Marketing M&A adviser Green Square joins accountancy firm HaysMac

Green Square, an M&A adviser that has worked on several of the marketing sector’s biggest deals, is joining accountancy, tax and advisory firm HaysMac.

Its partners say the move is about capacity rather than ambition. “Virtually all our work is referred,” said Tony Walford, partner at Green Square. “Our challenge has been that we’ve historically had to turn away a lot of projects due to growth limitations.”

Walford said M&A activity in marketing services is close to a peak, largely because AI is putting pressure on the industry’s structure. Trade and private equity buyers are rethinking which capabilities they require, which would round out their offer and which are now surplus. The result is a market moving in two directions, with acquisitive buyers seeking particular capabilities and corporates selling businesses that do not fit their plans.

The busiest part of the market, he said, is at the smaller end. Agencies making between £1m and £3m in profit are attracting the most interest, while deals for businesses above £5m in profit have become less common. Global uncertainty makes buyers cautious and smaller deals less risky, although PE firms and PE-backed groups are still active, with capital to spend and the appetite to do so.

Joining HaysMac gives Green Square more people to take on mandates and the infrastructure to offer what clients have long asked for: a single team handling tax, due diligence, corporate finance and personal financial planning.

“Together, we can support more businesses across a wider range of situations,” said Walford, speaking alongside fellow partner Barry Dudley.

Natasha Frangos, managing partner at HaysMac, said the acquisition builds on a capability the firm has been developing. “Green Square has an outstanding reputation for supporting owners and shareholders through complex, high-value transactions,” she said, “and its expertise perfectly complements our existing strength in advising growth-focused and investor-backed businesses.”

Green Square was set up in 2008. Its recent work includes advising on Ruder Finn’s purchase of Missouri Creative, MSQ’s acquisition of Precious Media and Amplify joining Common Interest. With deal flow showing no sign of easing, the firm expects to handle more such work from its new home.