Mackay Goodwin announces second FY24 acquisition
Mackay Goodwin and RRI Advisory have announced they will merge to meet the growing demand for quality insolvency advice as Australian businesses continue to struggle.
Business advisory and insolvency expertise company Mackay Goodwin will merge with Melbourne-based company RRI Advisory.
RRI Advisory is a boutique insolvency company specialising in providing insolvency, turnaround and business restructuring solutions to small and medium-sized businesses.
Mackay Goodwin, ranked third in insolvency and business recovery companies by appointment for the 2024 financial year, said the merger will aid in tackling the growing demand for insolvency guidance.
Already well-known within NSW, Mackay Goodwin plans to expand its expertise in Victoria.
Mackay Goodwin CEO Domenic Calabretta said the merge announcement comes after more Australians are enquiring about restructuring and insolvency needs.
“It was essential for us to have an exceptional team in place to address the escalating need for quality advice for distressed businesses,” he said.
“Merging with RRI, a well-established and highly well-respected advisory firm in the industry, was an obvious solution.”
It’s no secret insolvency numbers are “skyrocketing” in the current economic climate, Calabretta said.
ASIC figures for July highlighted restructuring appointments grew by over 200 per cent in 2023–2024 and external administrations grew by 39 per cent in the same period.
“Mackay Goodwin wanted to ensure we had a strong team to keep up with the increased demand,” he said.
“The RRI team has an excellent cross-industry knowledge of the SME landscape and is already highly respected, which will be an asset for Mackay Goodwin.”
RRI Advisory is set to rebrand under Mackay Goodwin with the team to move into the Mackay Goodwin offices on 15 August.
The merger between the two companies will mark Mackay Goodwin’s second acquisition this year, following the merger with Perth company GTS Advisory in March.
RRI Advisory Partner and Liquidator Liam Bellamy said the company welcomes and is excited about the merger.
“Mackay Goodwin has a strong reputation for its ability to help businesses through complex financial and operational issues,” he said.
“RRI is excited to have more exposure to national clients and bring our expertise into the business.”
“There are many synergies between the two firms and we believe the merger is a great fit with the culture that we have built.”
