EY acquires Australian sustainability consultancy Net Balance

04 September 2014 Consultancy.com.au

Big Four Professional services firm EY has purchased one of Australia’s leading sustainability consulting firms, Net Balance. EY will integrate the Net Balance team into its’ Climate Change and Sustainability practice across three offices in Melbourne, Sydney and Brisbane.

Terence Jeyaretnam founded Net Balance in 2006 and since then the company has experienced strong growth, driven by a buoyant market for sustainability services. The firm has also had a solid business model which specialises in sustainability advice, assurance and research. Net Balance currently has roughly 50 advisors, working in locations all across Australia as well as the UK.

The move is in line with EY’s ambitions to grow its sustainability capabilities. According to Mathew Nelson, Asia-Pacific Climate Change and Sustainability Leader at EY, the purchase of Net Balance will boost the Big Four firms’ expertise across the entire value chain of sustainability advisory services. “This acquisition will further strengthen EY’s ability to service our clients across all areas of sustainability and climate change, particularly social, supply chain, energy and sustainability advisory services,” he says.

EY acquires Australian sustainability consultancy Net Balance

EY’s local Climate Change and Sustainability team will grow to over 90 in Australia as a direct result of the purchase. The move will make the team, according to “the largest sustainability service provider in Australia”.

In the view of Jeyaretnam, the acquisition will give a further boost to Net Balance’s footprint, for both to clients and employees. “Joining our colleagues at EY is very exciting as it will present both our clients and our staff with significant opportunities especially as we look to expand into new markets and broaden the range of services, projects and initiatives we can offer.”

There have not been any financial details of the transaction disclosed. The acquisition will ideally be completed in late September 2014 and as a result, Net Balance will be fully integrated with EY.

Third deal in as many months

For EY, the Net Balance deal is the third large deal in the consulting landscape in the past few months. EY bought Australian based management consultancy firm Sweeney Research who have 70 employees back in August. In July EY acquired The Parthenon Group, a global strategy consulting firm with roughly 350 consultants across the globe.

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Mayo Hardware taps consultants from PwC for strategic review

15 January 2019 Consultancy.com.au

The management team of Mayo Hardware has hired PwC to support the firm with a strategic review process. 

Founded in 1928, Mayo Hardware sells outdoor lifestyle items, safety products such as locks, and other security and hardware equipment to the retail, trade, government and commercial markets in Australia and New Zealand, as well as a number of export markets. Alongside a broad suite of products, Mayo Hardware serves as the exclusive distributor of Master Lock products in Australia. 

The company, which is majority owned by James and Sarah Mayo, the grandson and granddaughter of company founder Cecil Mayo, generates an annual revenue of between $20 million to $25 million before interest, tax, depreciation and amortisation.

Mayo Hardware taps consultants for strategic reviewAs part of the firm’s expansion plans, James and Sarah Mayo have brought in the support of external consultants from PwC to advise on a strategic review process. The consultants have been tasked with exploring a number of strategic options, including selling the business to a larger player or attracting capital from an investor. Having completed a due diligence and sell-side valuation on Mayo Hardware (according to publication Street Talk the firm’s value hovers around the $200 million deal range), PwC is currently exposing the family-owned business to mid-market private equity firms as part of the review, as well as potential strategic buyers.

Mayo Hardware has booked solid growth in recent years, mainly on the back of its growing product line. In 2017, the company acquired the distribution rights for DEWALT pressure washers and generators, and in the years before that the south-western Sydney-based firm also gained similar mandates for Thermacell and Sentry Safes products. 

PwC is with more than 7,000 professionals one of Australia’s top professional services firms and one of the ‘Big Four’ players in the accounting and consulting landscape. The engagement at Mayo Hardware is being led by the firm’s M&A arm, which operates as PwC Corporate Finance.