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RedBird Capital Partners has reached an agreement to acquire Affinia, a UK-based accounting services provider, from Sovereign Capital Partners.
The transaction, which is subject to regulatory approval, marks the expansion of RedBird’s financial services portfolio.
Affinia provides accounting solutions to small and medium-sized businesses and has integrated 15 firms to date, including three practices from UHY Hacker Young.
Following the acquisition, Affinia will use RedBird’s artificial intelligence platform, RedBird X, to automate business workflows.
The company plans to continue its growth through further targeted acquisitions and the recruitment of new talent in the UK market.
RedBird currently manages $14bn (£10.39bn) in assets across the sports, media, and financial services sectors. The deal is expected to close within the next few months.
Mike Zabik, RedBird partner, said: “Affinia has demonstrated strong momentum and clear differentiation within the UK market, and with the support of the RedBird platform, we see a definitive pathway for Affinia to set a new industry standard for innovation and execution through the deployment of AI and other initiatives across the company.”
Darren Redmayne, Affinia group chief executive, added: “Partnering with RedBird marks an exciting new chapter as we accelerate our growth strategy, deploy technology to enhance the client experience and make our platform even more appealing to future partner firms aligned with our vision.”
Alex Hay, Sovereign Capital Partners partner, concluded: “It has been a pleasure to work with the team at Affinia over the last three years to create an emerging leader in the UK accounting services market. Our success to date is a powerful demonstration of Sovereign’s Buy & Build strategy in action.”
