EY buys 170-person European sustainability consultancy denkstatt

23 April 2024 Consultancy.eu 4 min. read
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EY has bolstered its sustainability and ESG expertise in Europe with the acquisition of denkstatt, adding teams in Austria, Bulgaria, Romania, Hungary, and Slovakia to its ranks.

A total of 170 employees will transfer to EY as part of the deal, with denkstatt rebranding as EY denkstatt. The firm will work closely together with EY’s own practice for sustainability and ESG, which operates as Sustainability & Climate Change Services.

In a statement announcing the deal, the Big Four firm said the bolt-on will strengthen its expertise and services in every aspect of ESG, including audit, advisory, tax, legal, strategy, and transactions.

EY buys 170-person European sustainability consultancy denkstatt

Founded in Vienna in 1993, denkstatt has since then grown into one of the leading sustainability consulting companies in Austria and Eastern Europe. The firm has offices in five countries.

Key offerings of denkstatt include sustainability and ESG strategy, CSRD and European taxonomy, sustainability assessments, circular economy, sustainable finance, as well as sustainable supply chain management, green logistics, sustainable building, biodiversity, and health & safety.

The acquisition comes as part of a series of moves by EY to boost its sustainability capabilities and expertise, including deals and the launch of new offerings.

Outside of the sustainability domain, EY has closed several notable deals in Europe in recent years.

EY leaders on the deal

Gunther Reimoser, Country Managing Partner of EY Austria: “The common goal is to make effective contributions to the sustainable development of companies. In this constellation, we can mirror our customers’ corporate structures one-to-one, accompany them along their entire value chain and offer end-to-end solutions for their problems and also specialized in their industry. Joint customer projects in the past have shown that we can achieve more together.”

Stefan Uher, Head of Auditing at EY Austria: “With this merger, we are broadening our consulting portfolio and significantly expanding both our expertise and capacity in the area of ​​sustainability consulting.”

Nikolay Garnev, EY Bulgaria Country Managing Partner and South Cluster Leader: “By joining a leading consulting company on sustainability issues, we are expanding our consulting portfolio and significantly upgrading our competence and capacity in the field of sustainability services. Together, we create an even stronger positive effect and added value for our clients, employees and the economy as a whole.”

Boyan Rashev, Partner at EY denkstatt: “We are not afraid to look far and wide. Together with EY, we are expecting a larger scale of business using our knowledge and skills globally. We want EY denkstatt to support its clients - both companies and institutions - so that the path to a green future makes them stronger and more successful.”

Klimentina Rasheva, Partner at EY denkstatt: “The acquisition by EY is a compliment to the denkstatt team. We started with two people and created the niche for corporate sustainability services. We believe that the combination of international presence and EY’s experience will allow us to further develop our capital.”

Tamás Vékasi, Country Managing Partner at EY Hungary: “Our goal is clear – to provide the most effective advice for the sustainable development of companies. Thanks to the merger, we will help companies in Hungary with comprehensive, sector-specific solutions in their green transitions. I am confident that together we will achieve an even greater positive impact and create value that can significantly benefit our clients, employees, and the country’s economy.”

Zsolt Kónya, Head of Assurance at EY Hungary, added: “This step demonstrates EY's commitment to providing the best support to our clients in complying with the increasingly stringent regulatory requirements and supporting this critical cause with high-quality audits of sustainability reports, which are now subject to financial audit.”

Attila Jenei, Sustainability Partner at EY denkstatt: “Combining the expertise and professional network of the two companies is a sensible response to today’s trends, in which the scientific reality of sustainability is more and more becoming the focus of business decision-makers.”

Ákos Lukács, Partner at EY Sustainability and Climate Change Services: “No doubt that we can now address any complex environmental, sustainability and climate change challenge our customers may face in a manner that makes a significant contribution to their green growth and helps them understand and build resilience to climate change.”