Tue, 27 May 2025 | BUSINESS NEWS
Mid-market accounting firm Xeinadin, which operates a roll-up acquisition strategy in the accounting sector, is said to be targeting a sale to a new private equity firm. Exponent, the company’s current private equity owner, is reportedly hoping to sell the firm for more than £800 million.
Xeinadin was formed in 2019 through a merger of over 100 accountants. Since then, the group has continued to grow through acquisitions, targeting accounting businesses across the UK, which it then integrates into the Xeinadin brand.
The company now operates from more than 130 offices, with sites in London, Ireland, Yorkshire and the Midlands, and employs around 2,000 staff. It provides services, including auditing, tax work, corporate finance and other professional services, to small and medium-sized companies.
According to a report in The Times, Exponent has appointed advisers from investment bank Evercore to run an auction for the company, with the process expected to formally begin over the coming weeks.
Sources familiar with the matter say that Xeinadin is pitching that its EBITDA is around £60 million. Recent valuations in the sector indicate that strong accounting firms can command EBITDA multiples of up to 14x, which would give Xeinadin a potential value of more than £840 million – although it is reportedly thought that the business will ultimately sell for less.
Xeinadin’s recent acquisitions in its buy and build strategy include the March 2025 takeover of London-based Raffingers, April 2025 deals for JCS Accountants and Mudd Partners and the acquisition of three Haines Watts offices towards the end of last year.
The potential sale of the business comes amid a wave of private equity M&A activity in the sector, which included Apax’s acquisition of Evelyn Partners’ professional services business in 2024.
Learn more about roll-up acquisition strategies in this in-depth analysis.
Find out more about M&A trends in the accounting sector.
Latest update: Private equity group’s £1bn sale of Xeinadin accounting group collapses
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