EY has announced the acquisition of Port Jackson Partners after eight months of discussions.
The acquisition, expected to be completed by June, will see all 13 of Port Jackson Partners’ principals and directors join EY as partners and all other staff joining as employees of the big four firm in Sydney.
The firm will be rebranded as EY Port Jackson Partners, and EY has said the new team will form a key part of EY’s global strategy practice, EY Pantheon, comprised of over 5,000 people.
EY Oceania chief executive and managing director Tony Johnson said the skills and experience of the Port Jackson Partners team would support EY’s bid to build a global strategy practice.
“It will help us provide additional value to our clients in the boardroom and at the C-suite level by providing even greater strategic insights, along with the end-to-end services already offered by EY,” Mr Johnson said.
“We are delighted to be welcoming Port Jackson Partners’ talent and experience to the EY family, and we maintain the highest respect for their successful client service model.
“Together, we will be focused on doing the kind of work that we are great at — helping leaders solve the toughest problems that are challenging corporates, governments and private equity.”
Port Jackson Partners managing director Byron Pirola said the acquisition will allow the firm to realise its full potential.
“It is clear that our clients are now demanding broader, on-the-ground geographic reach and that we need to offer our people a broader career path, with more opportunity to work internationally,” Mr Pirola said.
“All of our partners voted in favour of joining EY. Over nearly 30 years, we have grown from two people in an office in Sydney to Australia’s most respected boutique strategy consulting firm.
“While we are proud of that achievement, we are ambitious beyond what we can now achieve alone.
“EY offers us a perfect match as we can continue to deliver our distinctive work for clients within a global network that reflects our own core values and culture.”
Sourced from Accounts Daily - written by Aidan Curtis