E&Y, Orenda Merge to Create Mid-Market M&A Practice
As one-time competitors, collectively the two firms completed an average of 40 transactions a year, with a total combined deal value of $7.3 billion over the past three years.
"This merger creates a firm with a very strong position in the transaction marketplace," says Ernst & Young's Denis Lemieux, who becomes president of Ernst & Young Orenda Corporate Finance Inc. "Both firms were already strong players but the resulting new organization offers a greatly enhanced depth of services-simply, we will dominate mid-market M&A work in Canada."
The three founding shareholders of Orenda, David Dunkin, Scott Fowler and Gilles Lamoureux were involved with the merger. Mr. Lamoureux says they all agree that the transaction is a great business fit. "Both sides of this deal share a common vision and a deep commitment to quality, teamwork and consultation. This will strengthen our market position and aim Ernst & Young Orenda's focus decidedly up-market," he says.
The new company will be part of Ernst & Young's network of more than 280 transaction professionals across the country, offering the full range of integrated transaction services.
All 14 of Orenda's investment bankers and three support staff will join Ernst & Young Orenda. Mr. Lamoureux and Mr. Fowler become vice chairs of the new entity, while Mr. Dunkin becomes a partner with Ernst & Young. Ernst & Young Orenda Corporate Finance Inc. is a member firm of Ernst & Young Global Limited.