MNP to acquire subset of Deloitte business to expand footprint in select locations across Canada
Clarifying our MNP transaction details
Recent press coverage and some market misinformation on our transaction with MNP is leaving the impression that Deloitte Canada is reducing its commitment and focus on the mid-market and/or our Audit and Tax services. We wanted to clarify that this is not true.
Deloitte Canada is in fact increasing its focus and investment on serving clients in the mid-market, with all of our services including Audit and Tax, across the country.
The transaction with MNP is focused on smaller clients, whose primary needs are accounting services. We will continue our impressive growth in Canada in the mid-market, private enterprises and clients requiring Audit and Tax services or our diverse set of services.
Additionally, we are not exiting any regions in Canada. Across Canada, there will be a combination of staff transfers from remaining Deloitte offices as well as a select number of full office acquisitions to MNP which are listed below. With over 11,000 partners and staff in Canada, all other Deloitte offices will remain fully operational, growing and hiring.
|List of full office transfers to MNP|
Toronto, February 12, 2021 – Deloitte and MNP, two of Canada’s largest professional services firms, announced today that MNP will acquire a subset of Deloitte’s Canadian business, which includes offices, partners and team members, on or about March 1, 2021.
In total, approximately 70 Deloitte partners and senior leaders, nearly 900 team members and close to 25 offices will join MNP. The transition will take place in selected locations in BC, Alberta, Saskatchewan, Manitoba, Ontario and Quebec; all provinces where both firms have offices.
“MNP is a homegrown Canadian firm that was established in 1958. With the addition of the new offices we will have 126 offices from coast to coast, including in the largest urban centres, mid sized cities and the smaller rural cities and towns we find across all provinces,” said Jason Tuffs, Chief Executive Officer, MNP. “This is a very strategic addition for MNP and reflects our commitment and focus to helping clients in the private, not-for-profit and public sectors across Canada. Our specialized services, expertise and experience will be enhanced by the Deloitte partners and team members who are joining us. We are thrilled to welcome these professionals to our firm.”
The deal will see MNP substantially increase its presence in Quebec, adding approximately 20 offices across the province, building on the firm’s existing presence in Montreal and Laval. MNP will also add new locations in Ontario, in Windsor and Hawkesbury.
Both firms are aligned in their commitment to maintaining exemplary client service and business continuity throughout the transition. All impacted clients and staff have been notified.
“Our primary concern is what is best for our clients, people and partners. We continuously evaluate opportunities to adjust our market focus and find innovative ways to help growing organizations, dealing with complex issues, with our wide scope of services and global footprint, in all regions of Canada,” said Anthony Viel, Chief Executive Officer, Deloitte Canada. “MNP’s commitment to this subset of our clients - who require a specific type of service and support - is an ideal fit for those organizations and our people who will be transitioning over. We truly believe MNP is best suited to fulfil this ‘win-win-win’ philosophy.”
MNP’s business model is designed to support its clients, team members and communities with a locally focused approach. The firm operates under an integrated national and local model where team members across Canada take advantage of national resources to deliver whatever professional services clients may need.
Financial details of the transaction will not be disclosed. The deal is subject to approval by The Canadian Competition Bureau.
About MNP LLP
MNP is one of the largest national accounting and consulting firms in Canada, providing client-focused accounting, taxation and consulting advice. National in scope and local in focus, MNP has proudly served individuals and public and private companies for over 60 years. Through the development of strong relationships, MNP provides personalized strategies and a local perspective to help them succeed. For more information, visit www.mnp.ca.
Deloitte provides audit and assurance, consulting, financial advisory, risk advisory, tax, and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and service to address clients’ most complex business challenges. Deloitte LLP, an Ontario limited liability partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Our global Purpose is making an impact that matters. At Deloitte Canada, that translates into building a better future by accelerating and expanding access to knowledge and opportunities for all Canadians. We believe we can achieve this Purpose by living our shared values to lead the way, serve with integrity, take care of each other, foster inclusion, and collaborate for measurable impact.