MNP, a mid-market accounting and consulting firm, has acquired the St. John’s, Newfoundland practice of PwC Canada, effective August 7, 2023.
PwC partner Curtis Gagne and the majority of the PwC St. John’s team will join MNP’s existing team in the city. Financial terms of the transaction were not disclosed.
MNP previously acquired PwC’s personal insolvency practice in Atlantic Canada in 2016. The Calgary-based firm entered the Atlantic market in 2017 with the acquisition of WBLI, which had offices in Halifax and Truro, NS. MNP followed that in December 2019 with the acquisition of Sydney, NS–based firms MGM & Associates Chartered Professional Accountants and Jennings March Chartered Professional Accountants.
MNP expanded into St. John’s in June 2020 with acquisition of White + Abbott Chartered Professional Accountants and Winsor Coombs Chartered Professional Accountants. It added further to its St. John’s team with the 2021 purchase of DMK Chartered Professional Accountants.
"Atlantic Canada is a hub of innovation, talent, and economic development," said Diana Render, MNP's EVP for Atlantic Canada and Ontario (outside of the GTA). "Newfoundland and Labrador is an important part of that picture and home to a range of industries – led by energy, natural resources, and aquaculture – all of which are vital to Atlantic Canada's economy. We're excited to build on our commitment to the area."
MNP has been keen on acquiring the regional practices of Big Four firms, who may prefer to focus in on big city clients and digital-leaning projects as opposed to accounting and tax work for small and medium-sized businesses.
MNP in 2019 acquired the Prince George, BC practice of Deloitte, and then followed that in 2021 with the acquisition of 25 of Deloitte’s regional offices across the country. The deal added 900 team members, with a majority (500) in Quebec.
"It's been a pleasure to work with our clients in St. John's and we would like to thank our partner, Curtis Gagne, and the staff who are moving over, for their support over the years," said Gord Ashe, PwC's managing partner, Atlantic Canada. "Although PwC will no longer have a physical presence in St. John's, we remain committed to our clients throughout the Atlantic region, by continuing to build trust in society and solve important problems."
Sourced from Consulting.CA