MNP LLP

Last updated

MNP LLP
Company type Limited Liability Partnership
IndustryProfessional Services
Founded Brandon, Manitoba, Canada (1958)
FounderRon Meyers, Dave Norris, Don Penny
HeadquartersSuite 2000, 330 5th Ave. S.W.,
Calgary, Alberta, Canada
Number of locations
129 offices (2023)
Area served
Canada
Key people
Jason Tuffs (CEO)
Services Assurance
Financial advisory
Forensic accounting
Management consulting
Risk advisory
Tax services
Number of employees
8,163 (2023)
Website mnp.ca
Footnotes /references
[1] [2]

MNP (previously known as Meyers Norris Penny) is one of the largest full-service chartered professional accountancy and business advisory firms in Canada. MNP's head office is in Calgary, Alberta, and has offices from Vancouver Island to St. John's. MNP's 128 offices span across 9 out of 13 of the provinces and territories of Canada, as it does not have locations in Prince Edward Island, Yukon, Northwest Territories, and Nunavut. [3] With 8,000+ employees, MNP is the third largest professional service firms in Canada by headcount.

Contents

History

Early history

Sunset reflected on MNP Tower in Vancouver MNPTowerVancouver.jpg
Sunset reflected on MNP Tower in Vancouver

The roots of MNP LLP date back to 1945, when Winnipeg-based Laird, Sprague & Co opened an office in Brandon, Manitoba. The Brandon office became independent in 1957 when the balance of Laird, Sprague joined Montreal's McDonald Currie & Co. (later merging with what is now known as PwC). Ron Meyers acquired full ownership of the Brandon office in 1958, and renamed the firm Meyers Dickens Norris Penny & Co. (MDNP) in 1969. [4]

Mergers and acquisitions

Recent acquisitions includes:

2014: McLarty & Co, Ottawa. [5]

2015: Draganjac Pressman, Etobicoke. [6]

2016: Bennett McMahon Stillar, Brockville. [7]

2017: WBLI LLP, Halifax [8] and JMA Group, Oakville. [9]

2018: Craig Keen Despatie Markell LLP, Cornwall, Ontario. [10]

2020: Next Digital Inc., Edmonton, Alberta [11]

2021: 26 Deloitte regional Canadian offices. [12] Further expands presence in Gaspé, [13] Woodstock, [14] Sudbury, [15] and St. John's. [16]

2022: Acquired Quebec-based consulting firm Groupe Trigone, [17] and further expands presence in Laval, [18] Quebec City, [19] North Shore Montreal, [20] Oshawa, [21] Wallaceburg, [22] and Kelowna. [23]

2023: Further expansion in Quebec (Berthierville [24] and Shawinigan [25] ), Alberta (Calgary [26] and Edmonton [27] ), British Columbia (2 acquisitions in Vancouver, [28] [29] Surrey [30] and Prince George [31] ), Ontario (Sarnia [32] ), and Newfoundland and Labrador (St. John's office from PwC Canada [33] ).

Structure and subsidiaries

MNP Ltd.

MNP Ltd. is one of Canada’s largest consumer insolvency firms, established in 1996. As of 2016, the firm had over 65 Licensed Insolvency Trustees and more than 200 resident and satellite offices located in key urban and rural centres across Canada.

In 1996, after merging with Brandon, Manitoba-based BDO and Edmonton-based Miller, McClelland Limited, Meyers Norris Penny & Co. decided to create a subsidiary to incorporate their insolvency practice. On June 6, 2011, that subsidiary officially became MNP Ltd.

As a subsidiary of MNP LLP, MNP Ltd. offers consumer insolvency services including consumer proposals, personal bankruptcy and credit counselling as well as a range of bankruptcy alternatives like debt consolidation, orderly payment of debts, informal debt settlement, payday loans and credit extensions. [34]

MNP Office Building at the Bell Tower in Downtown Edmonton Bell-tower-edm.JPG
MNP Office Building at the Bell Tower in Downtown Edmonton

Its corporate recovery and restructuring services are broadly divided into three categories: Debtor Services (Business Review; Corporate Restructuring – Informal Turnaround; Corporate Restructuring – Formal Proposal to Creditors; Bankruptcy), Creditor Services (Business Review; Monitor Appointments; Interim Receiver; Receivership; Bankruptcy) and Other Services (Mediation; Trustee Under Dependant Adult Orders; Corporate Executer of Deceased Estates; Liquidator Under Business Corporation Acts). [35]

MNP Ltd.’s Licensed Insolvency Trustees are licensed with the Office of the Superintendent of Bankruptcy Canada, a division of the Canadian Ministry of Innovation, Science and Economic Development and participate in various committees, marking centres and education components with the Canadian Association of Insolvency and Restructuring Professionals (CAIRP). Trustees have also sat on exam panels and had active roles as presidents and chairs of various provincial bodies and the national body of CAIRP. [36]

MNP has been recognized by Aon Hewitt as one of Canada's 50 Best Employers every year consecutively since 2009 [37] and its regional offices have won a number of Consumer Choice Awards [38] in the Trustee in Bankruptcy category:

Praxity Logo Praxity Logo 2018.jpg
Praxity Logo

MNP Corporate Finance Inc.

MNP Corporate Finance Inc. is a subsidiary of MNP LLP which offers investment banking and corporate finance services to Canadian businesses in the mid-market sector, with typical transaction value range between $3 million and $300 million. Services offered by MNPCF include: divestitures (sell-side M&A), acquisitions (buy-side M&A), financing (capital raising), transaction advisory services, and due diligence. [42] [43]

MNP and Praxity

In 2010 MNP joined Praxity, a global alliance of independent professional services firms. Praxity is a not-for-profit entity under Belgian law with its headquarters in London, England. [44] Praxity consists of 65 participating firms, with a combined staff of over 56,280+ employees and 4,240+ partners and annual combined revenues of US$6.96 billion. [45] Praxity firms have the capability, resource and scale to support clients ranging from small ambitious businesses to established global, listed organizations.

Sports sponsorships

MNP currently has multi-year partnership agreements with the Toronto Blue Jays, Winnipeg Jets, Montreal Alouettes and Saskatchewan Roughriders, [46] as well as the naming rights to the MNP Park of Carleton University in Ottawa since 2015. [47]

In the spring of 2022, MNP obtained the naming rights to the MNP Community & Sport Centre in Calgary. [48] [49]

BC carbon tax grant investigation

On 8 April 2024, British Columbia Minister of Energy, Mines and Low Carbon Innovation, Josie Osborne, initiated an investigation into MNP's administration of two grant programs funded through the British Columbia Carbon Tax. The allegation was that one of MNP's teams working in the province of BC acted in the capacity as both the administrator and grant application consultant on the CleanBC grant program. [50] Previously, the Government of BC twice declined to investigate MNP, and only decided to re-engage the investigation upon Edison Motors' allegation that MNP had offered grant-writing services for programs it administered, in return for a 20% success fee. [51] [52] In response to the investigation, MNP stated, "These allegations are false and misleading. MNP’s policies and procedures prohibit team members from providing grant writing services for the programs we administer", and welcomed the government review.

See also

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References

  1. ↑ "Services". MNP. MNP LLP. Retrieved 28 May 2021.
  2. ↑ "Facts and Figures". MNP. MNP LLP. Retrieved 28 May 2021.
  3. ↑ "Offices". MNP. MNP LLP. Retrieved 16 March 2022.
  4. ↑ Okerlund, Lana (2006). Finding Our Way: The Meyers Norris Penny Story. Calgary, Alberta, Canada: Meyers Norris Penny LLP. p. 6. ISBN   0978192605.
  5. ↑ "Home". mclartyco.ca.
  6. ↑ "Draganjac Pressman Merges with MNP LLP". Archived from the original on 2015-05-18. Retrieved 2015-05-11.
  7. ↑ "National Accounting Firm Expands Into Brockville". www.mnp.ca. Archived from the original on 2015-12-08.
  8. ↑ "Halifax Dartmouth". MNP.ca. Retrieved 2021-07-10.
  9. ↑ "National accounting firm enhances southern Ontario presence". Praxity. Retrieved 2021-07-10.
  10. ↑ "Craig Keen Despatie Markell to Merge with MNP". Choose Cornwall. 2018-04-04. Retrieved 2021-07-10.
  11. ↑ Next Digital Merges With National Consulting Firm MNP
  12. ↑ "MNP to acquire subset of Deloitte business to expand footprint in select locations across Canada". Deloitte Canada. Retrieved 2021-07-10.
  13. ↑ "National Professional Services Firm MNP, Expands Presence in Gaspésie". Consulting.ca. Consulting.org. Retrieved 20 June 2022.
  14. ↑ "National Accounting Firm, MNP, Expands Presence in Southwestern Ontario". Consulting.ca. Consulting.org. Retrieved 20 June 2022.
  15. ↑ "National accounting firm expands presence in Sudbury". Sudbury Star. Postmedia Network Inc. Retrieved 20 June 2022.
  16. ↑ "National Accounting Firm, MNP, Expands Presence in St. John's, Atlantic Canada". Consulting.ca. Consulting.org. Retrieved 20 June 2022.
  17. ↑ "MNP buys Quebec-based consulting firm Groupe Trigone". Consulting.ca. Consulting.org. 18 January 2022. Retrieved 20 June 2022.
  18. ↑ "MNP expands Montreal area presence with boutique accountancy acquisition". Consulting.ca. Consulting.org. June 2022. Retrieved 20 June 2022.
  19. ↑ "MNP acquires Quebec accountancy Malenfant Dallaire". Consulting.ca. Consultancy.org network. Retrieved 17 December 2022.
  20. ↑ "National Professional Services Firm, MNP, Expands Presence in the North Shore of Montreal". MNP. MNP LLP. Retrieved 17 December 2022.
  21. ↑ "National Professional Services Firm, MNP, Bolsters Presence In Durham Region". Consulting.ca. Consulting.org. Retrieved 20 June 2022.
  22. ↑ "National Professional Services Firm, MNP, Expands Presence in Southwestern Ontario". MNP. MNP LLP. Retrieved 26 October 2022.
  23. ↑ "MNP acquires BC firms The Bowra Group and Kerr & Company". Consulting.ca. Consulting.org. Retrieved 17 December 2022.
  24. ↑ "National Professional Services Firm, MNP, Expands Presence in the Lanaudière Region". MNP. MNP LLP. Retrieved 28 February 2023.
  25. ↑ "National Professional Services Firm, MNP, Bolsters Presence in the Mauricie Region, Quebec". MNP. MNP LLP. Retrieved 8 March 2023.
  26. ↑ Trumbull, Ty. "MNP Acquires Betach Solutions to Enhance Digital Practice". ChannelE2E. ChannelE2E. Retrieved 6 November 2023.
  27. ↑ "National Professional Services Firm, MNP, Expands Presence in Edmonton". MNP. MNP LLP. Retrieved 13 March 2023.
  28. ↑ "National Professional Services Firm, MNP, Expands Presence in British Columbia". MNP. MNP LLP. Retrieved 28 February 2023.
  29. ↑ "National Professional Services Firm MNP, MNP, Expands Presence in Vancouver". Yahoo News. CNW Group. Retrieved 9 July 2023.
  30. ↑ "National Professional Services Firm, MNP, Expands Presence in Surrey". MNP. MNP LLP. Retrieved 9 July 2023.
  31. ↑ "National Professional Services Firm, MNP, Expands Presence in Prince George". MNP LLP. MNP LLP. Retrieved 6 November 2023.
  32. ↑ "National Professional Services Firm, MNP, Expands Presence in Sarnia and Southwestern Ontario". MNP LLP. MNP LLP. Retrieved 6 November 2023.
  33. ↑ "MNP to Acquire PwC Canada Practice in St. John's, NL". MNP. MNP LLP. Retrieved 24 July 2023.
  34. ↑ "MNP Debt".
  35. ↑ "Corporate".
  36. ↑ "Governance | CAIRP".
  37. ↑ "Careers".
  38. ↑ "MNP Debt".
  39. ↑ "MNP Ltd. Awarded Consumer Choice Award for Third Year". mnpdebt.ca. Archived from the original on 2016-12-20.
  40. ↑ "MNP Proudly Accepts the 2016 Regina Consumer's Choice Award". mnpdebt.ca. Archived from the original on 2016-12-20.
  41. ↑ "Thank you Saskatoon for choosing MNP!". mnpdebt.ca. Archived from the original on 2016-12-20.
  42. ↑ "Corporate Finance". MNP. MNP LLP. Retrieved 18 December 2021.
  43. ↑ "MNP Corporate Finance Inc". Bloomberg. Bloomberg L.P. Retrieved 18 December 2021.
  44. ↑ "About".
  45. ↑ "Praxity Alliance". Praxity Alliance. 6 August 2021. Retrieved 6 August 2021.
  46. ↑ "MNP outpaces top firms" (PDF). The Bottom Line. Canada. April 2014. Archived from the original (PDF) on 2013-05-16. Retrieved 2020-03-21.
  47. ↑ "Carleton's Athletic Field Named MNP Park". newsroom.carleton.ca. August 26, 2015. Archived from the original on August 16, 2017. Retrieved August 16, 2017.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  48. ↑ Herring, Jason. "Calgary's Repsol Centre gets new name: MNP Community & Sport Centre". Postmedia Network Inc. Calgary Herald. Retrieved 23 May 2022.
  49. ↑ Admin (6 November 2016). "Our Organization". MNP Community & Sport Centre. MNP LLP. Retrieved 23 May 2022.
  50. ↑ "B.C. government orders investigation into carbon tax grant process". The Abbotsford News. April 8, 2024. Retrieved April 8, 2024.
  51. ↑ "Investigation ordered into B.C. clean energy grant process". CBC News. The Canadian Press. Retrieved 9 April 2024.
  52. ↑ "B.C. asks for MNP, CleanBC grant investigation". vancouver.citynews.ca. Retrieved 2024-04-09.
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