Salford engineering consultancy RW Gregory has been sold to Oxford-based rival RPS Group, which is listed on the London Stock Exchange, for £10.1m.
The 70-year-old firm, which has worked on building services contracts for projects such as Peel Holdings' new £70m Trafford Centre extension and the £95m critical care building at Belfast Hospital, became a limited liability partnership in 2002. It has 11 partners, just nine of whom are the vendors. All 11 have signed service agreements which mean they are tied into the firm for at least three years.
Of the £10.1m sale price, £8.4m will be paid in cash, with a further £1.7m in new RPS shares.
An initial £5.2m in cash has already been paid to the partners, as well as 572,969 shares worth £1.7m. Subject to stipulated operational conditions being met, the remaining £3.2m will be paid in three instalments over the next three years.