Ernst & Young (EY) one of the world’s leading accounting firms has agreed to buy global strategy consultancy The Parthenon Group that will combine the companies’ operations worldwide and expand the reach and scope of Parthenon’s global Education Practice.
One of the ‘Big Four’ international audit firms that also includes Deloitte, KPMG and PricewaterhouseCoopers, EY provides consulting services in assurance, tax, transaction and advisory services.
““I firmly believe this combination equates to one plus one equals ten”
Through the deal, Parthenon’s Education Practice will be formalised as a ‘Centre of Excellence’ within EY’s Transactions Advisory Services (TAS) practice, led by Parthenon’s Chairman and Managing Partner Bill Achtmeyer, who remarked: “I firmly believe this combination equates to one plus one equals ten.”
Mark Weinberger, EY Global CEO and Chairman added that the merger will help EY expand its consultancy services and help its clients “make better capital allocation decisions and grow sustainably”.
Speaking with The PIE News, Karan Khemka, co-head of the Education Practice, confirmed Parthenon will continue under the same brand. “We expect that with the resources and capabilities of EY we will further our leading position as the largest advisor to the education sector globally.”
The partnership will open up access to EY’s network of public sector clients worldwide for Parthenon, who will also be able to assist education clients and investors with EY’s services in in-depth integration, audit and tax issues, Khemka said.
The new department will continue to carry out Parthenon’s remit of advising corporations, private equity firms and not-for-profit institutions on investment opportunities, assessing the viability of strategic objectives around growth opportunities and portfolio management.
Parthenon 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,” EY said in a statement on its website.
