Double acquisition completes for accountancy group
Dains has announced the completion of two acquisitions, as part of its desire to expand its presence and capabilities in key markets.
The accountancy group has purchased Midlands-based Magma Chartered Accountants and Dublin’s McInerney Saunders Chartered Accountants, to add to its 650 staff across the UK and Ireland.
Magma’s offices in Leicester and Rugby will add to the recent acquisition of HSKSG in Nottingham, pushing the group further into the East Midlands.
Mark Tuckwell, managing director at Magma 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”.
McInerney Saunders have been providing commercial and advisory support to businesses both in Ireland and internationally for over four decades and have joined the Dains group after collaborating with the firm for many years.
Owen Sheehy, managing partner 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”.
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.
“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.
“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. This alignment of culture and values will ensure a smooth integration process, creating a unified and cohesive team dedicated to achieving shared goals.”
Luke Kingston, managing partner at Horizon Capital, 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 £55 million.
“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).
