Wed, 07 Feb 2024 | BUSINESS SALE
Private equity-backed accountancy firm Sumer has acquired North West accountancy and business advisory business Cowgills. Sumer, which is headquartered in Gatwick, was only founded last year, but has rapidly grown through acquisitions. The deal also includes Cowgills’ specialist small business brand, CHW.
The takeover of Cowgills, Sumer's biggest deal yet, marks the eighth acquisition the company has made, following deals for Monahans, RMT Accountants, RT Marke, Jerroms, Carpenter Box, EQ Accountants and Simmons Gainsford.
The company targets smaller and medium-sized regional firms that they see as sharing a similar ethos, values and approach. This activity has enabled the company to already reach annual turnover of more than £100 million, with the acquisition of Cowgills taking it to around 1,000 staff across 40 UK offices, supporting thousands of UK-based SME clients.
Cowgills is headquartered in Bolton, with further offices in Manchester and Liverpool and a workforce of more than 200 staff. Following the acquisition, the company will retain its name as Cowgills, which Managing Director Paul Stringer said was key for the firm.
Speaking to TheBusinessDesk.com, Stringer said that Cowgills had offers from several consolidators as well as private equity, but was seeking a deal that would preserve the company name. Stringer added that the structure of the deal meant that the company’s partners would have opportunities to reinvest, paving the way to bring the next generation into ownership of the company.
Stringer also said that the deal would provide a “war chest” for the company to target acquisitions of practices and advisory businesses in the North West, taking advantage of widespread fragmentation in the accountancy and advisory markets.
Sumer Chief Executive Warren Mead said: "Cowgills is renowned in the North West for helping clients grow their businesses through its down-to-earth advice. Paul and his team have led the firm through significant growth. This has been achieved through a relentless focus on clients and offering its team a fantastic place to work. Cowgills is a great addition to our rapidly growing business."
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