Dains brings in investor to drive next phase of growth
Professionals services firm Dains Accountants has secured new investment, as it looks to push ahead with growth plans in the UK and Ireland. IK Partners has agreed to back the audit and advisory firm, while former investor Horizon Capital has headed for the exit.
Richard McNeilly, CEO of Dains, said, “We are very excited to be partnering with IK Partners, who we believe 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 and reinforce our strong position as the acquiror of choice.”
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 high-quality service delivery across its range of services, including: accountancy and business advisory; audit; tax; corporate finance; forensic accounting; and business recovery.
As Dains approaches its centenary milestone, IK Partners will now in the firm, alongside the management team who are significantly re-investing. IK will succeed Horizon Capital as the majority shareholder. Financial terms of the transaction are not disclosed – but also see previous investor Horizon Capital exit the firm.
Following investment from Horizon in 2021, Dains has grown rapidly as a result of 10 strategic acquisitions and impressive organic growth. At present, the Company has 765 employees who serve a large and diversified customer base of over 17,000 clients.
Looking ahead, Dains hopes the support of IK will help it 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.
Pete Wilson, partner at IK Partners and Advisor to IK X Fund, added, “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. With our track record in supporting similar businesses in the Business Services sector, we look forward to partnering with Richard and his team in the next phase of the Company’s journey.”
The news follows a series of deals which have seen the private equity sector make major inroads into the consulting sector. Earlier in 2024, this also saw Grant Thornton’s UK wing take on new investment from Cinven, as the firm looks to challenge the established hegemony of the Big Four in the professional services market.
