Bailey McCann, Opalesque New York:
Ernst & Young will buy the Parthenon Group, a global strategic consulting firm to expand its consulting services footprint. Parthenon is one of the top ten management consultants in the world, and will expand E&Y's offering to include consulting services across the Global 1000, private equity and education markets.
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. It will advise clients on when and where to invest their capital and assess the viability of strategic objectives around growth opportunities and portfolio management.
The deal is still pending regulatory approval. Financial terms were not disclosed. Clearsight Advisors acted as the financial advisor for Parthenon Group.
Ernst & Young's existing Transaction Advisory Services group had approximately 8,000 employees and $2.2bn in revenues as of last year.
The purchase highlights a recent trend among the big four to consolidate and bolt-on services. KPMG recently acquired Rothstein Kass' hedge fund business, and last year PwC bought Booz & Co. another management consultant firm which now operates as Strategy&.
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