PARIS: French consulting firm Wavestone said it has acquired Sand Cherry, a Denver-based management consulting company specializing in business transformations, in a deal that advances Wavestone’s international expansion strategy.

The acquisition, announced as part of Wavestone’s “Lead the shift” strategic plan, gives the Paris-listed firm a stronger foothold in the U.S. consulting market and expands its roster of Fortune 200 clients.

Sand Cherry, founded in 2001, advises major U.S. companies on defining and implementing critical transformations. The firm was initially focused on the technology, media and telecommunications sectors before expanding into other industries, including energy and utilities. It employs about 130 permanent staff across Denver and several other major U.S. cities.

The company has averaged annual growth of more than 15% over the past three fiscal years and is targeting revenue of about $31.5 million for the fiscal year ending Dec. 31, 2026, with an adjusted EBITDA margin of 15%.

Wavestone acquired 100% of Sand Cherry’s share capital. The initial purchase price is $35 million in enterprise value, with up to an additional $12 million contingent on Sand Cherry’s performance in the fiscal years ending Dec. 31, 2026, and Dec. 31, 2027. The deal is fully financed in cash from Wavestone’s financial resources. Sand Cherry will be consolidated into Wavestone’s accounts starting Sept. 1, 2026.

The transaction lifts Wavestone’s pro forma revenue in North America to about $120 million and its regional headcount to nearly 370 permanent employees. The company said the deal strengthens its ability to serve major U.S. clients in key sectors including financial services, life sciences and health, energy and utilities, and TMT.

“L’acquisition de Sand Cherry constitue une étape importante dans le développement de Wavestone aux États-Unis,” said Reza Maghsoudnia, Wavestone’s director of strategic development, in a statement. “We share the same demand for quality, a strong entrepreneurial culture and the ambition to support our clients in their most strategic transformations.”

John Calhoon, CEO of Sand Cherry, said joining Wavestone opens a new chapter for his firm.

“We will be able to offer our clients access to complementary expertise and a strengthened international presence, while preserving what makes our identity: closeness to our clients, the high standards of our teams and our culture of talent development,” Calhoon said.

Calhoon and Sand Cherry’s senior leadership team are committed to the combination and will continue developing the business within Wavestone alongside the company’s North American management team.

Wavestone, which has about 6,000 employees in Europe and North America, is listed on Euronext Paris. The company said it will publish second-quarter 2026/27 revenue on Oct. 29, 2026, after the close of Euronext markets.

Dentons, Grant Thornton, Leoberwick and Willis Tower Watson advised Wavestone. IA Global Capital and Pierson Ferdinand advised Sand Cherry.