German professional services firm ETL Global has acquired a 51% stake in accountancy firm Noone Casey in Dublin as an entry point into the Irish market.
ETL Global, established in 2015 as ETL’s international business alliance, is a worldwide network of accounting, tax, audit and legal professionals.
The network is represented by over 1,000 offices in 50 countries. According to ETL Global, c.12,000 people including 9,000 professionals support 220,000 clients, generating revenues of c.€1.2bn.
ETL Global provides accounting taxation and legal services to the SME sector throughout Europe, and aims to develop a substantial presence in Ireland.
Similar to the insurance broker market, its buy and build strategy centres on purchasing controlling stakes in local accountancy firms.
ETL said the acquisition is part of its rapid expansion throughout Europe, with the aim to acquire more Irish firms in the coming months and years with ‘Master Partner’ Anthony Casey.
Noone Casey said in a statement: “After 30 years of storytelling from Dublin, Noone Casey are following in the footsteps of Joyce, Beckett and Murdoch in creating a greater international dimension.
“ETL Global, the European tax and legal powerhouse, has invested in Noone Casey to create ETL Noone Casey, providing expert services to our clients trading overseas and to international clients establishing in Ireland.”
Anthony Casey commented: “ETL Global is passionate about expanding throughout Ireland in a sustainable manner, allowing firms to retain their independence, while also availing of the dynamism of a rising international network. I look forward to leading further acquisitions of professional firms in Ireland in my new role as Master Partner.
“We’re delighted to expand further with them throughout Ireland and Europe as we look for many more dynamic partners to work with.”
Rosa Martinez Borrell, ETL Global CIO, stated: “Noone Casey is a perfect fit for the group with their long history of serving SMEs and startups in Ireland’s thriving economy.
“This is another milestone for ETL Global, entering the Irish market, supporting and inspiring small and medium-sized clients with a global reach.
“Ireland currently ranks third in Europe for the number of start-ups per capita, so we’re very excited to be expanding our presence here with further acquisitions in the near future.”
Noone Casey’s principals are founders Anthony Casey (59) and Andrew Noone (60), along with managing partner Roseanne Heavey (38).
At Noone Casey Audit Ltd, incorporated in 2022, Casey and Noone each speak for 45% of the equity with Heavey owning a 10% stake.