Global professional services firm RSM has significantly beefed up its presence in Germany with the admission of Ebner Stolz to its network.
With revenues of €343 million, and over 2,100 people working from 14 locations across all major German cities, Ebner Stolz is one of the larger accounting and advisory firms in Germany. Similar to RSM, the firm focuses mainly on the mid-market segment (known as ‘mittelstand’).
The high-profile scoop instantly turns RSM into one of the largest accounting-origin professional services firms in the German market, behind among others the Big Four, with over 4,000 staff and revenues of around €450 million. “We are delighted that Ebner Stolz is joining RSM,” said Jean Stephens, Chief Executive Officer of RSM International.
Stephens continued, “Ebner Stolz is a fantastic match with RSM culturally – purpose, values and entrepreneurialism – and, importantly, we have a shared dedication to developing long-lasting relationships based on deep understanding and confidence.”
Ebner Stolz will join the global network effective from 1 October 2023, and trade as ‘RSM Ebner Stolz’ for a two-year period, before rebranding as RSM.
Commenting on the rationale behind its joining forces with the global player, Holger Jenzen, a partner at Ebner Stolz, said: “As Ebner Stolz serves an ever-larger client base with international needs, joining RSM, whose organisational ambitions are aligned with our own, feels like a natural evolution. With RSM, we believe we have an opportunity to accelerate our own growth journey.”
“Together, we can build on our mutual strengths to create an even more dynamic proposition in Germany, and to support the wider RSM network with a wealth of additional capabilities across a range of assurance and advisory services.”
The news comes after both advisory groups announced strong results in their latest fiscal year. Ebner Stolz saw its turnover jump by 15%, lifted by growth across all its key business areas, with transaction advisory services, legal and tax consulting the start performers.
RSM meanwhile has not yet released its 2022 results in Germany (which are set to be revealed in June), but early reports suggest that the firm managed to continue its streak of double-digit growth. In its 2021 financial year, the firm added 13% to its revenue to break through the barrier of €100 million for the first time in its history.
Globally, RSM generated revenues of $8 billion in its 2022 financial year.