Azets has entered the Irish market by acquiring Baker Tilly Ireland, which will rebrand as Azets Ireland with immediate effect.
Azets is an international audit, accounting, outsourcing, compliance and advisory group, specialising in supporting SME businesses, operating across the Nordics and UK.
Azets has 7,600 staff and c.100,000 clients. Its Azets Cozone is a cloud-based portal that the company says simplifies client workflows, increases operational productivity, and supports a more productive client relationship.
Blick Rothenberg, the London tax and accounting brand, and Nordic-based companies Karabingruppen, Legeregnskap, Luotsi Isännöinti, and Idur are all a part of Azets.
Baker Tilly Ireland, led by Neil Hughes, has 100 employees, including 11 partners, serving a portfolio of c2,000 clients.
In Association with
Aidan Kearney is Head of Audit and Advisory; Greg Hogan leads Corporate Finance; Ossie Houghton, Corporate Governance; and Mark Richardson, Fund Management Services.
To coincide with the deal, Baker Tilly said Dessie Morrow, Kate Prendiville, Rory O’Shea and Ivan McCormick have been promoted as firm partners with immediate effect.
Neil Hughes commented: “We have enjoyed strong organic growth over the past five years as we continue to deepen our areas of expertise and build a team of specialists.
“Our focus on the needs of owner managed and entrepreneurial led SMEs is unique and allows us to provide a broad range of professional services to the companies that are at the heart of the Irish economy.
“The SME sector is neglected by the big 6 accountancy firms, yet the needs and opportunities of those businesses are as valid as the needs of the multinational enterprise community.
“With the investment from Azets and the connection to this growing international services company, Azets Ireland is well positioned to advise our clients and to take advantage of the growth opportunities that this presents for our firm.”
Hughes added that SMEs and family-owned businesses were hit hardest by the pandemic, and the economic shock of the crisis left them “crying out” for services that they had never needed previously.
“With growing wage costs, high levels of inflation and rising interest rates, Irish SMEs are entering a period of economic uncertainty that will impact their operating margins over the coming years. This is when SMEs in Ireland will need the advice that a national firm of scale can bring,” Hughes said.
Chris Horne, Group CEO at Azets, described Ireland as the main gateway to Europe in a post-Brexit environment.
“There are clear synergies for Azets’ people and our clients from building a strong partnership with our new Irish team, and we’re delighted to welcome them into the group,” Horne stated.
“We have not expanded beyond our seven countries of operation in several years, and this is an important new chapter in our growth.
“Ireland has a buoyant SME market as well as being the investment location for North American firms accessing the European markets, making it the natural choice to complement Azets’ near-term expansion plans. We are excited to be partnering with Neil and the team to build a strong domestic and international advisory practice of scale.
“We have a clear pathway to deliver new jobs in Ireland and enable career progression for people at all levels.”
According to Renatus, Azets was advised by a McCann Fitzgerald team led by Gary McSharry and including Rachel O’Neill, Ciaran Sweeney, Joshua Kieran-Glennon, Alan Heuston, Caitriona Callanan, David Lydon, Ciara O’Herlihy, Darragh Murphy and Clare Gillett.
Baker Tilly’s legal counsel was a ByrneWallace team including Feargal Brennan, Gillian O’Shaughnessy, Laura Sheehan, Colin Bolger, Catherine Cusack and Ciara Ruane.
Photo (l-r): Neil Hughes and Chris Horne with Azets Ireland partners Linda Doran and Alma O’Brien. (Pic: Mac Innes Photography)
