New York, NY -- July 21, 2014. The Parthenon Group, a global strategy consultancy with 300 professionals in offices in Boston, London, Mumbai, San Francisco, Shanghai and Singapore, has signed an agreement to combine its operations worldwide with EY, subject to the satisfaction of agreed conditions. Parthenon is ranked among the top 10 management consultancies worldwide.1 Upon closing, the transaction will bring together EY's world-class brand, global reach, market-leading growth and track record of innovation with Parthenon's significant strategy capabilities across the Global 1000, private equity and education markets.
"Combining EY's and Parthenon's strengths, we will be better positioned in the marketplace to serve as strategic advisors working with companies to develop investment strategies across the capital lifecycle," said Pip McCrostie, EY Global Vice Chair, Transaction Advisory Services. "The combination is a great match on many levels. Just one example: Parthenon has first class credentials in the education sector and EY is already committed to making a positive difference in this area around the world."
The combined business will be part of EY's Transaction Advisory Services, operating under the Parthenon brand and the leadership of Parthenon's Chairman and Managing Partner Bill Achtmeyer. It will advise clients on when and where to invest their capital and assess the viability of strategic objectives around growth opportunities and portfolio management. It will also complement other strategy service offerings from different parts of the EY organization, and will play a key role in delivering exceptional client service across all sectors and geographies.
Achtmeyer added: "Parthenon is dedicated to helping our clients develop winning strategies, as is EY. Together we can offer corporations, private equity firms, and not-for-profit institutions superior end-to-end consulting services from ideation to implementation. Furthermore, our heritages are steeped in being entrepreneurial. I firmly believe this combination equates to one plus one equals ten."
Mark Weinberger, EY Global CEO and Chairman, concluded: "Adding the high quality talent of the Parthenon Group to EY's rapidly growing strategy consulting capabilities will be a powerful proposition in the market. Parthenon's substantial capabilities will help our clients make better capital allocation decisions and grow sustainably. This in turn will help us fulfill our purpose of building a better working world. "
Clearsight Advisors has been acting as the exclusive financial advisor to The Parthenon Group in connection with this proposed transaction.
About The Parthenon Group
The Parthenon Group is a leading advisory firm focused on strategy consulting, with offices in Boston, London, Mumbai, San Francisco, Shanghai and Singapore. Since its inception in 1991, the firm has embraced a unique approach to strategic advisory services built on long-term client relationships, a willingness to share risk, an entrepreneurial spirit, and customized insights. This unique approach has established the firm as the strategic advisor of choice for chief executives and business leaders of Global 1000 corporations, high-potential growth companies, private equity firms, educational institutions, and healthcare organizations.
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.