Cork-founded accountancy firm Moore Ireland has been acquired by multinational private equity firm Waterland for an undisclosed amount. The acquisition was made through Waterland’s London-based firm, Moore Kingston Smith LLP, with the funding from the deal being put towards a growth and expansion program in Ireland. Moore Ireland, founded in 1970, specializes in a range of services and employs around 135 people. It is part of the Moore Global network, which has over 30,000 employees across 114 countries.
Waterland is an independent European private equity investment group that operates across eleven countries. With over €14 billion of investor commitments, the firm manages a portfolio of investments in various sectors. The acquisition of Moore Ireland marks the first major strategic investment made by Moore Kingston Smith since completing its private equity investment with Waterland in June 2023. Moore Kingston Smith is the main London firm of the Moore UK network and has more than 70 partners and around 700 employees.
The investment in Moore Ireland comes at a time when investment in accountancy firms has been on the rise, both in Ireland and globally. Private equity firms are increasingly attracted to the sector due to its stability, low debt levels, and positive cash flow. This acquisition will provide Moore Ireland with the funds needed to make strategic investments in acquisitions, infrastructure, and personnel in the Irish marketplace.
Ned Murphy, Managing Partner of Moore Ireland, described the partnership with Moore Kingston Smith as a “transformational development” for the company. He expressed the firm’s intention to replicate the success of Moore Belgium, which had previously received investment from Waterland. The acquisition of Moore Ireland now paves the way for similar growth opportunities.
Maureen Penfold, Managing Partner of Moore Kingston Smith, highlighted Ireland’s significance as a stepping-stone for companies looking to do business in Europe. She emphasized the importance of having an English-speaking base to facilitate international business operations. The acquisition of Moore Ireland aligns with Waterland’s strategy to invest in companies that provide a strong platform for global growth and expansion.
Overall, the acquisition of Moore Ireland by Waterland signifies a significant milestone for both companies. It provides Moore Ireland with the necessary resources to pursue strategic growth initiatives, while also demonstrating Waterland’s commitment to investing in the accountancy sector. As the partnership between Moore Ireland and Moore Kingston Smith unfolds, it is expected to bring about positive developments for the Irish marketplace and contribute to the continued growth of the accountancy industry.