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
Pryor Consulting Services, a
former member firm of DFK International, provides in
accounting, tax and outsourcing services to more than 350
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,”
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.
COMMENT: Back to the drawing board for Grant
E&Y acquires Terco Grant