Consulting M&A Weekly Round-up (14th to 20th January, 2024)

Greetings, readers! Welcome back to our latest installment of the global consulting M&A news round-up. In this edition, we have a diverse range of noteworthy deals to delve into.

KPMG has successfully acquired a specialized accounting and consulting services firm, while MHA and MHA Moore and Smalley have declared their intention to merge. Additionally, Anthesis Group is set to join forces with a London-based consultancy, and several other pivotal transactions are that make up the recent developments.

As we embark on this exploration of the dynamic landscape of mergers and acquisitions in the consulting realm, we invite you to join us in uncovering the intricacies and highlights of these recent developments. Without further ado, let's dive into the exciting world of consulting M&A news.

#1. KPMG purchases Montreal-based Ruby Stein Wagner

KPMG Canada has completed the acquisition of Ruby Stein Wagner (RSW), a Montreal-based firm specializing in accounting and consulting services.

Established in 1949, RSW offers a range of services, including audit, assurance, tax, and advisory services, catering to family office and private clients. Their advisory practice encompasses strategic planning, organizational design, CFO services, business succession, valuation, transaction advisory, financial planning, and IT consulting.

RSW will become a valuable addition to KPMG's private enterprise team in Quebec, which now boasts a team of over 400 professionals. This team is dedicated to serving entrepreneurs, family businesses, and rapidly expanding companies.

Benoit Lacoste Bienvenue, the regional managing partner for Quebec at KPMG Canada, stated, “The inclusion of RSW professionals in our team enhances our ability to address the needs of entrepreneurs in the Greater Montreal area and reinforces our Family Office and private client capabilities.”

#2. MHA and MHA Moore and Smalley announce intention to merge

UK-based accounting firms MHA and MHA Moore and Smalley have officially declared their intention to merge, forming a consolidated entity. This merger aims to establish a comprehensive nationwide practice specializing in audit, tax, and advisory services, boasting a team of 1,600 partners and staff.

MHA Moore and Smalley, an independent accounting and consulting firm established in 1892, operates with over 300 professionals situated in key locations across the North West of England, including Kendall in the North East.

Since 2010, the firm has been a part of MHA, a UK-wide network of independent accountants and business advisers affiliated with Baker Tilly International. Notably, MHA has experienced significant growth in the past year, expanding its presence by inaugurating offices in Scotland and Wales.

With an eye on reinforcing this expansion, MHA has unveiled plans to formally integrate MHA Moore and Smalley into its operational framework. This strategic move aims to enhance the combined firms' capacity to provide a diverse range of services across the entire UK.

Rakesh Shaunak, Managing Partner and Chairman of MHA, expressed enthusiasm about the merger, stating, "The merging of MHA and MHA Moore and Smalley into a unified partnership and team is a mutually beneficial endeavor for both firms and our personnel.”

He further stated, “This collaboration will empower all our clients to access additional resources featuring extensive expertise across various sectors and services. Leveraging our shared strong cultures, the merger will also open up new avenues for professional development for our staff, presenting attractive career opportunities for potential recruits."

#3. CM Equity Partners invests in Dexis Consulting Group

CM Equity Partners (CMEP) has recently invested in Dexis Consulting Group, a consultancy based in Washington, DC, specializing in US foreign assistance programs.

Established in 2001, Dexis Consulting Group is dedicated to supporting the design and delivery of foreign assistance programs. The consultancy collaborates with esteemed clients such as the State Department, USAID, and the CDC. Dexis focuses on various practices, including agriculture and economic growth, anti-corruption, conflict mitigation, and security sector assistance.

Mihir Desai, CEO of Dexis, expressed enthusiasm about the financial support from CMEP, citing the latter's impressive nearly 30-year track record in investing in the federal services marketplace.

Desai stated, "Our vision is to expand our social impact work across other agencies that play a crucial role in citizens' lives, encompassing areas such as natural disaster recovery, public health, climate change, and AI-enabled citizen services."

Notably, Dexis will retain its existing leadership team, including its board. The transaction was facilitated with advice from the law firm DLA Piper, supporting CMEP in the process.

Mark McEuen, COO of Dexis, emphasized the commitment to maintaining the consultancy's culture and dedication to its highly skilled employees and partners. McEuen expressed anticipation for Dexis to continue providing lasting solutions to clients' complex challenges, contributing to the growth and diversification of their business.

#4. Anthesis merges with London-based consultancy Revolt

Anthesis has declared a merger with Revolt, a global specialist group in purpose strategy, with the financial details undisclosed. The collaboration aims to provide robust support to client partners, offering technical expertise, profound sustainability capabilities, and strategic ambition necessary for driving sustainable performance.

Stuart McLachlan, CEO of Anthesis, elaborated on the merger, stating, "Anthesis is dedicated to guiding our clients through the transition to decarbonized and more sustainable futures. The formulation and execution of purpose-led strategies for C-suites and brands are crucial.”

He further stated, “With Revolt, we now possess world-class expertise in purpose consulting, strategy, and communication. This, combined with our scientific rigor, market-leading digital solutions, and the creation of high-quality carbon removal projects, equips us with the necessary components to navigate risks and create value for our clients in their transformation journeys."

The integration of Revolt and Anthesis responds to the increasing demand for organizations to establish a purpose-driven strategic position, influencing corporate and brand strategy, channeling investments into sustainability, fortifying business and brand performance, and delivering transformative impact.

According to a joint release from both companies, the unified strength of Revolt and Anthesis will "activate and guide clients away from the outdated and unsustainable models of the old era."

This collaboration, featuring a combined team of 150 strategists, innovators, and creatives, will provide holistic purpose, brand activation, communications, reporting, and strategy services globally, enhancing the broader and distinctive Anthesis client offering.

#5. Synergy Group adds strategic design consultancy ThinkPlace

In a significant development within the nation's government consulting arena, Synergy Group has expanded its presence by incorporating the Australian team of strategic design consultancy, ThinkPlace.

Established 25 years ago, Synergy Group stands as the largest domestically originated consulting firm dedicated to the public domain in the country. With a workforce of 600 spread across offices in Canberra, Melbourne, Sydney, and Brisbane, the firm offers comprehensive support to government institutions, encompassing services ranging from strategy, innovation, and design to transformation delivery and managed services.

Hailing from Canberra, ThinkPlace specializes in advising leaders across the public, private, and non-profit sectors on diverse subjects such as experience design, innovation, and community engagement.

Robert Kennedy, the CEO of Synergy Group, expressed his thoughts on this strategic addition, emphasizing that the collaboration will significantly augment Synergy Group's core business of spearheading multidisciplinary government consulting and transformation programs.

"This marks our public commitment to actively engage and explore opportunities to contribute to Australia's most significant government initiatives. The integration of ThinkPlace into Synergy Group solidifies our position as the foremost Australian-owned professional services firm catering to the government, thereby creating added value for our customers and stakeholders."

#6. Verdantas acquires Florida-based Flatwoods Consulting Group

Verdantas, an engineering and environmental consulting firm based in Columbus, has successfully acquired Flatwoods Consulting Group, an environmental consulting firm located in Tampa.

Established in 2009, Flatwoods specializes in providing natural resource consulting services to clients in the Southeastern US, including utilities, mining, water management districts, and waste management.

The firm boasts expertise in special status species surveys and conservation, natural resource planning and management, environmental compliance monitoring, geospatial analysis, as well as aquatic, wetland, and water resource monitoring, mitigation, and compliance.

This strategic acquisition by Verdantas is poised to enhance the company's capabilities in natural resources, environmental permitting, and compliance. Additionally, it will broaden Verdantas' footprint in Florida, where it already has offices in Orlando and Tallahassee.

Closing Thoughts

And that concludes our weekly report on consulting M&A news. If there are any deals we might have missed, kindly reach out and inform us. We also extend an invitation to join us again next week for another edition of consulting M&A news. Until then, take care and stay safe. Cheers!