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EY-Parthenon

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EY-Parthenon
Company typeUK Subsidiary[1]
IndustryStrategy consulting
Founded2014; 10 years ago (2014) (first as Talisman, then The Parthenon Group then EY-Parthenon through merger of EY and The Parthenon Group)[2]
HeadquartersBoston, Massachusetts, United States[3]
Area served
Worldwide
Key people
Jeff Wray (Global EY-Parthenon Leader), Founders William "Bill" Achtmeyer and John C. Rutherford [4]
Number of employees
over 9,000[4]
Websitewww.ey.com/en_gl/strategy/about-ey-parthenon

EY-Parthenon (often shortened as EY-P or EYP) is Ernst & Young's global strategy consulting arm.[5][6][7] The firm was established as The Parthenon Group LLC in 1991 by former Bain & Company directors William "Bill" Achtmeyer and John C. Rutherford. In 2014 The Parthenon Group merged with professional services firm EY forming the new entity EY-Parthenon.[8][9][10] The move was viewed as part of the continued efforts by the Big Four to move up the value chain from their traditional audit services into more lucrative areas of business, as well as to provide new points of entry to clients.

The firm advises top management (C-Suite) on strategic issues across a broad range of industries including Private Equity, Consumer Products, Education, Financial Services, Healthcare, Information & Media, Advanced Manufacturing, Life Sciences, Oil & Gas and Technology.[11] The firm competes with strategy consultancies such as McKinsey, Bain and BCG as well as the strategy consulting arms of the other Big Four firms such as Monitor Deloitte and Strategy&. Consistently placing near the top of strategy consulting rankings, Parthenon has a significant focus on private equity, corporate strategy, and mergers & acquisitions.

History and merger

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EY-Parthenon was founded in 1991 as The Parthenon Group by William "Bill" Achtmeyer and John C. Rutherford, who at that time served as director at the management consultancy Bain & Company.[12] The founders established the firm to be a specialty boutique consulting firm leveraging the client relations they built during their time at Bain. In the subsequent years the firm grew rapidly and merged with Big Four professional services company Ernst & Young in 2014.

Expansion under the EY brand

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Under the new name EY-Parthenon the firm pursued an aggressive expansion strategy growing its consultant base from approximately 350 in 2014 to 1,400 in 2018. This growth was realized organically through expanding teams with new recruits as well as inorganically by acquiring consulting firms. Over the period 2016-2017, EY-Parthenon acquired the Benelux, French and German branches of OC&C Strategy Consultants.[13][14][15][16] It bolstered its Asia Pacific offering through its acquisition of Australian boutique Port Jackson Partners in May 2020.[17] It announced its first innovation collaboration with the global start-up ecosystem Plug and Play in October 2020 to enable their clients to engage with disruptive digital technologies.[18]

As part of its expansion under EY, EY-Parthenon has published thought leadership in its focus sectors. For example, it has published several articles in the Education sector on helping underprivileged students secure employment, including a 2014 report for the United States Department of Education on its Gainful Employment rule,[19] and a 2018 report for the Boston Public Schools school district on better serving "off-track" youth.[20]

Since 2020, EY-Parthenon has partnered with CNBC to produce and deliver Real World Strategy, a video series on how CEOs can develop ambitious and actionable business strategies.[21]

Rankings

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In 2023, EY-Parthenon was ranked 4th globally in the Vault Consulting 50 as well as the 5th most prestigious.[22][23] It also ranked 8th in the Top 25 Strategy Consulting firms by consultancy.uk.[24]

See also

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References

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  1. ^ "Ernst & Young Global Limited". Companies House. Retrieved 23 July 2020.
  2. ^ "Facts & Figures". Ernst & Young. 30 June 2011. Retrieved 8 December 2011.
  3. ^ "Parthenon-EY". Forbes. Retrieved 1 July 2021.
  4. ^ a b EY. "About EY-Parthenon". EY - Global. Retrieved 8 October 2022.
  5. ^ "EY Parthenon". managementconsulted. 12 June 2016. Retrieved 28 March 2021.
  6. ^ "EY-Parthenon". consultancy.eu. 2021. Retrieved 28 March 2021.
  7. ^ "EY-Parthenon". Bloomberg. Retrieved 28 March 2021.
  8. ^ Agnew, Harriet (21 July 2014). "EY to merge with Parthenon Group". Financial Times. Retrieved 28 March 2021.
  9. ^ "EY Advisory buys strategy firm The Parthenon Group". Consultancy.uk. 23 July 2014. Archived from the original on 11 June 2021. Retrieved 11 June 2021.
  10. ^ Rapoport, Michael. "Ernst & Young to Buy Consulting Firm Parthenon Group". WSJ. Archived from the original on 11 June 2021. Retrieved 11 June 2021.
  11. ^ "EY Parthenon: global chemicals industry set for consolidation". consultancy.eu. 14 December 2020. Retrieved 28 March 2021.
  12. ^ Mian, Namaan (12 June 2016). "EY Parthenon". Management Consulted. Retrieved 7 September 2022.
  13. ^ "EY-Parthenon acquires Benelux arm of OC&C Strategy Consultants". consultancy.uk. 2 September 2016. Retrieved 28 March 2021.
  14. ^ "OC&C Strategy Consultants Benelux joins Parthenon-EY". Catalyst Advisors. 2 September 2016. Retrieved 28 March 2021.
  15. ^ "OC&C loses French partners to EY-Parthenon but commits to rebuild". consultancy.uk. 21 August 2017. Retrieved 28 March 2021.
  16. ^ "EY-Parthenon adds 120 strategy consultants in Germany with OC&C integration". consultancy.eu. 14 February 2018. Retrieved 28 March 2021.
  17. ^ "EY acquisition bolsters strategy consulting offering in Asia Pacific". consultancy.asia. 11 May 2020. Retrieved 28 March 2021.
  18. ^ "EY-Parthenon announces global collaboration with plug and play". PR Newswire. 1 October 2020. Retrieved 28 March 2021.
  19. ^ "The Parthenon Group's Study Finds Department of Education Gainful Employment Regulations Based on Flawed Analysis" (Press release). Boston, MA: Business Wire. 6 August 2014. Archived from the original on 12 June 2021. Retrieved 12 June 2021.
  20. ^ "NEW REPORT RECOMMENDS COMPREHENSIVE PLAN FOR DISTRICT'S HIGH SCHOOLS TO BETTER SERVE OFF-TRACK YOUTH". Boston, MA: Boston Public Schools. May 2018. Archived from the original on 12 June 2021. Retrieved 12 June 2021.
  21. ^ "Real World Strategy". CNBC. Retrieved 24 December 2022.
  22. ^ "EY-Parthenon". Vault. 2021. Retrieved 28 March 2021.
  23. ^ "Best Consulting Firms to Work For". Vault. 2021. Retrieved 28 March 2021.
  24. ^ "The Top 25 Strategy Consulting Firms in the UK". consultancy.uk. 23 March 2021. Retrieved 28 March 2021.
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