Horizon Capital, the private equity investor specialising in technology and business service buy & builds, announces the realisation of portfolio company Dains Accountants to IK Partners, generating a return of 8x invested capital and an IRR of 107%.
Established in 1926, Dains provides a comprehensive suite of accounting and business advisory services to fast-growing small and medium-sized enterprises (“SMEs”) in the UK and Ireland. The business offers a differentiated approach through its senior-led client relationships and high-quality service delivery across its range of services, including: Accountancy & Business Advisory; Audit; Tax; Corporate Finance; Forensic Accounting; and Business Recovery.
Following investment from Horizon Capital in 2021, Dains has grown rapidly as a result of 10 strategic acquisitions and impressive organic growth. The Company now has 765 employees who serve a large and diversified customer base of over 17,000 clients.
”We are so proud to have played a part in the growth of Dains over the last 3 years and to have backed Richard and his team to build the leading business in its niche. This is a fantastic transaction for all stakeholders and we are thrilled to have delivered an outstanding outcome for our investors. We wish the business every success in the future.
Luke KingstonManaging Partner, Horizon Capital
”We enjoyed a shared vision with Horizon and their support has enabled us to expand the solutions we offer to our clients, grow the team and create significant value for all stakeholders. Horizon’s understanding of our sector and the opportunity in front of us was clearly evident from our first meeting and has helped us in so many ways to build the group we are today. We would like to take this opportunity to thank the Horizon Capital team for their unwavering support over the past three years.
Richard McNeillyCEO, Dains Group
The sale of Dains demonstrates Horizon Capital’s ability to support buyouts of high-growth, niche market leaders and work in partnership with management teams through its buy & build model to build resilient, growing businesses with significant breakout potential. This realisation follows the exit of Sapphire Systems in 2023 at 5x MOIC.
Dains shareholders were advised by Rothschild (corporate adviser), CMS & McDermott Will and Emery (legal), Alvarez & Marsal (financial), OC&C (commercial), Deloitte (tax), JMAN (data).
