Sumer Group acquires Monahans
According to Monahans, the investment will also allow it to reach its goal to quadruple turnover in the next five years, as it facilitates the acquisition of other firms in the South West region
Private equity-backed accountancy firm Sumer Group Holdings has acquired Monahans, the South West’s accountancy and business advisory firm.
Monahans has also secured significant investment from Sumer and will continue to operate with complete autonomy under managing partner Simon Tombs.
Following the acquisition, Monahans has become part of one of the top 15 mid-market accountancy businesses in the UK, employing over 1,000 people in more than 40 offices around the country.
Monahans has already used this increased capital to acquire Swindon-based accountancy practice David Starbuck Limited, the first in a series of strategic partnerships in the region.
The new client portfolio will continue to be managed by James Starbuck, with support from Helen Rowland and Sarah Rumbold, who also join from David Starbuck Limited as associates, with responsibility for client account preparation.
The portfolio will be led by Clare Bowen at partner level, while David Starbuck will support the transition of his firm and its client roster under the Monahans umbrella for a six-month period.
According to the Monahans, the investment will also allow it to reach its goal to quadruple turnover in the next five years, as it facilitates the acquisition of other firms in the South West region.
Tombs said: “We are confident it is the right move for our firm and all our colleagues. We are dedicated to helping our clients achieve their ambitions. Being part of Sumer will help us bring even more expertise to that.
“It is great to acquire a firm that shares the same vision and ethos as Monahans. The reputation of the firm is impeccable, and we are excited to offer our shared expertise to the region.”
Warren Mead, Sumer Group CEO and Co-Founder, added: “Monahans is the perfect partner firm to launch our investment plans. As we grow our regional footprint, we are committed to helping businesses navigate turbulent times and seize opportunities.
“The expertise of the Monahans team will greatly enhance this offering in the South West, as the firm builds on its reputation of being trusted advisors to local business communities. We are excited for what the future holds for the partnership and for the clients that will benefit from it.”
