Veritas Capital has agreed to purchase the U.S. public sector business of PwC for an undisclosed sum.Veritas said Wednesday it will rename and run the business as an independent company once it finalizes the transaction and completes regulatory approvals and other customary closing conditions.
The U.S. public sector business will continue to operate with its current leadership team and staff under the New York-based private equity firm’s ownership.
The business has approximately 1,500 partners and personnel that work to provide federal agencies such as the departments of Defense, Veterans Affairs and Homeland Security as well as state and local governments with consulting support services across the areas of financial and program management, strategy development, organization design and operational effectiveness.
Ramzi Musallam, CEO and managing partner of Veritas Capital, said the company will leverage its government sector experience and work with the public sector business’ management team to continue to deliver services to clients and advance expansion efforts.
Scott McIntyre, U.S. public sector leader at PwC, said Veritas Capital and its network and relationships in the government market will help the public sector business explore new business opportunities as a standalone company.
Musallam and McIntyre are both 2018 Wash100 recipients.
Morgan Stanley & Co. and Davis Polk & Wardwell LLP respectively serve as financial and legal adviser to PwC in the transaction.
Schulte Roth & Zabel LLP acts as Veritas Capital’s legal counsel in the deal.
