The transaction will see 47 staff from MC2 join S&W Ireland’s existing operation, which currently employs about 115 people. S&W bought Dublin-based Beechwood Partners in August, adding 35 people to its business in Ireland.
MC2 Accountants made a €154,000 profit last year, compared with €283,000 the year before. At the end of 2024, it had retained earnings of €1.7m, according to accounts for the business.
The Cork firm was established in 2013, and provides audit, tax and business advisory services. Its business includes Parfrey Murphy, which is acquired in 2022.
S&W was launched as a standalone business in March this year after the sale of Evelyn Partners’ Professional Services to Apax Funds.
It now has more than 2,000 employees and more than 130 partners that are based between Ireland and the UK.
“Becoming part of a larger organisation gives us the infrastructure and wider capabilities to continue to deliver joined-up solutions across multiple service lines, ensuring we can support clients as their needs become more complex in a more challenging world,” said James Loughrey, a partner at MC2 Accountants.
John O’Callaghan, the managing partner at S&W Ireland, has previously noted that the group’s intention is to keep acquiring firms.
“Our strategy is to acquire high-quality accountancy firms with complementary expertise and we’re fortunate in that Apax Partners support what we want to do to build the business sustainably,” he told Accountancy Ireland this year.
He said that the acquisition of MC2 Accountants will give the group a strong foothold in Cork.
Ireland’s accountancy sector has seen increased mergers and acquisitions activity in recent years.
Earlier this year, UK-based accountancy firm AAB, merged with Irish firm Ormsby & Rhodes. The combined group has annual revenue of more than €120m. Ormsby & Rhodes had turnover of roughly €7m.
Also this year, Cork-based accountancy firm Moore Ireland merged with Galway’s DHKN.
With more than 240 staff, it made the combined group one of the largest accountancy firms in Ireland. Moore Ireland was supported by Waterland Private Equity in the move.
Last year, Azets Ireland merged with PKF O’Connor and Leddy & Holmes.
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