London, New York: EY has responded to PwC's acquisition of Booz & Co with a strategy deal of its own.
Yesterday Parthenon Group, a global strategy consultancy with 300 professionals in offices in Boston, London, Mumbai, San Francisco, Shanghai and Singapore, signed an agreement to combine its operations worldwide with EY, subject to the usual conditions.
"Combining EY's and Parthenon's strengths, we will be better positioned in the marketplace to serve as strategic advisors working with companies to develop investment strategies across the capital lifecycle," said Pip McCrostie, EY Global Vice Chair, Transaction Advisory Services.
"The combination is a great match on many levels. Just one example: Parthenon has first class credentials in the education sector and EY is already committed to making a positive difference in this area around the world."
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. It will also complement other strategy service offerings from different parts of the EY organization, and will play a key role in delivering exceptional client service across all sectors and geographies.
Achtmeyer added, "Parthenon is dedicated to helping our clients develop winning strategies, as is EY. Together we can offer corporations, private equity firms, and not-for-profit institutions superior end-to-end consulting services from ideation to implementation. Furthermore, our heritages are steeped in being entrepreneurial. I firmly believe this combination equates to one plus one equals ten."
Mark Weinberger, EY Global CEO and Chairman, concluded, "Adding the high quality talent of the Parthenon Group to EY's rapidly growing strategy consulting capabilities will be a powerful proposition in the market. Parthenon's substantial capabilities will help our clients make better capital allocation decisions and grow sustainably. This in turn will help us fulfill our purpose of building a better working world. "