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Cooper Parry has received a majority investment from funds managed by New York-based Lee Equity Partners, which aims to build on the accounting firm’s “unprecedented” organic growth and acquisitions.
The new partnership will also further accelerate Cooper Parry’s ambition to create “the UK’s next-gen professional services group”.
Lee Equity will succeed Waterland Private Equity, which was Cooper Parry’s capital partner for the past two years.
In that time, the firm has completed and integrated 11 transactions, including the acquisitions of Haines Watts in London and its associated audit and advisory businesses across the South-East, Thames Valley and the Midlands, as well as UHY Manchester.
As a result, turnover at the group has grown four times over the last two years to £180m with sustainable organic growth exceeding 24% annually over the prior three years.
Ade Cheatham, CEO of Cooper Parry, said: “This investment marks a monumental milestone in the CP journey, representing one of the largest deals of its kind in the global accountancy market. Following an incredible period of sustainable growth, partnering with Lee Equity Partners is the next level game-changer.
“The scale of this deal will propel us further forward over the next five years, giving us the financial resources to create the UK’s next-gen professional services group. I’m so excited that we’re culturally aligned, share the same ambitious outlook and know that they really ‘get’ the opportunity we have in front of us. I can’t wait to bring our vision for 2030 to life.”
Danny Rodriguez, partner at Lee Equity, added: “For over three years, Lee Equity has been in search of the right type of accounting and business advisory services firm to partner with. We’ve found that in Cooper Parry, who has emerged as a market leader in the UK due to their exceptional management team, best-in-class organic growth rates, centralised business development function, and fully integrated approach to M&A.
“We also found strong alignment with Cooper Parry’s entrepreneurial spirit and one-of-a-kind culture, which has attracted brilliant people who are disrupting the sector and who care deeply about their clients. We are extremely fortunate to partner with Ade and the rest of the Cooper Parry team as they embark on their next phase of growth.”
