German-owned ETL makes second Irish acquisition

Written by admin

November 6, 2023

Article and photo taken from Business Post Ireland.

The accountancy business has purchased DMB Chartered Accountants in Waterford.

ETL, a German owned insurance business, has made its second Irish acquisition. ETL has purchased a majority stake in DMB Chartered Accountants, based in Waterford City. The deal follows its acquisition of Noone Casey in Dublin in April.

The move means ETL Ireland now has 43 staff, adding 20 from DMB, and the business said that the purchase almost doubles its Irish revenue. ETL is planning on making further acquisitions in Ireland in the coming months.

“This strategic move opens up an exciting new world for our clients. They’ll gain access to a cadre of specialists and a turbocharged national and international service, all from Waterford. It’s important for people to know they can have access to a global team of specialists but still be able to walk into our offices in Waterford City,” Caroline Bannon, director at DMB, said.

Following the Noone Casey purchase in April, ETL indicated it plans to make up to 20 acquisitions over the next three years.

“This is our second ETL Ireland investment and demonstrates our commitment to supporting ambitious professional firms looking to expand their business with the resources, reach, and knowledge of a global organisation. DMB perfectly aligns with our vision of a high-service firm that surpasses the expectations of the SME sector,” Anthony Casey, managing director of ETL Ireland, said.

In lieu of full takeovers, ETL’s approach is to purchase a 51 per cent stake in businesses in an effort to preserve continuity and stability in the firms it acquires.

In a statement, ETL said it is currently looking at a number of other potential purchases in Ireland and Europe.