Ernst & Young expands entrepreneurial and private-company reach in Toronto and Calgary
(Toronto, 8 November 2011) Ernst & Young has signed a letter of intent with RSM Richter LLP that will see their Toronto audit, tax and transaction advisory practices, and Calgary restructuring practice, merge with our firm. The transaction will grow Ernst & Young’s Toronto and Calgary offices, and enhance the firm’s existing Entrepreneurial Services practice.
“RSM Richter LLP has a long legacy of providing exceptional service to their clients – particularly those in the entrepreneurial and private-company space,” says Trent Henry, Ernst & Young Chairman and CEO in Canada. “Their seasoned audit, tax and transaction advisory professionals in Toronto, and highly regarded restructuring group in Calgary, will work with ours as a powerful team. Together, we will help Canadian entrepreneurs evolve, grow and continue to stand out here, and around the world.”
At the core of this transaction is both firms’ common belief in the power of the entrepreneur to propel the economy forward. An Ernst & Young report released last week shows entrepreneurs require support and resources from governments and other stakeholders to truly make an impact.
Entrepreneurs speak out: A Call to action for G20 government, notes that Canada is the only G20 country where high levels of confidence among entrepreneurs are reflected in a similarly high number of new business registrations. But Henry says there is always more work to be done.
“Canada has already established an entrepreneurial ecosystem to foster and encourage new businesses,” he notes. “But entrepreneurs need continued support from governments, corporate Canada and even the educational system if the next generation is going to thrive over the long term. Teaming with a firm like RSM Richter to work more closely with and celebrate entrepreneurs is one way we’re working towards that.”
RSM Richter LLP has built a reputation for helping owner-managed organizations anticipate and meet complex challenges in a fast-paced and ever-changing world.
“Entrepreneurs have been the focus of our firm for more than 40 years,” says David Steinberg, Co-CEO of RSM Richter LLP. “Joining forces with Ernst & Young will allow us to bring their global entrepreneurial services abilities and experiences to our clients, and that packs a powerful punch not just for them, but for the country as a whole. This is a chance to blend our team approach and best practices with their exceptional brand, and work together to help existing and new clients achieve their potential.”
The transaction is expected to close on December 2. Approximately 140 RSM Richter LLP personnel, including 12 partners, will join Ernst & Young’s Toronto and Calgary practices. The transaction does not include RSM Richter LLP’s Toronto restructuring practice, which is pursuing a transaction of its own. The transaction does not affect the operations of RSM Richter Chamberland LLP, a separate limited liability partnership which will continue to operate under the name of “RSM Richter”.
About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 152,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
About RSM Richter LLP
RSM Richter’s Toronto audit, tax, corporate finance and consulting practices and the Calgary insolvency practice have been seen as a leader of professional services to entrepreneurial clients for over 40 years. With proactive advice and an integrated service model we have supported clients as they have grown their businesses in the Canadian and global marketplace.