Mazars, the independent international organization specializing in audit, accountancy, tax and consulting services, has announced it is to acquire Corality Financial Group, a market leader in financial modelling, model audit and training. The deal is due to complete in August.

Corality is a privately-owned financial modelling practice founded in Sydney with offices in London and New York, employing more than 40 staff. They hold a unique combined position of a financial modelling consulting firm and a specialist training course provider, supported by over 1,000 modelling projects and over 4,500 course participants. The global revenue of €8.3 million (US$ 9.2 million) has been built on high profile projects including Gemini in the coast of the Netherlands(the biggest wind farm financing in the world), WestConnex toll road project in Sydney of AUD 3.5 billion (US$2.6 billion) of financing, and the acquisition of Freeport LNG, a world-class LNG receiving and regasification terminal in Freeport, Texas.

The combination of Mazars' project finance team and Corality creates a new offer to the infrastructure finance market:

• a highly experienced and strongly resourced team of over 120 professionals, offering a one-stop service for project financial advisory and transaction services, project valuation, financial modelling and training services;
• the number one ranked model auditor globally;
• sector expertise across energy, economic and social infrastructure, PPP and natural resources;
• global coverage with dedicated infrastructure finance teams in London, Sydney, Paris, New York, Delhi and Johannesburg linking with Mazars offices in 77 countries for tax and accounting and local advice.

International Board member and Mazars UK Senior Partner Phil Verity, commented:

 "This acquisition is a significant strategic move for Mazars that will enable us to increase our footprint in infrastructure finance and to partner with clients in any jurisdiction from Asia-Pacific to EMEA, to the Americas. Corality is renowned for its exceptional financial modelling consultancy and training academy and is a great match with Mazars. Combined, we have a truly world class infrastructure finance team."

Corality Group CEO Rickard Wärnelid said:

 "We are an entrepreneurial company with demonstrated global knowledge and the highest levels of client service, available to work with clients wherever they are. Mazars is a global firm with the infrastructure and resources that will enable us to continue to grow, enter new markets and offer clients a wider range of services. We have big ambitions and I am excited about the opportunities this combination brings, for all our clients and staff."