Xeinadin Group, the professional services group in the UK and Ireland, has sold a “significant” minority investment to Exponent, a private equity firm with experience in professional services.
Xeinadin completed an agreement to form a strategic partnership with Exponent to support the business’ growth plans, including organic growth and through acquisitions.
The group said the partnership will allow the business to make further investments in data-driven technologies to help drive efficiencies and improve the quality, breadth and delivery of services to its clients.
Under the new ownership, Mark Taylor and Tom Lightowler of Exponent will join Xeinadin’s board. John Dwyer, an Exponent operating partner, also joins as a non-executive director, although Alastair Marsh will remain as chairman.
Xeinadin is a group of business advisory and accountancy practices in over 100 locations across the UK and Ireland, providing over 40 service lines to over 50,000 clients, predominantly small and medium sized businesses and their owner-managers.
The group has more than 1,500 employees across the UK and Ireland, and has annual revenues of over £100m.
Derry Crowley, CEO of Xeinadin Group, said: “The completion of this partnership agreement means we can start the exciting next stage of our growth. We have ambitious plans and have found the right investor to support us and drive forward our ambitions. We have a clear vision of where we want to go in the next phase of our development.”
Taylor added: “Xeinadin is one of the leading consolidators in the UK and Ireland professional services landscape and has a huge opportunity in a highly fragmented market.
“We’ve been impressed by the work done to date by Derry and the team to build a profitable business with highly diversified sources of income, more than 95% of which is recurring. We look forward to working with Xeinadin over the coming years.”