Global consulting firm FTI Consulting has acquired Platt, Sparks & Associates Consulting Petroleum Engineers (‘Platt Sparks’), a US-based advisory and engineering firm that specialises in the oil & gas sector. 14 professionals will join FTI’s Energy, Power & Products industry team. Financial terms of the transaction have not been disclosed.
Platt Sparks, which was founded in 1980, provides petroleum engineering services and assistance in dispute resolutions. In recent years the Austin (US) based firm has served clients throughout North America and in 17 other countries around the globe.
FTI Consulting employs more than 4,200 workers in 26 countries. The consultancy provides a wide range of financial advisory, management consulting and IT consulting services. During fiscal 2013, FTI Consulting generated revenue of $1.65 billion.
With the addition of Platt Sparks, FTI Consulting significantly expands its US oil, gas and energy consulting service offerings. “We believe that the addition of Platt Sparks’ engineering professionals to FTI Consulting’s energy professionals in Houston and throughout the world will put us in a unique position to serve our clients throughout the upstream, midstream and downstream energy sectors, both domestically and internationally," says John Klick, Global Leader of the Economic Consulting segment at FTI Consulting.
As part of the transaction, 14 employees of Platt Sparks will join FTI, and be part of the Energy, Power & Products industry team within the firm’s Economic Consulting business segment. The practice – which will be rebranded to FTI Platt Sparks – will remain under the leadership of Terry D. Payne, President of Platt Sparks, who joins FTI Consulting as a Senior Managing Director. “Joining FTI Consulting allows us to provide our clients with a total range of services that complement well with what Platt Sparks and FTI Consulting have been able to provide historically. We believe FTI Consulting, with its unique combination of extensive energy expertise and seasoned managerial and executive experience in dispute management, damages analysis, public policy and expert testimony, is the ideal partner to enhance our ability to serve our clients,” comments Payne.
In addition to the newly established Austin office, FTI also operates a 43-person office in Houston and a 60-person office in Dallas.
Last year FTI Consulting acquired the Insurance industry practice of Distinct Consulting, a midsized consulting firm with offices in Dublin, London and New York.