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MNP LLP

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MNP LLP
Company typeLimited Liability Partnership
IndustryProfessional Services
FoundedBrandon, Manitoba, Canada (1958)
FounderRon Meyers, Dave Norris, Don Penny
HeadquartersSuite 2000, 330 5th Ave. S.W.,
Calgary, Alberta, Canada
Number of locations
128 offices (Sept 2024)
Area served
Canada
Key people
Jason Tuffs (CEO)
ServicesAssurance
Financial advisory
Forensic accounting
Management consulting
Risk advisory
Tax services
Number of employees
8,676 (Sept 2024)
Websitemnp.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 127 offices span across all 10 provinces, but it does not have locations in Yukon, Northwest Territories, and Nunavut.[3] With 8,000+ employees, MNP is the third largest professional service firms in Canada by headcount.

History

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Early history

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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

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2015: Draganjac Pressman, Etobicoke.[5]

2016: Bennett McMahon Stillar, Brockville.[6]

2017: WBLI LLP, Halifax[7] and JMA Group, Oakville.[8]

2018: Craig Keen Despatie Markell LLP, Cornwall, Ontario.[9]

2020: Next Digital Inc., Edmonton, Alberta[10]

2021: 26 Deloitte regional Canadian offices.[11] Further expands presence in Gaspé,[12] Woodstock,[13] Sudbury,[14] and St. John's.[15]

2022: Acquired Quebec-based consulting firm Groupe Trigone,[16] and further expands presence in Laval,[17] Quebec City,[18] North Shore Montreal,[19] Oshawa,[20] Wallaceburg,[21] and Kelowna.[22]

2023: Further expansion in Quebec (Berthierville[23] and Shawinigan[24]), Alberta (Calgary[25] and Edmonton[26]), British Columbia (2 acquisitions in Vancouver,[27][28] Surrey[29] and Prince George[30]), Ontario (Sarnia[31]), and Newfoundland and Labrador (St. John's office from PwC Canada[32]).

2024: Various acquisitions in Quebec, and first acquisition in Prince Edward Island.[33]

Structure and subsidiaries

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MNP Ltd.

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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

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 Corporate Finance Inc.

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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.[37][38]

MNP and Praxity

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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.[39] 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.[40] Praxity firms have the capability, resource and scale to support clients ranging from small ambitious businesses to established global, listed organizations.

Sports sponsorships

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In the spring of 2022, MNP obtained the naming rights to the MNP Community & Sport Centre in Calgary.[41][42]

BC carbon tax grant investigation

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On 8 April 2024, British Columbia Minister of Energy, Mines and Low Carbon Innovation, Josie Osborne, ordered an investigation into MNP's administration of two grant programs funded through the British Columbia Carbon Tax.[43] This followed allegations that MNP had offered grant-writing services for programs it administered, in return for a 20% success fee. [44][45] On 8 August 2024, the Auditor General of British Columbia released the investigation results and found no evidence of conflict of interest.[46]

See also

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References

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  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. ^ "Draganjac Pressman Merges with MNP LLP". Archived from the original on 2015-05-18. Retrieved 2015-05-11.
  6. ^ "National Accounting Firm Expands Into Brockville". www.mnp.ca. Archived from the original on 2015-12-08.
  7. ^ "Halifax Dartmouth". MNP.ca. Retrieved 2021-07-10.
  8. ^ "National accounting firm enhances southern Ontario presence". Praxity. Retrieved 2021-07-10.
  9. ^ "Craig Keen Despatie Markell to Merge with MNP". Choose Cornwall. 2018-04-04. Retrieved 2021-07-10.
  10. ^ Next Digital Merges With National Consulting Firm MNP
  11. ^ "MNP to acquire subset of Deloitte business to expand footprint in select locations across Canada". Deloitte Canada. Retrieved 2021-07-10.
  12. ^ "National Professional Services Firm MNP, Expands Presence in Gaspésie". Consulting.ca. Consulting.org. Retrieved 20 June 2022.
  13. ^ "National Accounting Firm, MNP, Expands Presence in Southwestern Ontario". Consulting.ca. Consulting.org. Retrieved 20 June 2022.
  14. ^ "National accounting firm expands presence in Sudbury". Sudbury Star. Postmedia Network Inc. Retrieved 20 June 2022.
  15. ^ "National Accounting Firm, MNP, Expands Presence in St. John's, Atlantic Canada". Consulting.ca. Consulting.org. Retrieved 20 June 2022.
  16. ^ "MNP buys Quebec-based consulting firm Groupe Trigone". Consulting.ca. Consulting.org. 18 January 2022. Retrieved 20 June 2022.
  17. ^ "MNP expands Montreal area presence with boutique accountancy acquisition". Consulting.ca. Consulting.org. June 2022. Retrieved 20 June 2022.
  18. ^ "MNP acquires Quebec accountancy Malenfant Dallaire". Consulting.ca. Consultancy.org network. 28 November 2022. Retrieved 17 December 2022.
  19. ^ "National Professional Services Firm, MNP, Expands Presence in the North Shore of Montreal". MNP. MNP LLP. 12 December 2022. Retrieved 17 December 2022.
  20. ^ "National Professional Services Firm, MNP, Bolsters Presence In Durham Region". Consulting.ca. Consulting.org. Retrieved 20 June 2022.
  21. ^ "National Professional Services Firm, MNP, Expands Presence in Southwestern Ontario". MNP. MNP LLP. 26 October 2022. Retrieved 26 October 2022.
  22. ^ "MNP acquires BC firms The Bowra Group and Kerr & Company". Consulting.ca. Consulting.org. 6 December 2022. Retrieved 17 December 2022.
  23. ^ "National Professional Services Firm, MNP, Expands Presence in the Lanaudière Region". MNP. MNP LLP. 27 February 2023. Retrieved 28 February 2023.
  24. ^ "National Professional Services Firm, MNP, Bolsters Presence in the Mauricie Region, Quebec". MNP. MNP LLP. 8 March 2023. Retrieved 8 March 2023.
  25. ^ Trumbull, Ty (30 October 2023). "MNP Acquires Betach Solutions to Enhance Digital Practice". ChannelE2E. Retrieved 6 November 2023.
  26. ^ "National Professional Services Firm, MNP, Expands Presence in Edmonton". MNP. MNP LLP. 13 March 2023. Retrieved 13 March 2023.
  27. ^ "National Professional Services Firm, MNP, Expands Presence in British Columbia". MNP. MNP LLP. 14 February 2023. Retrieved 28 February 2023.
  28. ^ "National Professional Services Firm MNP, MNP, Expands Presence in Vancouver". Yahoo News. CNW Group. Retrieved 9 July 2023.
  29. ^ "National Professional Services Firm, MNP, Expands Presence in Surrey". MNP. MNP LLP. 19 June 2023. Retrieved 9 July 2023.
  30. ^ "National Professional Services Firm, MNP, Expands Presence in Prince George". MNP LLP. August 2023. Retrieved 6 November 2023.
  31. ^ "National Professional Services Firm, MNP, Expands Presence in Sarnia and Southwestern Ontario". MNP LLP. November 2023. Retrieved 6 November 2023.
  32. ^ "MNP to Acquire PwC Canada Practice in St. John's, NL". MNP. MNP LLP. 24 July 2023. Retrieved 24 July 2023.
  33. ^ "National Professional Services Firm, MNP, Expands Presence in Atlantic Canada with First PEI Merger". MNP LLP. 21 May 2024. Retrieved 22 May 2024.
  34. ^ "MNP Debt".
  35. ^ "Corporate".
  36. ^ "Governance | CAIRP".
  37. ^ "Corporate Finance". MNP. MNP LLP. Retrieved 18 December 2021.
  38. ^ "MNP Corporate Finance Inc". Bloomberg. Bloomberg L.P. Retrieved 18 December 2021.
  39. ^ "About".
  40. ^ "Praxity Alliance". Praxity Alliance. 6 August 2021. Retrieved 6 August 2021.
  41. ^ Herring, Jason. "Calgary's Repsol Centre gets new name: MNP Community & Sport Centre". Postmedia Network Inc. Calgary Herald. Retrieved 23 May 2022.
  42. ^ Admin (6 November 2016). "Our Organization". MNP Community & Sport Centre. MNP LLP. Retrieved 23 May 2022.
  43. ^ "B.C. government orders investigation into carbon tax grant process". The Abbotsford News. April 8, 2024. Retrieved April 8, 2024.
  44. ^ https://www.cbc.ca/news/canada/british-columbia/bc-clean-energy-grant-mnp
  45. ^ "B.C. asks for MNP, CleanBC grant investigation". vancouver.citynews.ca. 8 April 2024. Retrieved 2024-04-09.
  46. ^ Luciano, Abby. "No conflict in handling of B.C. clean-energy grants: auditor general". CBC News. CBC/Radio-Canada. Retrieved 26 September 2024.
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