A rapidly growing accountancy group has struck a deal to welcome a new European private equity backer.
Dains Accountants has received investment from IK Partners which has allowed its previous private equity funder and majority shareholder Horizon Capital to exit the business.
The management team at Birmingham-based Dains has also re-invested as part of the undisclosed deal.
London-based IK Partners was founded in 1989 and invests in small and medium companies in the º£½ÇÊÓƵ and across mainland Europe.
Following the investment from Horizon Capital in 2021, Dains has grown rapidly as a result of ten acquisitions alongside organic growth.
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At present, the practice has 765 employees who serve a large and diversified customer base of over 17,000 clients.
With the new support of IK Partners, Dains said it would look to make further investments in its operational platform and recruitment and accelerate its growth by partnering with complementary firms across the º£½ÇÊÓƵ and Ireland.
Dains is headquartered on the Paradise estate in Birmingham city centre and has several bases in the Midlands including in Lichfield, Burton and Rugby alongside offices across the º£½ÇÊÓƵ and in Dublin.
Chief executive Richard McNeilly said: "We are very excited to be partnering with IK 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 º£½ÇÊÓƵ 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 acquirer of choice.
"We would also like to take this opportunity to thank Horizon Capital for its unwavering support over the past three years."
Pete Wilson, partner at IK Partners, 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 º£½ÇÊÓƵ 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."
Luke Kingston, managing partner at Horizon Capital, said: "We are so proud to have played a part in the growth of Dains over the last three years and to have backed Richard and his team to build a leading business in its niche.
"This was a fantastic investment and we are thrilled to have delivered an excellent outcome for all stakeholders involved. We wish the company every success in the future."
