EY Tackle Tax Group Split in Auditing and Advisory Split
Ernst & Young (EY) is moving forward with their auditing and advisory split but is facing difficulty in splitting its tax group, which has been holding up the transition. The company plans to send roughly a quarter of its tax practice to the audit-focused firm but is challenged on how to retain expertise in the uneven split. The company is also concerned about the rivalry of tax work the division creates.1
Blue Ridge Acquires Crowe’s ESOP Services
Blue Ridge ESOP, the largest independent ESOP and 401(k) third-party administrator and recordkeeping firm, announced in August that it had acquired Crowe’s ESOP services and certain 401(k) plan services. Crowe, the 12th largest accounting and consulting firm in the U.S., previously divested its managed detection and response platform to AgileBlue earlier this year. The financial terms of the transaction were not disclosed.2
Waste Management, Inc. Ramps Up Inorganic Growth Strategy
WM, a leading provider of integrated environmental solutions, recently acquired two companies with an announcement of a third as it continues to pursue its inorganic growth strategy. Its second-quarter earnings report indicated that they intend to spend $300 to $400 million on acquisitions in its 2022 fiscal year. The company acquired waste management companies Green Earth LLC and Ray’s Trash Service and announced the acquisition of Natura. The financial terms of the transactions were not disclosed.3
Sustainability and Technology Drive Demand for Facility Management Market
The facility management industry is expected to experience significant growth over the coming years.The expansion is driven in part by a greaterfocus on sustainability and technological advancements, according to a recent report by consulting firm SkyQuest Technology. The market, valued at $42.2 billion in 2021, is expected to grow at an annualized rate of 12.6% from 2022 to 2028. With an increasing demand for sustainability, companies are adopting energy-conserving measures and technological solutions expected to drive growth.4
Largest Transactions Closed
- ManTech International Corporation
- The Carlyle Group Inc.
- Ergotron, Inc.
- The Sterling Group, L.P.; Constitution Capital Partners, LLC
- ReKTGlobal, Inc.
- Infinite Reality LLC
- Patriot Environmental Services, Inc.
- Heritage-Crystal Clean, LLC
- Infinity Consulting Solutions, Inc.
- Korn Ferry
- Substantially all of the Assets of e2b Calibration
- Transcat, Inc.
Other Financial Buyer Transactions Closed
- Pragmatic Institute
- MidOcean Partners LLP
- San Francisco Investment Consulting Practice of Milliman, Inc.
- Segal Advisors, Inc.
- Vistage Worldwide, Inc.
- Gridiron Capital, LLC
Other Strategic Buyer Transactions Closed
- Assets of EYP, Inc
- Page Southerland Page, Inc.
- GoalPath Solutions, LLC
- Sanctuary Wealth Group
- Kingston Smith Barlevi, LLP
- Citrin Cooperman and Company, LLC
- Lynn Talbott Advisors, LLC
- Reconciled It, Inc.
- Onward Corporation
- BerlinRosen Ltd.
This report represents transaction activity as mergers & acquisitions, consolidations, restructurings and spin-offs. Targets are defined as U.S. Based companies with either foreign or U.S. based buyers. Transaction information provided is based on closed dates only.
EBIT - Earnings Before Interest and Taxes