Today’s news in brief – 16/10/2024
Buyout firms Cinven, EQT, and New Mountain Capital have been shortlisted to acquire a stake in Grant Thornton, potentially valuing the UK accountancy firm at over £1.5bn. Grant Thornton’s 200 UK equity partners will have a say in the deal. The firm has improved its financial performance following leadership challenges, including fines related to audits of Sports Direct and Patisserie Holdings. The shortlisted firms emerged from a competitive process that saw other private equity contenders drop out. Grant Thornton has not yet made a decision but continues to explore avenues to drive future growth for the firm and its stakeholders.
FRP Advisory’s corporate finance team assisted B2B e-commerce specialist Gob2b in its acquisition by national software firm ClearCourse. Gob2b, based in Devon, integrates B2B ecommerce solutions into client platforms, focusing on digital transactions, stock management, and payment options. The acquisition by ClearCourse, which serves over 20,000 UK customers, allows Gob2b to access additional resources and networks, while ClearCourse gains entry into Gob2b’s customer base. Gob2b’s CEO Paul Dorey will remain as a consultant. FRP facilitated the sale and negotiations, ensuring a beneficial deal for both parties, enabling future growth for both Gob2b and ClearCourse.
Carpenter Box, a Sussex-based accountancy firm, has expanded its audit team by appointing Annemarie Fern and Emily Girling as senior managers. Fern, joining the Worthing office, brings over 18 years of experience and expertise in audit and financial reporting, managing a portfolio of clients and mentoring a team of 12. Girling, based in Portsmouth, will oversee client audits and develop her portfolio, specialising in not-for-profit and education sectors. Both new hires are ICAEW chartered accountants. The appointments reflect Carpenter Box’s commitment to growth, with the firm now boasting 65 audit specialists across its expanding operations.
Gerald Edelman advised Full Circle Capital Partners on its first acquisition: UK-based training and consultancy firm Accelerator Solutions. Accelerator Solutions provides customer service training, research, and consultancy for sectors including rail, utilities, and financial services. Full Circle Capital, which focuses on acquiring and growing SMEs in the professional services sector, benefited from Gerald Edelman’s financial and tax due diligence during the transaction. Toby Henry, founder of Full Circle, praised Gerald Edelman’s support throughout the acquisition. The deal marks a significant milestone for Full Circle, with Accelerator Solutions positioned for growth under new leadership.
