Consulting M&A Weekly Round-up (30th to 6th May, 2023)

by Laurent Thomas | May 8, 2023 | 0 comments

The consulting world is abuzz once again with exciting mergers and acquisitions taking place. As always, we’re here to keep you well-informed and up-to-date on all the latest happenings in this dynamic industry.

Recent developments include the likes of Argon & Co’s acquisition, RSM US’s purchase, and EFESO’s merger with Tsetinis Consulting. These deals are certainly intriguing and set the tone for what’s shaping up to be yet another exciting week in the consulting world.

So, if you’re ready to saddle up and delve deeper into the industry’s hottest M&A activity, keep reading for all the insider information you need.

#1. Argon & Co strengthens logistics offering with Studio Logistic

Argon & Co has expanded its logistics capabilities in New Zealand by hiring the Studio Logistic team.

Studio Logistic, which was established in 2019, specializes in intralogistics, offering services including warehouse and distribution center design, warehouse process design, automation, and technology selection.

Moreover, the boutique firm is managed by founder Richard Mahoney (now an associate partner at Argon & Co) and comprises a small team of logistic engineers with an industrial background.

Speaking about the deal, one of the officials at Argon & Co stated that the firm have partnered with Studio Logistic on numerous client projects in the past couple of years and reckons they are a great fit for Argon’s New Zealand business and are delighted that the partnership will continue.

#2. RSM buys HCM technology specialist Wise Consulting

RSM US has acquired Wise Consulting, a human capital management technology consulting firm based in Baltimore.

Wise Consulting, which was founded by Jennifer Wise in the year 1996, assists clients in implementing UKG and Ceridian HCM solutions and provides ongoing payroll services.

As part of the deal, Wise Consulting CEO Steve Grem will join RSM, along with practice leaders Jennifer Southworth, Marta Williams, and Lorry Twisdale, and their team of more than 100 human capital technology implementation and support experts, payroll service providers, and support staff.

With this purchase, RSM will be able to offer mid-market clients integrated, all-around workforce options.

#3. EFESO beefs up team with 120-strong Tsetinis Consulting

EFESO Management Consultants has merged with Tsetinis Consulting, a specialist in performance enhancement with offices in Germany, Austria, and North America.

With the addition of Tsetinis Consulting, EFESO’s global offices will have 120 more consultants on staff, bringing the total number of employees there to about 920. EFESO, with its headquarters in Paris, has about 35 offices across Europe, the Middle East, North America, Latin America, and Asia.

Tsetinis Consulting, which was founded in 2000, specializes in performance enhancement by combining management consulting, engineering, and digitization expertise to generate results for its clients. The company’s expertise in the manufacturing sector, with an emphasis on the automotive and industrial segments, is well-known on the market.

As per the Co-CEO at EFESO, the addition of Tsetinis Consulting will reinforce the firm’s industrial offerings especially its “Idea to Value” offering (innovation management, new product development process, portfolio management, product lifecycle, design to value, value engineering, procurement) and discrete manufacturing capabilities.

#4. YCP buys procurement and supply chain provider Consus

YCP, an Asian professional services firm, has acquired Consus, a provider of procurement and supply chain consulting and solutions with approximately 100 employees in eight countries.

Consus, which was founded in India in 2010, has since developed into a comprehensive provider of procurement and supply chain services. Strategic sourcing, category management, supplier management, and procurement operations comprise the firm’s advisory services. Its portfolio of solutions includes, among others, instruments for e-sourcing, e-auctions, and contract management.

The acquisition of Consus by YCP expands its supply chain and procurement offerings and marks its foray into the procurement solutions and management services area.

#5. GAP Accountants joins Nexia’s organization in Melbourne

The Melbourne-based firm GAP Accountants has joined the international firm Nexia, bringing the total number of partners and personnel in Melbourne to over 90.

The Nexia Melbourne office, which is based in the city’s commercial center, provides clients with a comprehensive array of accounting, tax, and business advice services as well as assistance with asset management.

The addition of GAP Accountants expands Nexia’s capacity in tax, financial planning, corporate and business advising, and services for self-managed super funds by two partners and eight employees.

Furthermore, Doug Abrahams and Eva Bonner, the two directors of GAP Accountants, will become partners at Nexia as a result of the change. Following a stint at PKF, Abrahams started the boutique in 2004, and Bonner joined the group a decade later and worked his way up to director level.

#6. Alpha FMC buys boutique consultancy firm Shoreline

Alpha FMC has expanded its presence in Australia through the acquisition of Shoreline, a boutique consulting firm based in Sydney.

Shoreline, which was established in 2009, serves asset and wealth management companies, sovereign funds, and superannuation and pension funds. Product and distribution, operations and outsourcing, data and analytics, and digital and technology consulting are the firm’s primary services.

With the acquisition of Shoreline for an initial cash consideration of A$8 million (£4.2 million), Alpha FMC gains approximately 20 consultants and a “highly complementary” client base in Sydney.

As part of the agreement, Shoreline’s long-standing management team will remain with the business following the acquisition, with a performance-based earn-out mechanism of up to A$5 million (£2.6 million) in cash (meaning the deal’s utmost potential could reach A$13 million if all targets are met).

#7. Training The Street acquires Toronto-based The Marquee Group

Training The Street, a New York-based training firm for the financial services industry, has acquired The Marquee Group, a Toronto-based training and consulting firm for financial modeling.

The Marquee Group, which founded in 2002, offers corporate and university clients training courses, webinars, and online mentoring in modeling, valuation, and excel. Numerous investment banks, commercial banks, and pension funds collaborate with the company on their annual training programs.

With the acquisition of Marquee, Training The Street will expand its presence into Canada and offer more than 5,000 teaching days annually in financial centers such as New York, Toronto, London, and Hong Kong.

Furthermore, Falfurrias Capital Partners, which acquired Training The Street in 2021, funded the transaction.

#8. Praecipio expands into Canada with Avant acquisition

Austin-based IT and business process consulting firm Praecipio has expanded into Canada with the acquisition of Winnipeg-based Atlassian Platinum Solutions Partner Avant Systems Group.

Avant, which was founded in 2006, provides IT integration and workflow solutions on Atlassian, the industry’s foremost provider of collaboration, development, and issue tracking software for project management and software developer teams. The company offers an extensive selection of Atlassian support services, such as cloud migration assistance.

The acquisition of Avant by Praecipio will expand the American company’s presence in Canada. By combining both firm’s best-in-class services, support, and capabilities, Praecipio will be able to offer existing and future Canada-based clients something new and unique.

#9. HKA acquires Washington, DC-based Credibility International

HKA, a global risk and disputes consulting firm, has purchased Credibility International, a Washington, DC-based provider of fraud investigation and expert testimony services for damages and financial problems.

Credibility International, which was established in 2010, offers comprehensive testimony experience on topics such as damages, valuation, accounting, fraud, bribery, and corruption – providing opinions to courts and arbitrations for disputes involving businesses in 40+ countries.

The acquisition of Credibility International will expand HKA’s Washington office and bolster its service offering in forensic accounting and investigative services.

#10. TSA Management expands into UK with Henry Riley deal

The Australian project management firm TSA Management has expanded into the United Kingdom by acquiring the 200-person project management and quantity surveying firm Henry Riley.

Henry Riley, which was founded more than 130 years ago, assists clients in the construction and real estate industries with project planning and execution. The organization specializes in the commercial, education, health, industrial, logistics, leisure, residential, retail, transportation, and infrastructure markets. Customers such as Bupa, Amazon, Ikea, and the NHS are notable.

With the acquisition of Henry Riley, TSA Management now has 850 employees, and has 23 offices in Australia, New Zealand, Malaysia, and now the UK. Moreover, TSA Management seeks to bolster its presence in the UK with the help of Henry Riley.

Closing Thoughts

All in all, the past week of consulting M&A news have been an intriguing adventure to unpack. We greet you with gratitude to keep in communication with us and to let us know if there are any deals worth being put on the table that were missed out this time around.

We want you to be prepared as M&A negotiations continually evolve – staying updated is vital to make sure you don’t miss out. Our weekly updates will always strive for the goal of keeping readers abreast about all consulting acquisition developments taking place each week. Until we meet again – goodbye!