Mazars has acquired Australia headquartered Corality Financial Group. Around 40 staff, based in offices in three countries, transfer to the accounting and consulting group. The deal is due to complete next month.
Corality is a privately-owned financial modelling consulting and training company founded in Sydney with further offices in London and New York, employing approximately 40 staff. The consultancy serves clients such as Gemini (the biggest wind farm financing in the world), WestConnex (a transport project in Australia that links Sydney's west and south-west with Sydney Airport and Port Botany) and Freeport LNG (a gas terminal in Freeport, Texas). Corality’s global turnover stood last year at €8.26 million (£6.87 million).
The acquisition of Corality by Mazars aims to increase the firm's offering of infrastructure finance services. Following the integration, Mazars’ dedicated team in the field grows to around 120 professionals, servicing clients around the world. The unit has a strong sector focus on four segments: energy, social infrastructure, natural resources and public-private partnerships.
Phil Verity, Mazars UK Senior Partner, says the acquisition is a significant strategic move for the firm, allowing it to “increase our footprint in infrastructure finance and to partner with clients in any jurisdiction from Asia-Pacific to EMEA, to the Americas”. He adds: “Corality is renowned for its exceptional financial modelling consultancy and training academy and is a great match with Mazars. Combined, we have a truly world class infrastructure finance team.”
Under the wings of Mazars, Corality expects to accelerate its growth and further improve its client service portfolio, says Corality Group CEO Rickard Wärnelid. “Mazars is a global firm with the infrastructure and resources that will enable us to continue to grow, enter new markets and offer clients a wider range of services. We have big ambitions and I am excited about the opportunities this combination brings, for all our clients and staff.”
Last year Mazars – a top 10 accounting and consulting network globally – acquired international compliance advisory CompetitionRx and Roever Broenner Susat, one of Germany’s larger audit and tax consulting firms.