Accounting giant Ernst & Young is buying the Parthenon Group, a global strategy consultancy with 300 professionals across the globe.
EY isn't the only Big Four accounting firm that has bought a strategy consultant. In April this year, PwC acquired Booz & Company which is now known as Strategy& (pronounced Strategy and).
Parthenon, which is privately held, is ranked among the top 10 management consultancies worldwide. It has offices in Boston, London, Mumbai, San Francisco, Shanghai and Singapore.
Upon closing, the transaction will bring together EY’s world-class brand, global reach, market-leading growth and track record of innovation with Parthenon’s significant strategy capabilities across the Global 1000, private equity and education markets.
“Combining EY’s and Parthenon’s strengths, we will be betterpositioned in the marketplace to serve as strategic advisors working with companies to develop investment strategies across the capital lifecycle,” says Pip McCrostie, EY Global Vice Chair, Transaction Advisory Services.
“The combination is a great match on many levels. Just one example: Parthenon has first class credentials in the education sector and EY is already committed to making a positive difference in this area around the world.”
The combined business will be part of EY’s Transaction Advisory Services, operating under the Parthenon brand and the leadership of Parthenon’s Chairman and Managing Partner Bill Achtmeyer.
Parthenon will advise clients on when and where to invest their capital and assess the viability of strategic objectives around growth opportunities and portfolio management.
It will also complement other strategy service offerings from different parts of the EY organization, and will play a key role in delivering exceptional client service across all sectors and geographies.