Tue, 17 Dec 2024 | BUSINESS SALE
European private equity group IK Partners has taken a majority stake in Birmingham-based Dains Accountants.
IK Partners will succeed fellow private equity firm Horizon Capital as the majority shareholder, with the management team also ‘significantly reinvesting’. The IK investment comes from its IK X fund.
Financial terms of the deal have not been disclosed.
Established in 1926, Dains provides a comprehensive suite of accounting and business advisory services to fast-growing small and medium-sized enterprises in the UK and Ireland. The business offers a differentiated approach through its senior-led client relationships and delivery across a range of services, including: Accountancy & Business Advisory; Audit; Tax; Corporate Finance; Forensic Accounting; and Business Recovery.
Following investment from Horizon Capital in 2021, Dains has grown rapidly as a result of 10 strategic acquisitions and organic growth. At present, the company has 765 employees who serve over 17,000 clients.
Now with the backing of IK, Dains said it will look to continue its strong organic growth in the UK and Ireland; make further investment in its operational platform and recruitment; as well as accelerate its inorganic growth through partnering with strong, complementary firms across the UK and Ireland.
Richard McNeilly, CEO of Dains, said:“We believe IK possesses the necessary track record and expertise required to successfully support us in this next phase of our development. The team’s experience in both the Accounting and Professional Services sector, as well as in executing buy-and-build strategies in the UK and Ireland will be especially important in a fragmented marketplace like ours, where we are looking to drive consolidation.”
Pete Wilson, Partner at IK Partners, said:“Dains is a strong business with an impressive history of delivering exceptional client services and business growth year on year. The breadth of services offered by their accountancy experts across the UK and Ireland has built an excellent reputation for Dains amongst fast-growing SMEs.”
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Working with a prominent client in the investment banking industry, the company delivers turnkey project management services to support its client’s real-estate programme.
A renowned East London practice, established for over 35 years, boasts a high-quality, relationship-led service with a strong portfolio of limited company clients, each generating average fees over £4,000.
This North London practice presents an exceptional opportunity with a loyal client base primarily comprising limited companies and a profit margin of approximately 40%, promising a swift return on investment.
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