Andersen Group is accelerating a global acquisition strategy that could add another eight firms in the fourth quarter after the company already completed a series of international transactions during Q2 and Q3.
During Q2, Andersen completed acquisitions involving tax firms in Ireland and New Zealand, a tax firm and consulting firm in Nigeria, and a tax firm and law firm in Uruguay. In Q3, the company closed the acquisition of a Swiss tax firm and a business combination in Canada.
Andersen has also entered definitive agreements involving a tax and legal firm in Mexico, a tax firm in the United Kingdom and six U.S. consulting firms. Those eight transactions are expected to close in Q4, subject to closing conditions. The company sees additional opportunities through relationships with more than 400 Andersen Global and Andersen Consulting member and collaborating firms.
The roll-up is occurring alongside organic platform growth. Q2 revenue increased 23.7% to $217.7 million. Client groups increased to 13,500 from 11,300, client engagements reached 23,800 from 20,600, and the workforce increased to 2,690 employees.
Adjusted EBITDA increased to $46 million from $29.7 million, while adjusted EBITDA margin expanded to 21.1% from 16.9%. Andersen said it continues to invest in talent, technology, automation and AI while integrating acquired firms.
KEY QUOTES:
“Revenue grew 23.7% in the quarter, every service line contributed, and adjusted net income grew even faster than revenue, indicating that our platform is scaling efficiently even as we invest aggressively in talent, technology, and AI.”
Mark L. Vorsatz, Global Chairman and CEO of Andersen
