Long-standing Cork accountants acquired by multinational private equity firm

The firm was founded more than 50 years ago and currently employs around 135 people across its operations

Fri, 14 Jul, 2023 - 08:15

Emer Walsh

Cork-founded accountancy firm, Moore Ireland has been acquired by multinational private equity firm, Waterland for an undisclosed amount.

Founded in 1970, the South Mall accountants specialise in an array of services, employing around 135 people across its operations. The company is part of the Moore Global network of accountants and advisory services, which employs over 30,000 people across 114 countries.

The company was acquired by Waterland Private Equity through its London-based firm, Moore Kingston Smith LLP, with the funding from the deal being put towards an ambitious growth and expansion programme in Ireland.

Moore Kingston Smith is the main London firm of the Moore UK network and works across myriad industry sectors including media, nonprofit, manufacturing and real estate. With more than 70 partners, the firm employs around 700 people based in London and in June 2023, it completed its investment from Waterland Private Equity.

Operating across eleven countries, Waterland is an independent European private equity investment group. Employing more 170 people, the firm manages over €14 billion of investor commitments.

The investment in Moore is the first major strategic investment made by Moore Kingston Smith since completing its PE investment with Waterland on 30 June. Commenting on the investment, the firm’s Managing Partner, Maureen Penfold, said, “Ireland represents a stepping-stone for companies across the globe wanting to do business in Europe and needing an English-speaking base to help them do so."

“This is a transformational development for Moore in Ireland,” said Managing Partner of the Cork firm, Ned Murphy. “Our partnership with Moore Kingston Smith will provide us with the funds we need to make investments in strategic acquisitions in the Irish marketplace, as well as in infrastructure and people.”

Investment in accountancy firms has risen steadily over the last 18 months, both in Ireland and globally, largely driven by private equity firms who are attracted by the sector’s stability, low debt levels and positive cash flow.

Within the Moore network, Waterland has already invested in Moore Belgium, with Mr Murphy adding that Moore Ireland wanted to replicate that success, the runway for which is now cleared following its acquisition.