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April 30, 2008

Canada’s seventh-largest firm breaks into Toronto market

Meyers Norris Penny (MNP) has entered Canada’s largest market through a merger with Toronto firm Horwath Orenstein.MNP’s chief executive Daryl Ritchie said moving into Toronto marked the beginning of a new strategy to become a truly national firm.

“MNP’s strategic plans for growth and entrepreneurial spirit have always been key factors in our success and this merger marks the beginning of many more nation-wide expansions for MNP,” Ritchie said. “Horwath Orenstein has a well established market presence in the region and shares our vision, our values and our commitment to providing quality service to mid-market clients.”

Horwath Orenstein, one of Toronto’s largest mid-market accounting firms, will begin operating under the MNP name from 1 July 2008.

MNP is a member of Baker Tilly International and is one of the largest full service firms in Western Canada with offices in Vancouver, Calgary, Edmonton, Regina, Saskatoon and Winnipeg. Last year, the 2,000-strong firm reported revenues exceeding C$210 million ($206 million), achieving more than 20 per cent growth.

Baker Tilly International was the largest association of independent firms with a fee income of C$219 million and a growth rate of 37 percent, according to the International Accounting Bulletin’s latest survey of the Canadian accounting profession.

Horwath Orenstein chief executive Paul Dunnett said both firms share a similar approach and so far the transition of clients and 80 employees has run smoothly.

He added: “Joining the MNP team will enable our clients and the Toronto business community to access a vast range of accounting and business advisory services, as well as the added depth and expertise of over 2,000 team members. Given our vision and desire to grow, this merger with MNP came at an opportune time for our firm.”

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