosed.
Molten's co-founders Irene Molodtsov and Rory Colfer will become co-chief executives of Sia Partners UK.
"This merger of two independent consulting companies is a natural combination," Molodstov and Colfer said.
"We've known Sia Partners' executives for several years now, and we have had the occasion to collaborate on a few. By quickly integrating the two teams, we can achieve our ambitions in the UK market, reaching over 100 consultants in less than two years thanks to Sia Partners’ financial capabilities."
Matthieu Courtecuisse, founder and chief executive of Sia Partners, said: "With this acquisition, Sia Partners becomes a global player in management consultancy to companies including those in the oil and gas sector, with a reach spanning from the USA to Southeast Asia, as well as Europe and the Middle East.
"We are very well-placed to advise companies in the sector as we start to see a more stable commodity pricing environment and companies return to growth."
Oil prices have been driven down further this week as more surprise increases in US stockpiles pushed the price of Brent crude down to below $48 and shaved three per cent off West Texas Intermediate futures.
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