Fri, 29 Sep 2023 | BUSINESS NEWS
Midlands accountancy firm BK Plus has secured investment from private equity firm Palatine, which will help the company to continue to target acquisitions in the sector. Palatine has acquired a “significant minority shareholding” in the business.
Since being founded in 2021, BK Plus has expanded with the acquisition of 12 companies, growing to more than 10 offices with a workforce of close to 300 staff. The company initially targeted growth in the Midlands, with offices in Blackheath, Bromsgrove, Dudley, Solihull, Uttoxeter, Warwick, and Wolverhampton.
More recently, however, it has targeted growth further afield, with offices in Halifax, Stoke, Newcastle-Upon-Tyne and Oldham, and appears set to continue or ramp up its acquisitive activity with the backing of Palatine.
BK Plus co-founder Shaun Knight said: "We are delighted to be partnering with Palatine, who we chose as they shared our ambition, philosophy, values and passion to deliver high-quality professional services to the SME sector – delivering locally, to local businesses, by local people with the support of the wider infrastructure.”
"There is an unprecedented opportunity within the accounting sector to acquire with like-minded firms across the country. Our growth to date demonstrates this, along with a significant pipeline of opportunity. Localness is the key to our core principles; this mirrors Palatine's structure and is key to our decision in choosing them.”
The transaction will see Mike Ward appointed chairman of BK Plus. Ward has significant experience in the professional services industry and expertise in constructing buy and build growth strategies, following his previous role as CEO of Gately Plc.
Richard Thomas, partner and head of Palatine's midlands team, commented: "BK Plus' focus on client service to the SME market via a regional model means they are well-positioned to provide the support required to existing and new clients."
Find out how companies can attract private equity backing for their acquisitive growth plans
Read more about growing M&A in the accountancy sector
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