Today’s news in brief – 11/6/2024

Ten of the 30 largest US accountancy firms, including Aprio, PKF O’Connor Davies, Carr, Riggs and Ingram, and Armanino, are planning to sell stakes to private equity groups, the Financial Times reports. Aprio is considering a sale to Charlesbank Capital, while others are also engaging in sales processes. The trend follows recent private equity investments in Grant Thornton’s US arm and Baker Tilly. Regulators worry about potential impacts on audit quality and firm culture. Alan Whitman, former CEO of Baker Tilly, notes that firms are leveraging capital markets to meet increasing costs in personnel, offshoring, and technology. Forvis Mazars has appointed Julie Breakell as an audit partner in its Poole office, responding to growing demand from privately owned businesses in the South West. With over 20 years of experience in the region, Breakell is well-versed in local business dynamics and regulatory challenges. Her role will be pivotal in expanding the firm’s audit practice amidst a period of double-digit growth. Lesley Fox, partner at Forvis Mazars, expressed confidence in Breakell’s expertise and enthusiasm for teamwork, diversity, and culture, anticipating her positive impact on the firm’s continued expansion in the region. Hazlewoods has strengthened its corporate finance team with two senior hires from Deloitte. Phil Lane joins as partner and COO, bringing over 20 years of M&A experience, particularly with entrepreneurial and family-owned clients in the Consumer, Food, and Services sectors. Lane aims to grow Hazlewoods’ regional mid-market corporate finance business. Pete Muldrew, with over 10 years of M&A experience, joins as a director to support the M&A team’s growth. Both expressed excitement about contributing to Hazlewoods’ market-leading position and providing comprehensive advisory services to mid-market and entrepreneurial clients in the South West and Wales. Harrogate-based CorpFin has advised Johnson Tiles' management team on a management buyout (MBO) from former owner Norcros Plc. The team, led by MD Stephen Dixon, has taken full control of the business. An £8 million revolving credit facility from Allica Bank, arranged by CorpFin, will support the company's working capital. Chris Silverwood and Tony Norwood from CorpFin emphasised the need for a strategic review to ensure Johnson Tiles' future success. The transition to a fully outsourced model, supported by secured funding, aims to maintain the company’s market-leading position and enable future growth despite challenges in UK manufacturing.