Wavestone buys Denver's Sand Cherry for up to $47M in US push
What's the deal? France's WavestoneDealroom has a profile for this one. Try Dealroom → has acquired 100% of Sand Cherry AssociatesDealroom has a profile for this one. Try Dealroom →, a Denver-based management consulting firm, in a cash deal worth up to $47 million. The initial price is $35 million in enterprise value, with up to $12 million more tied to Sand Cherry's performance through 2027.
What does Sand Cherry do? Founded in 2001, it advises major US companies on business transformations, starting in technology, media, and telecommunications before moving into sectors such as energy and utilities. It employs about 130 permanent staff across Denver and other US cities.
By the numbers: Sand Cherry has averaged more than 15% annual growth over the past three fiscal years. It targets revenue of about $31.5 million for the year ending December 31, 2026, with a 15% adjusted EBITDA margin.
What's the endgame? The acquisition is part of Wavestone's "Lead the shift" strategic plan and deepens its US presence. It lifts Wavestone's pro forma North American revenue to about $120 million and regional headcount to nearly 370 employees.
The Paris-listed firm, which employs about 6,000 people across Europe and North America, says the deal strengthens its ability to serve US clients in financial services, life sciences and health, energy and utilities, and TMT.
What they said: The acquisition "is an important step in Wavestone's development in the United States," said Reza Maghsoudnia, Wavestone's director of strategic development (translated from French).
Sand Cherry chief executive officer John Calhoon said the combination lets his firm offer clients "access to complementary expertise and a strengthened international presence." Calhoon and his senior leadership will continue running the business within Wavestone.
Why now? Sand Cherry will be consolidated into Wavestone's accounts from September 1, 2026. The firm will publish its second-quarter 2026/27 revenue on October 29, 2026.
The signal: The deal reflects European consulting firms buying scale in the US to chase Fortune 200 transformation budgets, betting that domestic reach and sector depth win larger, more strategic mandates.
Read more: newsnreleases.com
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