AAB, a UK-based accountancy firm backed by private equity, has agreed to merge with Ormsby & Rhodes, one of Ireland's oldest accountancy firms, to strengthen its presence in the Republic of Ireland.
AAB , a UK-based accountancy firm backed by private equity firm August Equity, has agreed to merge with Ormsby & Rhodes , one of the longest-established firms in the Republic of Ireland . This strategic move aims to bolster AAB 's presence on the island of Ireland . Ormsby & Rhodes , founded in 1911, will retain its name, with all 10 partners committing to stay with the business.
The firm currently employs 42 people and generates over €7 million annually in revenue from various services, including audit, accounting, tax, payroll, company secretarial, and business advisory support. This merger follows AAB's successful investment in Ireland in 2022 with the acquisition of Northern Ireland-based FPM. AAB is actively pursuing further deals to expand its reach across the island. Emma Lancaster, CEO of AAB, stated that this strategic move will enhance their international presence through growth opportunities in Europe. The Irish accountancy sector, particularly the small- to mid-tier segment, has witnessed a surge in mergers and acquisitions in recent years. This trend is driven by overseas firms, often with private equity backing, seeking to capitalize on Ireland's rapid economic growth and its status as a key European base for global tech and pharmaceutical companies. Private equity firms are attracted to the accounting sector due to its recurring revenue model, making it easier to finance takeovers. In addition, factors such as increasing regulatory burdens, technology costs, and succession planning are prompting consolidation discussions among smaller domestic practices. The Irish market has seen a flurry of activity from various international players. ETL Global, a German-based accounting group, entered the market in early 2023 by acquiring a 51% stake in Noone Casey in Dublin and has since pursued other deals. London-based Azets acquired Baker Tilly Ireland in the same year, followed by a merger with rival PKF O’Connor, Leddy & Holmes in 2024. Dains, a UK accountancy group backed by Horizons, acquired McInerney Saunders Chartered Accountants in Dublin last year and has tasked the Irish firm with identifying further acquisition opportunities. Last week, Moore Ireland, a Cork-based accountancy firm backed by private equity, announced a merger with Galway-based DHKN. This move marks the first major strategic step by Moore Ireland following its acquisition by UK-based Moore Kingston Smith last summer, financed by Dutch private equity firm Waterland
MERGERS AND ACQUISITIONS ACCOUNTANCY IRELAND PRIVATE EQUITY AAB ORMSBY & RHODES
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