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Private equity investor Partners Group is reportedly in the running to acquire a majority stake in Azets, according to Sky News.
Sky reported that Partners Group was understood to be amongst several bidders to make it through to a second auction round for the firm, with an auction being run by JP Morgan.
Sources told Sky that the £1.5bn auction has also garnered interest from Apax Partners and PAI Partners.
Meanwhile, the founder of Azets, John Connolly, has reportedly dropped out of the bidding process after a bid he was working on with Towerbrook Capital Partners “failed to progress”.
Connolly founded Cogital Group, which later became Azets, in 2016, but stepped down following a sale process in 2019. He was formerly the chief executive of Deloitte UK.
Azets is currently majority-owned by Hg, which last year hired JP Morgan bankers to oversee an auction of the firm.
Partners Group told Accountancy Today it had no comment on the reports, while Azets has been reached for comment.
