Large Mid-west accounting firm acquired by Xeinadin Group
Pictured at the announcement are front (l-r): Mary McKeogh, Partner MGR, Derry Crowley, Chief Executive Officer Xeinadin, Eoin Gallagher, Partner MGR (back l-r) Eoin Ryan, Partner MGR, William Lomasney, Partner MGR. Pic: Michael McLaughlin.
Mid-west accountancy firm, McKeogh Gallagher Ryan is the latest to be acquired by a private equity-backed giant having been purchased by UK and Irish group, Xeinadin for an undisclosed amount.
Founded in 2012 by Mary McKeogh, Eoin Gallagher and Eoin Ryan, the firm was the largest independent group of accounting and tax professionals in the mid-west, expanding from its initial office on O'Connell Street in Limerick to Tipperary, Clare and further afield.
Currently McKeogh, Gallagher and Ryan employs more than 50 staff members, with four partners based across Limerick city, Nenagh, Ennis and Merrion Square.
The firm's client base spreads across healthcare, renewables, and agriculture industries as well as family-owned businesses, and specialises in areas such as EIIS, succession planning, forensic accounting, insolvency, M&A, bank, and debt advisory.
The deal marks Xeinadin's 17th expansion since receiving an investment last year from private-equity firm, Exponent and comes after the acquisition of Cork-headquartered accountants, Quintas.
Other Irish firms now within Xeinadin Group include Crowley & McCarthy in Clonakilty, Tynan Dillon in Dublin and BCC in County Meath, with its latest transaction brining the group's total Irish headcount to more than 500, which comprise Xeinadin's total UK and Ireland employee base of 1,900.
"We are thrilled to welcome McKeogh Gallagher Ryan to the Group," said Xeinadin chief executive, Derry Crowley. "We’re making great strides in our growth in Ireland and are becoming a true powerhouse in the Irish professional services market."
The Xeinadin Group spreads across more than 135 locations in the UK and Ireland and serves more than 60,000 clients - mostly comprised of SMEs.
Like many other private equity-backed accountancy giants, the Group has embarked on an extensive growth-based acquisition strategy, with smaller, indigenous, Irish firms a prime target for Xeinadin, as well as multinationals including Assured Partners, PIB Group and ETL Global.
"We excited to be joining Xeinadin and being part of a group that focuses on delivering the highest standard of business advisory and accountancy services across the UK and Ireland," said Mary McKeogh, partner at McKeogh Gallagher Ryan.
"The move is a natural evolution for a forward-thinking and progressive firm of accountants focused on growth and we know it will bring new opportunities for both our employees and clients.”
