Consulting M&A Weekly Round-up (12th to 18th November, 2023)

Welcome to another edition of our consulting M&A weekly recap, where we uncover the most recent and top of the line consulting mergers and acquisitions. This week has proved to be another exciting one, with some truly remarkable deals taking place.

It's been a stellar week for MNP, Frovis, and many other companies which have made some amazing acquisitions. From industry-leading experts to cutting-edge technology, these deals are sure to impact the consulting industry profoundly.

Stay with us as we unravel the details of these transactions, taking you on a journey into the latest and greatest in the world of consulting M&A.

#1. MNP acquires Baker Tilly Sarnia LLP

MNP, a prominent national mid-market accountancy firm, successfully completed the acquisition of Baker Tilly's Sarnia practice. In conjunction with this transaction, Scott Dawson and Giovanni Spadafora have assumed roles as partners in MNP's existing Sarnia office, accompanied by a team of five colleagues.

Scott Dawson, who previously served as a manager, contributed 12 years to Baker Tilly Sarnia, while Giovanni Spadafora, a senior manager in his recent tenure, dedicated 16 years to the same firm.

Baker Tilly Canada's network, formerly known as Collins Barrow, operates as a cooperative of independent accounting firms, facilitating a straightforward process for constituent practices opting to leave. Notably, RSM Canada's formation largely originated from Collins Barrow Toronto and several Collins Barrow firms in Alberta.

Jared Bourne, MNP's regional managing partner for Southwestern Ontario, expressed enthusiasm about the acquisition, stating, "Southwestern Ontario is characterized by a robust manufacturing sector, fertile agricultural lands, and its proximity to the US border, making it a crucial component of Ontario's economy.”

He added, “Since 2018, we have taken pride in our association with the Sarnia community and are eager to reinforce our commitment to the region, especially during a time when we can support businesses in prospering amidst an uncertain environment."

#2. Forvis to acquire Mazars USA

Forvis LLP, the eighth-largest accounting and consulting firm in the United States, has officially entered into an agreement to acquire Mazars USA LLP, the 31st-largest accounting and consulting firm in the US. The acquisition is set to take effect on June 1, 2024.

Established in 1945, Mazars operates as a unified entity, functioning as a fully integrated partnership. With a workforce exceeding 34,000 professionals spread across 95+ countries, Mazars is dedicated to providing comprehensive audit, tax, and consulting services.

Hervé Hélias, the CEO and chairman of Mazars Group, expressed enthusiasm about the merger, stating, “We take pride in presenting our clients with the robustness of our international integrated partnership spanning 100 countries. Additionally, we look forward to leveraging the advantages offered by FORVIS' extensive national partnership in the US, operating seamlessly as one cohesive entity across the country.”

He further added, “This strategic move not only provides us with the desired scale and broader presence in the US but also positions us as a prominent player in the top 10 global network, boasting significant scale and coverage."

#3. Bowman buys CFA Inc. and Blankinship & Associates

Reston, VA-based infrastructure engineering consultancy, Bowman Consulting Group, has successfully acquired CFA Inc., a civil engineering firm based in Reno, and Blankinship & Associates, an environmental consulting firm located in Sacramento.

Established in 1981, CFA offers a comprehensive range of services including civil engineering, planning, surveying, mapping, and remote sensing to both public and private sector clients. The firm specializes in projects related to public works, utility infrastructure, traffic and transportation management, data centers, healthcare facilities, educational institutions, hospitality venues, and recreational complexes.

Meanwhile, Blankinship & Associates, founded in 2000, focuses on providing environmental and engineering services in areas such as water resources, natural resource management, permitting and compliance, and specialized training.

Bowman Consulting Group, through the acquisition of CFA, aims to bolster its presence in Nevada, where it currently operates a Las Vegas office. This strategic move is expected to serve as a foundation for further expansion within the state.

On the other hand, the acquisition of Blankinship is anticipated to contribute approximately $3 million in annual billing to Bowman Consulting Group, enhancing the firm's capabilities in environmental consulting and engineering services.

#4. BIP boosts ESG offering with net zero consultancy Verco

BIP, a prominent global consulting firm, has recently finalized the acquisition of Verco, a leading energy management and sustainability company specializing in zero-carbon solutions for diverse organizations.

Established in 1989, Verco boasts three decades of experience at the forefront of the low-carbon economy. The acquisition provides BIP with access to an array of expanded resources, state-of-the-art technologies, research assets, specialized expertise, and a pool of international talent.

This newfound synergy empowers both BIP and Verco's clients to more effectively pursue their sustainability and ESG (Environmental, Social, and Governance) goals amidst the ever-evolving business landscape.

Moreover, this acquisition signifies the commencement of an exciting phase for both entities, propelling their sustainable impacts on a global scale. It aligns with BIP Group's broader strategy of non-organic growth, aimed at augmenting its geographical reach, supplying cutting-edge technologies, and tapping into international expertise and talent within the global market.

Beyond the UK, BIP is actively exploring various opportunities, with a particular focus on potential expansions in France and Germany.

#5. Menzies merges with Butler & Co to accelerate growth

Menzies, an accountancy and strategic advisory firm, has successfully merged with Butler & Co, a London-based firm, as part of its ongoing expansion strategy.

Based in London and with a network of offices spanning Surrey, Hampshire, Hertfordshire, and Cardiff, Menzies boasts a team of over 600 employees and an annual turnover exceeding £60 million. The firm provides a comprehensive range of services, including audit and accounts advisory, tax services, business recovery, strategic advisory, and outsourced services.

Simon Massey, the managing partner at Menzies, emphasized the significance of the merger with Butler & Co in advancing Menzies' presence in the capital. Massey highlighted the alignment of culture, clients, and working methods as crucial synergies that make this merger an excellent fit.

He also underscored the strength of Menzies in audit services, expressing confidence that the addition of more professionals to the specialist audit team will further enhance the firm's overall proposition.

Closing Thoughts

As we wrap up this week's recap of consulting M&A news, it's worth noting that even in uncertain times, the market for mergers and acquisitions in our industry never seems to slow down.

From major players consolidating their positions, to smaller firms seeking to expand their areas of expertise--there's always something on the horizon. But even with all the activity out there, it's possible that a deal or two may slip through the cracks.

So, if you happen to hear of any that we’ve missed, please don't hesitate to drop us a message. Until next time, its bye for now.