MNP LLP closes year strong with major acquisition of 21 BDO ...

Dec 28, 2024 Author: Colin Ellis

TORONTO, Dec. 28, 2024 – Homegrown national accounting firm LLP is buying 21 of BDO Canada’s accounting firms in an acquisition that spans four provinces. More than 40 partners and 420 team members will join MNP effective December 31, 2024. MNP and BDO made the announcement jointly this past Monday. The transaction includes select locations in Ontario, BC, Alberta and PEI where both firms have offices. 

MNP has a large corporate and consumer insolvency practice, however, BDO’s personal debt solutions (PDS) services and offices in these locations are not part of this transaction. Financial details of the transaction were not disclosed. 

“Our business model has always been designed to support clients in the communities where we live and work, regardless of their size," said MNP’s Chairman of the Board and Chief Executive Officer, Jason Tuffs, CPA, CA. (MNP)

Not since February 2021, when MNP acquired 26 Deloitte Canada accounting offices, mostly in Quebec, has the accounting firm announced an acquisition of this size. According to Jason Tuffs, the chairman and chief executive officer of MNP, the transaction reflects the firm’s commitment to being “national in scope and local in focus.” 

The acquired accounting firms are located in smaller cities and towns in Alberta, British Columbia, Ontario and Prince Edward Island. In Ontario, for example, MNP has acquired firms in towns such as Lindsay, Walkerton, and Wiarton, as well as cities such as Owen Sound, Peterborough, and Thunder Bay. 

“MNP is a homegrown Canadian firm that was established in 1958,” said Tufts in a press release. “With the addition of the new offices we will have nearly 150 offices coast-to-coast, including in the largest urban centres, mid-sized cities, and the smaller rural cities and towns that we find across all provinces.” 

Until the acquisition, BDO Canada had more than 100 offices in Canada, including offices in 41 locations in Ontario. The MNP acquisition reduces BDO’s offices to roughly 25. BDO’s chief executive officer, Bruno Suppa, emphasized that the transaction was carefully considered and is an important step into the future. 

“It has been a pleasure to work with our partners and team members to serve our clients in these markets. As we prepare for 2025 and beyond, our priority is modernizing our firm to elevate the delivery of integrated solutions across our expansive network of 80+ offices nationally.” 

The acquisition of the 21 BDO firms brings MNP’s total acquisitions to roughly 40 firms in 2024. The firm has significantly expanded its footprint in recent years most notably during the 2021 acquisition of 26 Deloitte Canada offices. 

As reported by Canadian Accountant, the deal made sense for both firms at the time. Deloitte Canada was continuing to build its digital consulting basis on the way to becoming the top accounting firm in Canada in terms of annual revenue. MNP was expanding its presence from its origins as Meyers Norris Penny, an accounting firm headquartered in Calgary, to a national accounting firm with offices in every province across Canada. 

Colin Ellis is a contributing editor to Canadian Accountant.