Wed, 23 Aug 2023 | BUSINESS SALE
Dains Accountants has broadened its service offering for clients with two new acquisitions. The double deal sees Dains, which is backed by private equity firm Horizon Capital, acquire Kent-based tax adviser PSTAX and the firm’s sister company, S3TAX.
PSTAX, which is based in Dartford, Kent and was formed in 2003, provides VAT and employment tax services for public sector bodies, including tailored advice, consultancy and training. S3TAX was formed in 2022 and is a housing and third sector tax specialist.
Dains Accountants’ Chief Executive Richard McNeilly said that the two companies “have developed a fantastic proposition for clients' which blends helpline support and training with first-class consultancy advice.” McNeilly added that, while Dains, PSTAX and S3TAX “traditionally operate in different market segments, our ethos is absolutely consistent, where we support clients and help them deliver long-term success."
PSTAX founder Peter Gladdish said that being acquired by Dains would help the company as it continues to grow its UK market share, adding that the firm “will be able to provide a broader service to our clients and connect to an incredible network of advisers across the group."
Dains Accountants is an independent firm of chartered accountants and business advisors which specialises in advisory services for growing SME businesses, providing services to 4,000 SMEs, international companies and high net worth individuals.
The company secured a £20 million commitment from Horizon Capital in 2021 to fund both organic growth and a buy and build acquisition strategy and has since completed four acquisitions and has built “a strong pipeline of accretive acquisition targets”. Horizon Capital partner Luke Kingston said that the new acquisitions would create “significant opportunities”.
According to Horizon Capital: “The market that Dains operates in is highly fragmented and sized at £4.5bn and driven by strong tailwinds due to increasing levels of compliance and sophistication, as a result of which a growing proportion of clients are outsourcing business-enhancing tasks to expert providers.”
Find out more about how accountancy firms are responding to growing client expectations through M&A activity
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