Cooper Parry (“CP”), a leading provider of accounting and business advisory services to corporate SME and individual clients in the United Kingdom, today announced it received a majority investment from funds managed by Lee Equity Partners, LLC (“Lee Equity”).
New strategic partnership aims to build on unprecedented organic growth and acquisitions.
The new partnership will further accelerate CP’s creation of the UK’s next-gen professional services group.
Derby, United Kingdom and New York – December 10, 2024 - Cooper Parry, the fast growing and disruptive firm of accountants and business advisers, is delighted to announce a ground-breaking investment partnership with New York-based Lee Equity.
Following two years of transformational growth, Lee Equity will succeed Waterland Private Equity (“Waterland”) 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 successfully 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 fast-growing Salesforce consultancy and MacroFin, the award-winning NetSuite Alliance Partner.
This M&A activity, coupled with a highly differentiated client experience and strong business development, has fuelled market-leading growth. Turnover has grown 4X over the last two years to £180m with sustainable organic growth exceeding 24% annually over the prior 3 years (FY21-24). Cooper Parry’s entrepreneurial leadership and award-winning teams support like-minded clients across the UK and overseas, covering the spectrum of Audit, Tax, Innovation, Tech & High Growth, Outsourced Financial Services, Law, Deals (Corporate Finance, Transaction Services and Tax), Digital Transformation and Wealth Management.
As one of the UK’s mid-market heavyweights, CP serves the fastest growing market segment with an iconic, rebellious and powerful brand. It offers tech-enabled specialist services - delivered at scale - from five superhub locations across the UK (East Midlands, Birmingham, London, Thames Valley and Manchester).
Hailed as “the rebels of accountancy” with a determination to “Disrupt, Lead and Make Life Count”, CP is recognised as a leading employer in the UK and its sector. Headcount is 1450 people (including 128 Partners) and, for the past seven years, CP has been featured in The Sunday Times 100 Best Companies to Work For (including #1 Accountancy firm to work for in the UK). Amongst numerous accolades, it has been featured as #1 in Accountancy Age’s Mid-tier Power Index (2022) and in the Top 40 Global Inspiring Workplaces list (2024).
The largest UK accountancy firm to attain B Corp status, CP’s Glassdoor and NPS scores consistently out-perform peers as ‘best in class’, ensuring the continued recruitment and retention of the UK’s top talent.
Ade Cheatham, CEO of Cooper Parry commented: “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.”
“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,” said Danny Rodriguez, a Partner at Lee Equity. “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.”
Additional terms of the transaction, which is expected to close in the first half of 2025 subject to regulatory approvals, were not disclosed.
Arcmont Asset Management Limited and its affiliated funds upsized their 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).
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About Cooper Parry, The Rebels of Accountancy
Cooper Parry is one of the fastest-growing, culturally driven and rebellious firms of accountants and business advisers in the UK. Their award-winning teams support like-minded entrepreneurial businesses across the UK and overseas, providing tech-enabled services covering audit, tax, innovation, tech & high growth, outsourced financial services, law, deals (corporate finance, transaction services and tax) and wealth management.
The largest UK accountancy firm to attain B Corp status, Cooper Parry’s headcount is 1450 people (including 128 Partners) and, for the past seven years, has been featured in The Sunday Times 100 Best Companies to Work For (including #1 Accountancy firm to work for in the UK). Amongst numerous accolades, it has been featured as #1 in Accountancy Age’s Mid-tier Power Index (2022). and in the Top 40 Global Inspiring Workplaces list (2024). And Midlands Insider “Deal of the Year (£50m+)” Winner for Cooper Parry’s acquisition of Haines Watts London.
In December 2022, Cooper Parry’s growth was further accelerated by partnering with Waterland Private Equity. Over the last two years, the firm has completed 11 deals, 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 fast-growing Salesforce consultancy and MacroFin, the award-winning NetSuite Alliance Partner.
*Best Companies. #1 in Accountancy sector 2021
www.cooperparry.com www.cooperparrywealth.com
About Lee Equity Partners, LLC
Lee Equity Partners, LLC is a middle-market private equity firm that partners with businesses in the financial and healthcare services sectors. Over nearly two decades the firm has utilized its thematic based investment strategy and deep sector knowledge to identify and partner with talented management teams to accelerate growth and build market leading businesses. Additional information is available at www.leeequity.com.
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