Wed, 06 Nov 2019 | BUSINESS SALE
SKS Business Services has announced the acquisition of four companies, with the help of a £10 million financing from Shard Credit Partners.
SKS is a firm of chartered-accountants that provides accounting, bookkeeping, tax, payroll and other outsourced services to a customer base largely consisting of SMEs in the South-East of England. It has 60 UK-based staff in the UK, along with 155 professional support staff located across four offices in North-West India
The initial senior secured unitranche facility through Shard Credit Partners Fund I, has seen a rapid acceleration in SKS’s acquisitive growth strategy since it was awarded in May 2018. The financing has enabled SKS to rapidly grow its national presence.
SKS has now acquired a total of 18 companies since November 2013, including 10 companies under its buy and build strategy.
The four new companies acquired are Westlake Clark, which has a presence in Southampton, Lymington and New Milton, Stevenage-based Baker Watkins, Bury-based Thompson Jones; and Buckinghamshire-based Cansdales.
SKS Managing Director Sanjay Swarup said: "SKS's acquisition-led growth strategy is now proven and continues to drive interest from accounting business owners looking for an exit through a sale. We have a strong pipeline of acquisition candidates throughout the UK and expect to complete several more transactions in the coming months."
Alastair Brown, Chief Executive of Shard Credit Partners, added: "SKS's remarkable growth story over the past 18 months is a testament to our strategy of providing transformative growth capital to SMEs in the UK lower mid-market to unlock rates of growth not otherwise achievable with other forms of financing.
"Its unique proposition of securing acquisitions at attractive EBITDA multiples in combination with post-completion restructuring and offshoring of accounting work to India is highly EBITDA accretive."
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