Article and photo taken from the Irish Examiner.
Since its acquisition of Noone Casey in April of this year, ETL said it has plans to make many more acquisitions in Ireland over the next three years.
German-based accounting group, ETL Global has announced its second acquisition in Ireland following its entry to the market earlier this year.
Purchasing a majority stake in Dublin-based Noone Casey in April, the global financial and advisory service provider has now acquired DMB Chartered Accountants, a long-standing finance firm based in Waterford city.
Speaking on the deal, ETL said it has almost doubled its Irish revenue, with the combined number of employees in Ireland now standing at 43.
ETL is planning a number of other investments in Ireland in the coming months, but rather than full takeovers, the firm acquires a 51% stake in the company which ETL says allows for continuity and stability within the firm, ensuring its “continued success in the market.”
Its latest purchase, DMB Chartered Accountants, was founded in 2002, operating in its offices at Waterford city’s Maritana Gate since then.
Employing more than 20 staff members with plans to hire more following the deal, the firm has established a significant client base in the south east, particularly among SMEs, family businesses and start-ups.
“This strategic move opens up an exciting new world for our clients,” said Caroline Bannon, Director at DMB.
“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.”
Its acquirer, ETL, is the fifth largest accountancy practice in Germany and Spain behind the traditional international big four and is looking at a number of other investments in professional services in Ireland and in Europe.
Since its acquisition of Noone Casey in April of this year, the firm said it has plans to make many more acquisitions in Ireland over the next three years.
In recent years, independent Irish firms have become increasingly attractive to global consolidators.
Often backed by private equity, international giants including PIB Group, Arachas, Assured Partners and now ETL have used Irish firms as part of expansive growth based acquisition plans in order to increase sales and its constomer base.