Cooper Parry unveils new PE partnership as it targets ‘transformational growth’
Accountancy and business advisory firm, Cooper Parry, (CP) has entered into an investment partnership with New York-based Lee Equity.
Following two years of growth, Lee Equity will succeed Waterland Private Equity as CP’s capital partner.
Waterland has supported the business in its ambition to become a leading accountancy firm in the UK market by helping CP broaden its capabilities and expand its presence across the country.
The firm has completed and integrated 11 transactions in two years, including the acquisition of Haines Watts London and its associated audit and advisory businesses across the South-East, Thames Valley and the Midlands, UHY Manchester, London-based Cloud Orca, the growing Salesforce consultancy and MacroFin, the NetSuite Alliance Partner.
Turnover has quadrupled over the last two years to £180m with sustainable organic growth exceeding 24% annually over the prior three years.
CP offers tech-enabled specialist services from locations across the UK (East Midlands, Birmingham, London, Thames Valley and Manchester). It has a headcount of 1,450 people, including 128 partners.
Ade Cheatham, CEO, said: “This investment marks a monumental milestone in the CP journey, representing one of the largest deals of its kind in the global accountancy market.
“Following an incredible period of sustainable growth, partnering with Lee Equity Partners is the next level game-changer.
“The scale of this deal will propel us further forward over the next five years, giving us the financial resources to create the UK’s next-gen professional services group.
“After getting to know the Lee Equity team over the past few months, I’m so excited that we’re culturally aligned, share the same ambitious outlook and know that they really ‘get’ the opportunity we have in front of us.
“This is history-making news for everyone in the CP orbit - our people and clients alike. I can’t wait to bring our vision for 2030 to life.”
Danny Rodriguez, a partner at Lee Equity, added: “For over three years, Lee Equity has been in search of the right type of accounting and business advisory services firm to partner with.
“We’ve found that in Cooper Parry, who has emerged as a market leader in the UK due to their exceptional management team, best-in-class organic growth rates, centralized business development function, and fully integrated approach to M&A.
“We also found strong alignment with Cooper Parry’s entrepreneurial spirit and one-of-a-kind culture, which has attracted brilliant people who are disrupting the sector and who care deeply about their clients.
“We are extremely fortunate to partner with Ade and the rest of the Cooper Parry team as they embark on their next phase of growth.”
Arcmont Asset Management Ltd and its affiliated funds upsized its existing credit facility as part of the transaction, with additional committed financing to support Cooper Parry’s continued growth.
CP and Waterland were advised by Houlihan Lokey (M&A), Herbert Smith Freehills (Legal), Addleshaw Goddard (Legal), KPMG (Financial), Deloitte (Tax), Oliver Wyman (Commercial) and Liberty (Management).
Lee Equity was advised by Proskauer Rose LLP (Legal) and PwC (Financial, Tax and Technology).
