The deal adds more than 60 professionals, including five partners, to KPMG’s Enterprise business, which services the mid-market.
YCG will join the existing Parramatta team immediately, increasing scale and expanding sector expertise into construction and hospitality in one of the fastest growing regions in the country.
"This is an exciting development for KPMG in an area we see as ‘a key place to be doing business’ in Australia,” said David Pring, Partner KPMG Enterprise, Western Sydney.
“The addition of the YCG business further strengthens our ability to service key growth areas and sectors of Western Sydney. The acquisition provides scale, capacity to take on more work, and expansion into new sectors such as construction.”
YCG has been providing a full suite of accounting services in Western Sydney to private companies and family businesses for almost 35 years, and has been growing at around 20 percent per annum for the past three years.
Mr Pring reaffirmed KPMG’s Sydney growth strategy, servicing clients via a ‘three cities’ presence – Sydney CBD, Parramatta and Penrith.
“From opening our doors in Parramatta in February 2015 with just 40 people, to opening a Penrith office in March this year, and now adding YCG at Parramatta, KPMG is on track to employ more than 250 people across Western Sydney by financial year end,” he said.
Mr Pring noted the region continued to be a growth engine for NSW, with NSW Infrastructure recommending acceleration of many Western Sydney projects, supporting strong employment and business opportunities.
Western Sydney is one of the fastest-growing regions in Australia, with significant infrastructure and associated investment expected through the development of Western Sydney Airport.
The NSW Government is investing more than $1B in Westmead and there will be a further $2B invested into the project from the private sector. In addition, other key projects coming on stream include the NorthWest rail link, and North Connect which links the M1 and M2.
Naomi Mitchell, Director of YCG added: “These projects are not only significant for what they will deliver to the region, they are also significant for private business investment.”
“Becoming part of KPMG means we can continue to do more for our clients, offering them access to an increasing breadth of services and through us connecting them with a global network. Support in areas that we’d previously refer out because we didn’t have the particular expertise in-house can now be managed through KPMG’s experts.”
Recent analysis by KPMG Special Adviser, Bernard Salt, supports KPMG’s view of Western Sydney as a critical place for business growth:
• Western Sydney is growing by 30,000 people per annum.
• Western Sydney is home to more than 162,000 businesses.
• Western Sydney is adding 17 percent of Australia’s total new businesses (in an area containing 6 percent of the Australian population).
• In Parramatta alone, the number of net new businesses being formed every year is currently averaging one every working day.
“Western Sydney is a powerhouse of job growth and energy. It deserves recognition as a job creating piston that is helping to propel Australia forward by providing jobs and new opportunities for prosperity,” said Bernard Salt.
