SLR Acquires Sustainability Experts

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by KnowESG
KnowESG_SLR acquires carnstone and ibis consulting
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SLR Consulting has successfully completed its third and fourth acquisitions in the UK within a year by welcoming Carnstone and Ibis Consulting to its portfolio.

The financial terms of the two additions remain undisclosed, but they will significantly enhance SLR's presence in the field of environmental, social, and governance (ESG) across Europe and beyond.

As a leading global sustainability consultancy headquartered in the UK, SLR Consulting employs over 2,000 professionals who serve clients in more than 20 countries worldwide.

Following support from Ares Capital Management, a US-listed financial investor, the company has been rapidly expanding its capabilities through recruitment efforts and a continuous series of acquisitions.

The most recent addition to SLR's team is Carnstone, a London-based consultancy specialising in sustainability and ESG. With a team of 45 experts based in the UK, France, China, and Singapore, Carnstone provides advice and support to large corporations and international institutions, focusing on areas such as climate change, human rights, inequality, and biodiversity loss within supply chains.

Neil Penhall, the CEO of SLR, expressed his excitement about the addition of Carnstone to SLR's team, stating that their expertise in supporting large companies with social, environmental, and climate issues in their corporate strategies and supply chains will significantly contribute to SLR's commitment to sustainability.

The need to increase ESG services and support the conversion of large corporations into sustainable businesses, particularly in Europe and Asia, where both companies have clients, was what motivated the acquisition of Carnstone.

This move also benefits Carnstone's clients by providing them access to a broader range of services, technical expertise, and geographical coverage to address their sustainability challenges.

Simon Hodgson, Director & Senior Partner at Carnstone, expressed enthusiasm about joining SLR, highlighting the opportunities for growth and development for their staff. He emphasised the strong cultural alignment and expertise between the two organisations, believing that the resulting ESG/sustainability consulting team will be at the forefront of the market in terms of scope and scale.

In addition to the Carnstone acquisition, SLR has also reached a deal to incorporate Ibis, an emerging market ESG advisory specialist, into its operations. Ibis, headquartered in Kent, UK, has a team of 100 professionals across various locations worldwide.

The firm collaborates with development financial institutions, private equity investors, banks, and other entities to transition to ESG and impact-focused strategies. As Africa's largest provider of sustainability data and assurance services, Ibis brings a sustainable finance lens to SLR's corporate ESG advisory capability, strengthening SLR's position as one of the largest global ESG advisory teams. The acquisition allows Ibis to extend its global reach through its partnership with SLR.

Jeremy Soboil, CEO of Ibis, expressed delight about joining SLR, noting the alignment of SLR's people-focused culture and trusted reputation with their own vision and values. They recognised the technical expertise, global reach, and rigorous approach of SLR as complementary to their offerings to the financial sector. Soboil emphasised that finding the right partner was crucial, and they believe that joining SLR marks the next step in their business's evolution.

These acquisitions follow SLR's previous deals, including the acquisition of RCS Global in October 2022 to enhance their audit function and the purchase of ClearLead Consulting in June 2022, an energy and sustainability consultancy with offices in the UK and Ireland.

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