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Private equity firm IK Partners’ IK X Fund has signed an agreement to invest in Dains Accountants, alongside the management team who are “significantly” reinvesting.
Following the completion of this deal, IK will succeed Horizon Capital, which provided the accountancy firm with an investment in 2021 to acquire 10 practices.
At present, Dains has 765 employees who serve a “large and diversified” customer base of over 17,000 clients.
Established in 1926, Dains provides accounting and business advisory services to fast-growing SMEs in the UK and Ireland.
With the support of IK Partners, the firm aims to continue to grow organically in the UK and Ireland; make further investment in its operational platform and recruitment; and accelerate its inorganic growth through partnering with “strong, complementary” firms.
Richard McNeilly, CEO of Dains, said: “We are very excited to be partnering with IK, who we believe possesses the necessary track record and expertise required to successfully support us in this next phase of our development.
“We would also like to take this opportunity to thank Luke and his team at Horizon Capital for their unwavering support over the past three years.”
Pete Wilson, partner at IK Partners and advisor to IK X Fund, said: “Dains is a strong business with an impressive history of delivering exceptional client services and business growth year on year.
“With our track record in supporting similar businesses in the Business Services sector, we look forward to partnering with Richard and his team in the next phase of the Company’s journey.”
Luke Kingston, managing partner at Horizon Capital, added: “We are so proud to have played a part in the growth of Dains over the last three years and to have backed Richard and his team to build a leading business in its niche. This was a fantastic investment and we are thrilled to have delivered an excellent outcome for all stakeholders involved. We wish the company every success in the future.”
