Ernst & Young closes deal with RSM Richter LLP to grow entrepreneurial reach in Canada
(Toronto, 2 December 2011) Ernst & Young and RSM Richter LLP’s Toronto audit, tax and transaction advisory practices, and Calgary restructuring practice, have joined forces in a transaction that closed today.
This move will build on Ernst & Young’s well-established Entrepreneurial Services practice, considerably expanding the firm’s reach and service offerings.
“Our growing team believes entrepreneurs have the power to propel our markets forward and drive the Canadian economy,” says Trent Henry, Ernst & Young’s Canadian Chairman and Chief Executive Officer. “By combining our leading practices and brands, we’re now ready to offer clients and potential clients game-changing service and a bigger, bolder support system so they can focus on creating, innovating and achieving great things.”
That kind of commitment to high-achieving and high-growth companies is part of the broader entrepreneurial ecosystem Ernst & Young sees as critical to Canadian success.
“We know Canada’s private and middle market businesses pack a powerful economic punch. They account for nearly 30% of the country’s gross domestic product, and 98% of Canadian private enterprise,” explains Colleen McMorrow, Ernst & Young’s Entrepreneurial Services Leader in Canada. “But we still need a more integrated approach to fostering entrepreneurial growth. Without that, we’re missing out on the full thrust of momentum entrepreneurs provide to our economic engine.”
McMorrow says that ecosystem should be founded on four critical pillars: improved access to credit, educational opportunities for innovators, an innovation-friendly economy, and better leadership by Corporate Canada. That’s a philosophy the firm shares with RSM Richter.
“By joining forces with Ernst & Young, we’ll be able to do even more to promote entrepreneurship, support entrepreneurial outreach programs, provide opportunities to network and celebrate entrepreneurs’ achievements,” says David Steinberg, Co-CEO of RSM Richter. “That’s something all of us are very excited about.”
Approximately 140 RSM Richter LLP personnel, including 12 partners, have joined Ernst & Young’s Toronto and Calgary practices. The deal does not include RSM Richter LLP’s Toronto restructuring practice. The deal does not affect the operations of RSM Richter Chamberland LLP, a separate limited liability partnership, which will continue to operate under the name “RSM Richter Chamberland”.
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