Professional services company AAB has strengthened its footprint in Ireland by acquiring two accountancy practices – FM Accountants in Dublin and LSMQ in Carlow.
FM Accountants was founded more than two decades ago by Cormac Mohan, a former senior executive at Microsoft and Coca-Cola and a past president of CPA Ireland.
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The company employs 16 people and focuses on inward investment, business advisory work and corporate restructuring through Fitzwilliam Corporate Services.
LSMQ was established in 2003 by Padraic Lalor and John O’Shea. It was among the early adopters of online accounting services in Ireland.
The company has 35 employees including four partners.
The deals are part of AAB’s ongoing expansion of its professional services offering in Ireland. Last year, the company invested in Ormsby & Rhodes and Ryan & Crowley.
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By GlobalDataMore recently, the group also added Cork-based practice O’Connor Pyne to its network.
With the latest additions, AAB’s operations in Ireland now generate annual revenue of more than €25m ($29.3m) and employ over 250 people.
AAB, which is backed by Goldman Sachs Alternatives, has a global workforce of more than 1,800 across 23 locations.
AAB Ireland Professional Services head Colm Duggan said: “These investments reflect our ambition to build a genuinely partner-led, full-service professional advisory firm in Ireland.
“FM Accountants and LSMQ are high-quality practices with strong leadership teams and complementary expertise. Our focus is on supporting ambitious firms to scale, broaden their service offering and create long-term value for their clients and their people.
“There is significant opportunity in the Irish market for firms that want to retain their identity and leadership while benefitting from shared infrastructure, investment and international reach.
“Our approach is collaborative and long-term, and we are continuing to engage with like-minded practices across the country.”
Separately, Hugh McCarthy & Associates in Dublin, led by Garrett McCarthy, is also joining AAB, the company announced.
