Mon, 08 Jan 2024 | BUSINESS SALE
Dains Accountants, which is backed by private equity firm Horizon Capital, has announced two new strategic acquisitions. The firm has acquired Midlands-based Magma Chartered Accountants and Dublin-based McInerney Saunders Chartered Accountants.
Magma is an independent firm of chartered accountants, chartered tax advisers and financial advisers, providing services to owner-managed businesses. The company has offices in Leicester and Rugby, complementing Dains’ recent acquisition of HSKSG and expanding its presence into the East Midlands.
Magma Managing Director Mark Tuckwell said that the acquisition would enable the firms to bring their “collective expertise to a broader audience” and that the companies’ “shared values and commitment to client satisfaction make this integration a natural fit.”
McInerny Saunders provides commercial and advisory support businesses in Ireland and internationally and has operated for more than four decades. The company has worked with Dains Accountants serving international clients for several years.
Owen Sheehy, Managing Partner at McInerney Saunders, said: "The uniformity of the firms' culture combined with the expertise of our teams will create a powerhouse of financial knowledge and capabilities.”
"Joining the Dains Group allows us to leverage their extensive resources, cutting-edge technology, and deep industry insights to enhance the value we bring to our clients. This synergy will undoubtedly result in a stronger, more versatile firm that can navigate the complexities of the ever-evolving financial landscape."
Dains Chief Executive Richard McNeilly said that the company had experienced strong organic growth during 2023, whilst also successfully integrating its new acquisitions, HSKSG and Opto Group, into its wider group.
Regarding the new acquisitions, McNeilly said: "Today marks a significant milestone in our growth story and underscores our commitment to expanding our presence and capabilities in key markets.”
"Our Midlands presence is substantial, and we are delighted to welcome the Magma team to Dains Group. Ireland is a dynamic and growing market, and today's announcement positions us to better serve our clients with enhanced expertise and local insights.”
McNeilly said that the two acquisitions were not only “strong additions” but represented “a coming together of like-minded professionals who share common values.” He added that the cultural alignment between the companies would “ensure a smooth integration process” and create “a unified and cohesive team dedicated to achieving shared goals."
Horizon Managing Partner Luke Kingston said: "The acquisitions of McInerney Saunders and Magma further propels the group on their growth trajectory, as well as being the catalyst for a mutually cooperative relationship, completely aligned with our long-term growth strategy."
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