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August 23, 2010

Grant Thornton finds Brazilian member firm

Grant Thornton International has admitted Brazilian firm Pryor Consulting Services to its network only weeks after Ernst & Young poached previous member Terco.

Pryor Consulting Services has eight partners, 450 staff in five branch offices. The firm generates annual revenue of $16.5 million. The swift addition will go some way to plugging the gap left by Brazilian mid-tier market leader Terco, which has about 21 partners, 630 staff and annual fee income of $63 million.

Pryor Consulting Services, a former  member firm of DFK International, provides in accounting, tax and outsourcing services to more than 350 companies.

Grant Thornton International chief executive Ed Nusbaum said finding suitable Brazilian representation was important to the network.

“We are confident that our new member firm will provide distinctive client service to companies of all sizes operating in a dynamic and demanding economy, and believe Grant Thornton has a vital role to play in offering greater auditor choice to public interest entities locally and internationally,” Nusbaum said.

E&Y/Terco unionBig Four coverage icon

Ernst & Young confirmed earlier this month it will join forces with Terco, creating a firm with 3,200 professionals that has the second largest share of Brazil’s listed audit market.

The firm will be known as Ernst & Young Terco and the acquisition will become effective in October, subject to regulatory approval.

Ernst & Young Terco will have 11 offices in Sao Paulo, Rio de Janeiro, Porto Alegre, Curitiba, Blumenau, Campinas, Salvador, Recife, Brasilia, Belo Horizonte, Goiania.

Jorge Menegassi will be the firm’s chief executive and Luiz Frazão will be chief operating officer. Mauro Terepins, from Terco, will assume a vice-presidency role.

International Acocunting Bulletin understands Grant Thornton International was only made aware of the Terco buyout a few days before it was publicly announced.

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