Ernst & Young’s U.S. Transaction Advisory Services practice has acquired Jeffrey A. Parker & Associates Inc., a Philadelphia-based financial advisory firm that focuses on infrastructure.
The acquisition is expected to expand the abilities of E&Y in the infrastructure advisory service area in the U.S., the firm announced Tuesday. JPA president Jeff Parker will serve as senior managing director of Ernst & Young Infrastructure Advisors, LLC, as JPA will be known going forward. He will lead key client engagements including advising New York State on the replacement of the Tappan Zee Bridge and the state of Georgia on the redevelopment of 120 acres of downtown Atlanta and a multimodal transportation complex.
Mike Parker, a managing director of JPA, will lead Ernst & Young Infrastructure Advisors, LLC which the entire JPA team will be joining. Parker will also lead key client engagements, including advising The Port Authority of New York & New Jersey on the Goethals Bridge Replacement Project.
Financial terms of the deal were not disclosed. Ernst & Young ranked third on Accounting Today’s 2012 list of the Top 100 Firms, with $7.5 billion in annual revenue.
“We are acquiring Jeffrey A. Parker & Associates, Inc. to meet market demand for infrastructure advisory as the financing and development of U.S. Infrastructure becomes critical to the U.S. economy and national competitiveness,” says Ernst & Young Americas vice chair Rich Jeanneret, who heads the Transaction Advisory Services practice. “This acquisition is in line with our strategy to grow our infrastructure advisory business in the U.S. and Jeffrey A. Parker & Associates, Inc. will be an excellent addition to Ernst & Young's global strength in this space.”
Since 1981, JPA has helped numerous domestic governments and authorities develop billions of dollars in infrastructure and has worked on a number of high-profile projects in the U.S. JPA has over $15 billion in current and recent infrastructure projects under advisory, primarily in the transportation sector, complementing E&Y’s position in social infrastructure, real estate, renewables and transportation capabilities in the U.S. JPA will have access to Ernst & Young professionals dedicated to project finance, infrastructure and public-private partnerships around the globe.
“The decision to join Ernst & Young LLP is a strategic fit for our team and is in line with our commitment to deliver world class service and counsel to our clients and develop our staff,” Parker said in a statement. “Our clients are the core of everything we do and, as part of Ernst & Young, we will have even greater resources to help them realize complex programs, pioneer new solutions and implement much-needed infrastructure improvements.”
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