Private equity-backed accountancy firm makes double swoop

Derby-headquartered accountancy firm Dains has revealed a double acquisition.

Dublin-based McInerney Saunders Chartered Accountants and Leicester- and Rugby-based Magma Chartered Accountants have joined the Dains Group.

McInerney Saunders has been providing commercial and advisory support to businesses both in Ireland and internationally for over four decades and has worked with Dains in the past.

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.”

Magma managing director Mark Tuckwell said: “We are excited to join forces with the Dains Group and bring our collective expertise to a broader audience. Our shared values and commitment to client satisfaction make this integration a natural fit. We look forward to the opportunities and growth that lie ahead as we embark on this new chapter together.”

Richard McNeilly, CEO of Dains said: “We enter 2024 with terrific news. During 2023 we experienced strong organic growth, and successfully integrated colleagues from HSKSG and Opto Group in to the Dains Group.

“These deals mark 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.

Simultaneously, the acquisitions of McInerney Saunders and Magma are not only strong additions to the group, but a coming together of like-minded professionals who share common values.

Luke Kingston, partner at Horizon Capital – Dains’ private equity backer, said: “Since our first investment, the Dains Group has moved steadily through the Accountancy Age rankings, and we expect that the group is now placed amongst the top 30 firms with group revenue in excess of £55m.

“The acquisitions of McInerney Saunders and Magma further propels the Group on their growth trajectory as well as being the catalyst for a mutually co-operative relationship, completely aligned with our long-term growth strategy.”

Dains were advised by Forward Corporate Finance (financial modelling), DSW (tax and financial due diligence), Fairgrove Partners (commercial due diligence), Deloitte (tax structuring) and CMS (legal).

Magma were advised by Knights (legal) and McInerney Saunders were advised by Mullany Walsh Maxwells (legal).