German investment firm RAG-Stiftung has bought a majority stake in engineering consultant Pell Frischmann. The firm bought out the stake previously owned by the Frischmann family and part of the Prabhu family, and has said that Pell Frischmann senior management team members Tushar Prabhu and Richard Barrett will become joint chief executives. Dr Wilem Frischmann, who has been with Pell Frischmann since 1958, will step down as chairman and take on a new position as a strategic adviser to the board. Jiirgen Wild, managing director of RAG-Stiftung, will take over as chairman. Wild said: "Our strategy is to invest in market leading firms with an international reach and a strong existing management team that delivers steady returns and growth. Pell Frischmann fits our criteria perfectly."
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