Consulting M&A Weekly Round-up (31st to 6th April, 2024)

As we enter into another week, its time for another weekly round-up of consulting M&A news. While the big players haven’t been in action in the week gone by, there have been some substantial movement with regards to mergers and acquisitions. So, let us take a look at all the latest happenings, one by one.

#1. Marshall & Stevens purchases forensic accountancy Rocky Mountain Advisory

Marshall & Stevens, a financial opinion and valuation advisory firm headquartered in Los Angeles, has completed the acquisition of Rocky Mountain Advisory (RMA), a firm specializing in forensic accounting and litigation consulting based in Salt Lake City.

Established in 2010, RMA is a certified public accounting (CPA) firm renowned for its expertise in forensic accounting, bankruptcy and turnaround management, dispute analysis, and business valuation. Additionally, RMA offers specialized services in divorce proceedings and expert witness testimony.

This acquisition marks Marshall & Stevens' expansion with a new office location in Utah, thereby extending its reach to a fifth location across the United States. The strategic move enables the firm to enhance its service portfolio, particularly in dispute resolution and expert witness consulting. Moreover, it bolsters its capabilities in dispute and litigation support, introducing additional offerings in bankruptcy consulting, investigative accounting, and divorce services.

Mark Santarsiero, the President and CEO of Marshall & Stevens, remarked, "Public companies, private enterprises, investors, attorneys, accountants, and insurance companies rely on Marshall & Stevens for meticulously researched insights across various M&A, wealth transfer, and investment transactions. The addition of RMA's experts enables us to deliver a broader spectrum of expertise to our clients and the trusted advisors who consistently refer the majority of our work to us."

#2. Strategic consultancy Given merges with sustainability group Anthesis

Sustainability consultancy Given has joined forces with the international firm Anthesis, marking a significant development in response to the escalating scrutiny faced by global businesses over their purpose-driven strategies.

Established in 2009 by a group of visionaries aiming to revolutionize Environmental, Social, and Governance (ESG) practices in major corporations, Given specializes in guiding purpose-driven brands. With a dedicated team of approximately 50 professionals, the consultancy collaborates with companies to formulate their environmental and social strategies rooted in a clear sense of purpose.

Anthesis, boasting a widespread presence across various countries including Andorra, Brazil, Canada, China, Colombia, Finland, France, Germany, Ireland, Italy, the Middle East, the Philippines, Portugal, Spain, Sweden, the UK, and the US, has been actively expanding its services through strategic mergers and acquisitions.

Stuart McLachlan, CEO of Anthesis, expressed his thoughts on the recent merger, stating, "Given has long been recognized as a trailblazer in integrating purpose into business strategy, adept at aligning stakeholders to foster a deeper sense of mission and drive superior performance.”

He further added, “With our growing expertise in purpose-led strategy and transformation, complemented by our scientific know-how, we're poised to assist more clients in elevating purpose from a discretionary add-on to a fundamental driver of business value. Given's extensive track record of demonstrating the potency of purpose with some of the globe's most prominent brands is a testament to their prowess. We eagerly anticipate integrating their wealth of experience and insight into Anthesis, enriching our client partnerships."

#3. RGP to acquire financial services consultancy Reference Point

Resources Connection (RGP), a management consultancy based in Irvine, CA, has reached an agreement to acquire Reference Point, a consulting firm in the financial services industry headquartered in New York.

Established in 2002 by former banking executives, Reference Point specializes in assisting financial services clients in managing unique operational challenges. The firm's areas of expertise include strategy & management, risk & regulatory compliance, digital & technology, and data & analytics.

With the acquisition of Reference Point, RGP aims to broaden its range of advisory services for clients in the financial services sector. Following the transaction, Reference Point's management team, led by managing partner Scott Goeden, will continue to oversee the operations.

Kate Duchene, CEO of RGP, stated, "The financial services industry represents a significant portion of U.S. management consulting expenditure, prompting it to be one of our initial investment sectors and consistently ranking as a top-three sector for us. We anticipate that this merger will drive our growth within this vital vertical by introducing Reference Point's high-value advisory solutions to our clients and assisting Reference Point in expanding delivery teams through our on-demand talent."

#4. EisnerAmper acquires Tidwell Group

EisnerAmper, a nationwide accounting and consulting firm, has completed the acquisition of Tidwell Group, an accounting and consulting firm based in Birmingham, Alabama, specializing in the real estate industry.

Established in 1997, Tidwell boasts a team of 40 partners and over 200 staff spread across offices in Birmingham, Atlanta, Austin, and Columbus. The firm's core focus lies in providing accounting, tax, and consulting services tailored to the real estate and construction sectors. Their expertise encompasses various areas including low-income housing tax credits, bonds, conventional financing, renewable energy, HUD compliance and reporting, as well as USDA-Rural Development compliance and reporting.

Christopher Loiacono, EisnerAmper's vice chair of services, expressed enthusiasm about the acquisition, stating, "By joining forces with Tidwell's esteemed real estate group, EisnerAmper is poised to establish one of the foremost real estate practices not only in the United States but also internationally. We eagerly anticipate the opportunities ahead and extend a warm welcome to our new colleagues from Tidwell Group."

#5. Dubai-based Citrus Consulting acquired by ZainTECH

Zain Group's digital services and solutions division, ZainTECH, has recently acquired Citrus Consulting, a prominent IT consultancy firm headquartered in Dubai.

Founded in 2016, Citrus Consulting specializes in cloud and technology transformations, particularly within the AWS ecosystem. As an Advanced Consulting Partner of AWS in the region, Citrus Consulting provides a range of services including advisory, technology build, and managed services to its clientele.

With this acquisition, ZainTECH aims to bolster its capabilities in delivering holistic cloud-based digital solutions. Citrus Consulting's team of 30 professionals will now become part of ZainTECH, integrating into its Cloud Center of Excellence dedicated to AWS services.

Andrew Hanna, the CEO of ZainTECH, expressed enthusiasm about the acquisition, stating, "By incorporating Citrus Consulting into the ZainTECH ecosystem, we enhance our capacity to provide comprehensive cloud-based digital solutions, ensuring swift and tangible benefits for our clients."

#6. Argon & Co grows into Ireland with Pebble Business Transformation deal

Argon & Co has recently acquired Pebble Business Transformation, an esteemed management consultancy firm based in Ireland and comprising nearly 30 staff members.

Established in 2017 by Conor Duggan and Joe Hughes, Pebble Business Transformation specializes in executing operational and business process transformations. The firm boasts a prestigious clientele including Colgate-Palmolive, Diageo, Hitachi, Kerry Group, Mylan, and Coca-Cola.

This acquisition signifies Argon & Co's foray into the Irish market, making Ireland its sixth European market with a physical presence. As a global entity, Argon & Co maintains offices across the Americas, the Middle East, Asia, and Oceania.

Jean-François Laget, Managing Director of Argon & Co, expressed that this move into Ireland aligns seamlessly with the firm's international expansion strategy. Laget emphasized that Pebble Business Transformation is an ideal match for Argon & Co in terms of both capabilities and corporate culture.

He further added, "We are eager to broaden our reach and establish a robust presence in Ireland. The team at Pebble Business Transformation are renowned experts in their domain, boasting impressive credentials. We are delighted to welcome them aboard and augment the suite of transformation strategy services we provide."

#7. Crowe purchases ITR Economics

Crowe US, a leading national accounting and consulting firm, has reached an agreement to acquire ITR Economics, an esteemed economic research and intelligence firm headquartered in Manchester, NH.

Established in 1948, ITR holds the distinction of being the oldest continuously operating economic research and consulting firm in the United States. With a team of over 70 professionals listed on LinkedIn, ITR specializes in market and industry forecasting, sales and demand forecasting, as well as strategic and budget planning.

Through this acquisition, Crowe aims to enrich its consulting business by incorporating ITR's expertise in economic insight and analysis. Crowe's consulting services currently span performance improvement, risk consulting, deal advisory, legal and compliance, technology, and business transformation.

Chad Kellar, the leader of Crowe's strategy & transactions consulting business, commented on the acquisition, stating, "ITR is a highly respected firm renowned for its nearly 95% accurate forecasts and its ability to provide exceptional client insights and intelligence. This strategic addition of the ITR team and capabilities enables us to elevate the value we offer to our clients, empowering business leaders with informed decision-making in today's dynamic business landscape."

Closing Thoughts

That’s it for this week’s consulting M&A news. If we happened to miss out on any deals, please write to us and make it known. In the meantime, take care and we shall see you all again next week for another M&A round-up.