Waterland-backed firm takes majority stake in Moore Ireland

London-based accounting firm Moore Kingston Smith (MKS) has taken a stake in Moore Ireland for an undisclosed sum in a deal funded by Dutch private equity firm Waterland, the latest transaction in a wave of consolidation in the sector.

Cork-based Moore Ireland, part of the Moore Global network of affiliated firms, will now be majority owned by MKS, the main London business in that network, and Waterland, according to Moore Ireland managing partner Ned Murphy.

The investment in the Irish firm, which employs 135 people in Cork and Dublin, will facilitate further expansion within the domestic market. “It will allow us to invest in a buy-and-build strategy above everything else,” Mr Murphy told The Irish Times. “We want to go out there and acquire other firms and this will give us the financial firepower to do that.”

It is the first investment by MKS in the Irish market since completing its investment with Waterland in June.

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The deal is just the latest in a string of transactions in the Irish accounting industry, with private equity firms spotting opportunities in a fragmented sector where regulatory and compliance costs are ratcheting up.

This year alone has seen Nordic audit and advisory business Azets’s acquisition of Dublin firm Baker Tilly and media and entertainment accounting firm Noone Casey’s sale of a 51 per cent stake to German-based ETL Global. Other global players are said to be interested in entering the market here.

“You either consolidate or you’re going to be consolidated,” Mr Murphy said. “Standing still is not an option.”

Waterland has been particularly active on the Irish scene this year. The Dutch firm said in January that it planned to at least double the €100 million it has invested in Irish companies since entering the Republic three years ago, after the group completed a €4 billion fundraising to target medium-sized companies across Europe.

Waterland acquired control of Writech, a Westmeath-based fire-protection company, in 2021, and subsequently bankrolled the business as it acquired a Swedish peer called Ce Sprinkler and UK-based Compco Fire Systems.

It took a majority stake in MTM Engineering, a Meath-based data centre cable specialist, last summer in a deal reported to be worth €30 million.

Matthias Geyssens, a partner at Waterland, said: “We are honoured to partner with another successful alliance to support their future growth. We look forward to being part of what promises to be an exciting new chapter for Moore Ireland.”