DELOITTE Touche Tohmatsu Ltd. expects its acquisition of Philippine-based financial advisory firm Primeiro Partners Inc. (Primeiro) would stamp its leadership in the end-to-end mergers and acquisitions (M&A), restructuring and financing space, both in the country and in the wider Southeast Asia region.
The global professional services group didn’t disclose the amount of acquisition.
A statement issued by Deloitte read that its Southeast Asia CEO Eugene Ho believes Primeiro and Founder and Managing Partner Stephen Sieh “will enable Deloitte to have an advantageous position in the aggressively growing Philippine market.”
“The Philippines is a very important market in our plans to scale up our practice across Southeast Asia,” Ho was quoted in the statement as saying. He added he believes that Sieh’s and his team’s “expertise in advising clients in their most critical decisions, and their keen understanding of industry dynamics and the macroeconomic environment will enhance our already strong capability and give us an innovative edge to the way we go to market.”
Deloitte said Sieh would head the financial advisory practice of Navarro Amper & Co. (Deloitte’s Philippine office).
“It is clear that Primeiro’s strengths and expertise complement Deloitte’s broad range of services, thought leadership, and global presence and network,” Sieh was quoted in the statement as saying. He added he looks forward “to working together to shape a comprehensive and unparalleled approach to the marketplace, anchored by our people focused on providing our clients with the highest levels of execution, ensuring successful outcomes, enhanced reputations and longstanding business relationships.”
Sieh considers Southeast Asia as “the world’s fastest growing economic region.”
“And there is an immense amount of opportunity for corporations and investors to create value,” he added. “With increased demand for expansion and innovation, clients’ need for a trusted, end-to-end advisor to help explore and execute critical strategic, financial, and operational imperatives are rapidly increasing.”
Deloitte expressed optimism “about what their new Philippine partner can bring to the table.”
“Primeiro’s exceptional reputation as an independent advisor will complement and extend our existing practice locally and regionally,” Jiak See Ng, Deloitte Asia Pacific Financial Advisory Leader, was quoted in the statement as saying. Ng added that “there is strong respect in the market” for Sieh and the Primeiro team, “which has had an impressive record over the years.”
Ng, however, didn’t provide details of this record.
“This high regard will continue with Deloitte and will underpin the next phase of the team’s growth, while retaining the agility, vibrancy and esprit de corps for which they are known,” Ng added.
Sieh said he considers the acquisition as “hugely driven by our united commitment to help bring transformative advancement and growth to the Philippines and Southeast Asia.”
Since 2012, Primeiro now has a track record of originating and advising on over 40 transactions, according to Deloitte.