Accounting firm Meyers Norris Penny has acquired PricewaterhouseCoopers Personal Insolvency practices in 11 regions of Canada.
The acquisitions, which took effect July 1, involved 54 professionals and support staff located throughout 11 offices in Quebec, Ontario, Manitoba, Saskatchewan, Alberta and British Columbia.
MNP is very excited about this acquisition, said MNP CEO Daryl Ritchie in a statement. Not only will we be strengthening our personal insolvency practice by gaining additional expertise and resources in existing locations, we are adding new Ontario locations and entering the Quebec market for the first time."
The 11 Personal Insolvency practice locations acquired by MNP are in Montreal, Kitchener-Waterloo, London, St. Catharines, Winnipeg, Saskatoon, Prince Albert, Regina, Edmonton, Vancouver and Surrey. The Personal Insolvency practice will complement a wide range of chartered accountancy and business advisory services MNP offers, while providing them with a new presence in the cities of Montreal, St. Catharines, Hamilton, and London.
PwC plans to focus more on corporate advisory and restructuring services in those markets. It will also maintain its Corporate Insolvency practice in key locations across Canada. PwC also plans to retain the firms Personal Insolvency practice in Atlantic Canada, where it is the largest provider of these services, with coverage across the region.
The sale of certain regions of the Personal Insolvency practice is consistent with PwCs long-term strategy in those markets, which focuses on Corporate Advisory and Restructuring service offerings, said PwC national deals leader Kristian Knibutat. We believe this decision is in the best long-term interests of our personal insolvency clients and the staff servicing them.
