While Brexit has caused some investors to retrench to the UK, private equity firm Livingbridge has made a move to the other side of the world.
The UK mid-market stalwart has completed its first deal in Australia, buying consulting firm TSA Management for a double-digit-millions sum.
Livingbridge, which opened its Australian office just last year, thinks that the country's ambitious infrastructure spending programme – combined with an ageing population – could mean high demand for TSA's expertise in healthcare and education.
“TSA has built a talented workforce, specialist experience and long-standing client relationships across a range of infrastructure and property markets,” said Livingbridge's Gareth Young.
Brexit has not stymied UK-rooted Livingbridge from branching out globally, as the firm also opened its first US office last month in Boston.
As more and more private equity firms are popping up, and competition for deals is increasing, differentiating factors such as offices in attractive markets are helping firms stand out.
Livingbridge hoped that its added presence on the ground in Australia and Boston would help with sourcing deals for its portfolio companies to expand globally.