In August last year, the company reported a turnover of €500k and was awarded Cork Pension & Investment Broker for the second year in a row. 

Announcing the acquisition, managing director, Alan McCarthy said the deal aligned with MBC Financial’s long-term growth strategy, adding that they would work closely with Larry O’Mahony to ensure a “seamless integration process.”

“This strategic move marks a significant step forward in MBC Financials’ commitment to our client service offering, product portfolios and driving synergies,” Mr McCarthy continued.

Earlier this year, the firm’s sister company, MBC Insurance was acquired by the UK insurance company Clear Group which marked its first step into the Irish market.

Serving more than 5,600 clients, the sister company reported an annual turnover in excess of €2.6m in 2022, with the UK firm taking 100% control of McAuliffe Barry & Collins Ltd which traded as MBC Insurance.

MBC Financial’s recent purchase, Larry O’Mahony is a financial consultancy firm based on Cork’s South Mall. The long-standing firm has been in operation for more than 30 years and in September last year, reported a turnover of just under €200k.

The past year has seen increasing consolidation across indigenous financial advisory firms, with 26 mergers and acquisitions across the sector in the past six months, according to private equity firm, Renatus.

Growing consolidation comes as part of a broader trend across the extensive professional services landscape, with independent insurance firms across the country also seeing a surge in M&A activity, driven in large part by private equity-backed multinationals seeking growth by acquisition.