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Baker Tilly to join RSM International network


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RSM International, the worldwide audit, tax and advisory network of independent firms, has enhanced its international representation by admitting Baker Tilly as its UK member firm. This admission reinforces RSM’s position as the seventh-largest global accounting network.


Baker Tilly UK, which has offices in Southampton, will formally join RSM International later this year on completion of a notice period with the Baker Tilly International network. During this transition period, the firm will continue to trade as Baker Tilly, but will disclose prominently that it is an independent member of RSM International, after which the firm will then formally adopt the global network name and corporate identity.


Baker Tilly acquired RSM International’s previous UK member firm, RSM Tenon, in August last year, creating a firm of around 3,500 partners and staff and a fee income of over £300 million. As the seventh-largest accountancy firm in the UK, Baker Tilly has over 40 offices across the UK and is one of the foremost providers of professional services to entrepreneurial and growing businesses.


The acquisition of RSM Tenon gave Baker Tilly the opportunity to consider its international network


membership options and, after a period of detailed consideration, the firm felt RSM was better aligned with Baker Tilly’s client needs and international growth aspirations.


Jean Stephens, CEO of RSM International, commented: “There is a natural alignment with RSM with respect to core values, focus on quality and aspirations for growth and development. In reaching this decision, we have engaged in an indepth mutual due diligence process. The Baker Tilly team has met with RSM members in Asia Pacific, Latin America, Europe, Africa and the US and it is clear there is a strong cultural fit and alignment in vision and purpose. I am delighted Baker Tilly will be joining the RSM network as our UK member firm.“


Laurence Longe, Baker Tilly’s managing partner, said: “Membership in the dynamic global network of RSM will bring huge benefits to Baker Tilly and we believe it to be in the best interests of our clients, partners and staff. Our firm’s strategic vision fits perfectly with that of RSM and we are very pleased to be joining such a vibrant, forward-thinking network.“


Details: www.rsmi.com www.bakertilly.co.uk


Deloitte advises on sale of Kondor to HIG Capital


Kondor, a leading specialist provider of mobile and other consumer electronics accessories, has been sold to HIG Capital (HIG) and the management team.


HIG has acquired a majority interest in the business, in a deal supported by the Prudential Investment Company of America and The Royal Bank of Scotland plc. Deloitte advised the shareholders of Kondor, which is headquartered in Christchurch.


Malcolm Bartlett, the founder and majority shareholder, set up Kondor in 1994 and has overseen its development through to this transaction.


Kondor combines an extensive portfolio of mobile and other consumer electronics accessory products including its own brands, customers’ brands, and third-party products. It has a comprehensive distribution strategy for its customers and partners, making it ideally placed to capture extensive domestic and international market opportunities.


In the financial year 2013, Kondor generated revenues of circa £90 million. With the backing of HIG, the business intends to continue its organic business development into new product and geographic markets.


THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – MAY 2014


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