EY acquires Australian sustainability consultancy Net Balance
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 its 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 specialises in sustainability advice, assurance and research. Net Balance currently has roughly 50 advisors, working in locations 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 firm's 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’s local Climate Change and Sustainability team will grow to over 90 in Australia as a direct result of the purchase. As a result of the deal, EY is now according to Nelson “the largest sustainability service provider in Australia”, while it can also tap into a leading international practice.
In the view of Jeyaretnam, the joining of forces will benefit its propositions to both 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.”
Financial details of the transaction have not been disclosed. The acquisition will be completed in late September 2014, after which Net Balance will be fully integrated into 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.
