Waterland Private Equity has bought a “significant” stake in Midlands accountants and business advisors Cooper Parry.
Cooper Parry management at the firm said the deal would give them the resources to target five-fold growth over the next five years.
And they said they remained 100 per cent committed to the business – which is based near East Midlands Airport and has a big presence in Birmingham – with chief executive Ade Cheatham and all 42 partners staying in place.
They said the deal would help “turbocharge” Cooper Parry’s place in the UK accountancy market and lay a platform for international expansion.
Latest accounts showed Cooper Parry had revenues of £29.35 million in the year to April 2021, up from £26.6 million a year before. It had an operating profit of £3.2 million.
Waterland is a European private equity investment group which launched in the Netherlands in 1999 and now has 12 offices in 10 countries.
It has made investments in more than 850 companies and plays an “active” part in its portfolio companies. It currently manages more than 10 billion euros of investor commitments.
Some of the professional services businesses recently backed by Waterland include Moore Belgium, the mid-market accountancy business, Horn & Company, Sideshow Group and IMC Group.
Ade Cheatham said the deal had taken months of planning with Waterland attracted by their “client-first approach, positive culture, brilliant people and a rebellious attitude”.
He said under the terms of the deal, which remain subject to regulatory approvals, Waterland would become a significant shareholder with the Cooper Parry partners retaining a substantial equity stake.
He said: “In life, there are big days. Personal. Professional. And then there are days that are so mind-bendingly massive that it takes a while to pick your jaw off the floor. Today is one of those days.
“With Waterland on board, we can supercharge our growth and expansion across the UK and internationally.
“They have a strong track record of supporting ambitious advisory firms like ours and their pan-European presence will prove invaluable as we progress on our journey.
“Critically, they “get” our unique culture and alternative approach to traditional accountancy services.
“Right from the get-go, they’ve consistently supported and endorsed our disruptive and entrepreneurial spirit. Our ambitious target is five-fold growth by 2027.
“Latest results, just released, have delivered 33 per cent YOY growth.
“The next five years are going to be tremendously exciting for everyone involved, that’s for sure.”
Dominic Graham, investment director at Waterland Private Equity said: “We are delighted to partner with Cooper Parry – there was a meeting of minds from our first interaction with Ade and the Cooper Parry team.
“Cooper Parry is clearly differentiated in a crowded market and well-placed to take advantage of continued structural change driven by regulatory change and client demands.
“We love Cooper Parry’s unique approach to people, which has resulted in a strong entrepreneurial culture and market leading employee and client satisfaction.
“Our partnership will help Cooper Parry do more for its people and clients.”
