Cork-based planning consultants, MBC Financial, have recently completed the acquisition of Larry O’Mahony, a well-established financial services firm. The financial details of the deal have not been disclosed. MBC Financial, founded in 2008, is located in Cork Airport Business Park and also has an office in Listowel, Kerry. The company, managed by Alan McCarthy, Denis Collins, Desmond Murphy, and Shane Sullivan, reported a turnover of €500k last year and was awarded Cork Pension & Investment Broker for the second consecutive year. McCarthy stated that the acquisition aligns with MBC Financial’s long-term growth strategy and that they will work closely with Larry O’Mahony to ensure a seamless integration process. This move is seen as a significant step forward for MBC Financial in terms of their client service offering, product portfolios, and driving synergies.
MBC Financial’s sister company, MBC Insurance, was acquired earlier this year by the UK insurance company Clear Group, marking Clear Group’s entry into the Irish market. With over 5,600 clients, MBC Insurance reported an annual turnover of over €2.6m in 2022. The UK firm gained full control of McAuliffe Barry & Collins Ltd, trading as MBC Insurance, through this acquisition.
Larry O’Mahony, the recent acquisition by MBC Financial, is a financial consultancy firm located on Cork’s South Mall. The firm has been operating for more than 30 years and reported a turnover of just under €200k in September last year.
The past year has witnessed a notable increase in consolidation within the indigenous financial advisory sector, with 26 mergers and acquisitions taking place in the last six months, according to private equity firm Renatus. This trend of consolidation is also evident in the wider professional services landscape, with independent insurance firms across the country experiencing a surge in mergers and acquisitions. Private equity-backed multinationals are driving much of this M&A activity as they seek growth through acquisitions.