The investment will reportedly allow AAB to further invest in tech following the doubled spending in this area during 2021, and it will provide “significant firepower” for AAB to pursue merger and acquisition opportunities (M&A) across the UK.
August’s investment in the firm will also “facilitate considerable investment” in people, both existing and those who “recognise the opportunities being created” across the group, AAB said.
The firm said this investment will help “realise AAB’s vision of becoming a key UK regional player” in the accountancy and wider business services market.
The partnership with August follows AAB’s plans to build on the momentum the firm has created this year following the merger with Glasgow-based accountancy firm Hardie Caldwell, and acquisition of Edinburgh-based Purpose HR.
Graeme Allan, chief executive at AAB, said: “We are enjoying a fantastic period of growth but see so many opportunities to invest more heavily to fast-track this. August Equity’s investment will be instrumental in helping us build a high-quality regional business services group across the UK.
“We shall work closely with August as we actively seek M&A opportunities with a particular focus on partnering with firms who adopt a similar ethos to us driven by a passion for helping people, staff and clients alike, achieve their goals.”
He added: “This model will establish a wide equity ownership whilst maintaining the opportunity for real partner progression for the future leadership of the group.”
David Lonsdale, partner at August Equity, said: “We are delighted to be investing in AAB and we are excited to be working with Graeme and the team. We look forward to working together to accelerate the growth of AAB and build a leading tech-enabled, business critical services group which is highly differentiated in the market.”