Charles Russell Speechlys advises the shareholders and management team of Black Rock PM Ltd on the investment by specialist asset manager ICG

Intermediate Capital Group (“ICG”) replaces private equity house Dunedin as the external investor for Black Rock Programme Management Ltd (“Blackrock PM”) and will provide both debt and equity financial support. As a result of the transaction, ICG has acquired a minority stake in the business, with management retaining substantial shareholdings. The transaction places an enterprise value of £161.5m on Blackrock PM.

Blackrock PM is an award winning professional services firm, providing construction consulting and expert witness services for large, international construction and engineering projects.  Blackrock PM is currently advising on international construction disputes valued at around £125 billion and past projects include The Shard in London and the Burj Khalifa in Dubai.

 David Barry, Principal of Blackrock PM, said: “Charles Russell Speechlys did an excellent job on this transaction.  The quality of their advice coupled with the manner in which it was delivered really helped the deal get to the finish line and to achieve a successful outcome for all of the management team.”

Charles Russell Speechlys Corporate Partner, and Head of Private Equity, Malcolm MacDougall commented “Having worked with David and the Blackrock PM team on the previous investment by Dunedin, it was a particular pleasure for us to advise them again in relation to this transaction. We very much look forward to working with the team in future as they enter this next phase of the company’s development.”

The Charles Russell Speechlys team was led by Head of Private Equity Malcolm MacDougall, with finance partner Paul Kay leading on the debt aspects of the deal. Other members of the Charles Russell Speechlys team included Richard Coleman, Emily Davies, Nathan Lightman and Georgina Harris (Private Equity), Bethan Richards (Finance), Robert Birchall (Tax) and Susan Thomas (Employment).

For more information, please contact: Malcolm MacDougall on +44 (0)20 7427 4544 or

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