Azets adds PKF O'Connor, Leddy & Holmes to expanding Irish accounting arm

Azets Ireland CEO Neil Hughes

Sean Pollock

Private equity-owned professional services firm Azets Ireland has completed a merger with Dublin-based accountancy firm PKF O’Connor, Leddy & Holmes.

The two companies, known for their work in insolvency, will merge under the Azets brand. Neil Hughes will remain as the chief executive of the business following the merger, while Donal O’Leary, the managing partner of PKF O’Connor, Leddy & Holmes will assume the role of chairman.

Speaking with the Irish Independent, Mr Hughes said the merger will double Azets’ size to around 240 staff as it targets becoming a firm of national scale. He hopes to grow this number further to 300 by the end of the year and then 400 the following year.

Mr Hughes said it was likely that Azets would look to complete further merger and acquisition deals in the year ahead.

PKF O’Connor, Leddy & Holmes, which employs over 100 staff across offices in Dublin and Waterford, offers services in audit, accountancy, tax, and advisory services for the past 60 years. Its partners, including Susan Wylie (business services), Catherine McGovern (tax) and Declan de Lacy (restructuring) will remain with the new merged entity.

The merged company will be based at Azets’ offices on Mespil Road, Dublin, with a presence in both Enniscorthy and Waterford.

Azets has 100 staff and two offices in Dublin and Enniscorthy and offers a range of services in accounting, tax, audit, advisory and business services.

The Azets group, which counts 7,500 staff, operates across several countries, including the UK and the Nordics. In March 2023, Azets entered the Irish market after taking over accountancy firm Baker Tilly Ireland.

Azets Group was established in August 2016 and backed by Hg, a leading software and services investor across Europe and North America. The group now has a turnover of over €800m.

In June 2023, Azets secured investment from private equity group PAI Partners. The deal led to PAI Partners holding an equal and co-controlling stake in Azets alongside HG.

Last week, Azets business barometer found that business leaders were relatively upbeat about their economic prospects for the year ahead. Irish businesses were found to be more optimistic than their counterparts in the UK, Denmark, Sweden, Finland and Norway.

The barometer also found that medium-sized businesses were more optimistic about the future than smaller firms.