US private equity firm takes majority stake in Cooper Parry
Cooper Parry, one of the UK’s fastest-growing accounting firms, has secured a majority investment from US-based Lee Equity Partners in what is being described as one of the largest deals of its kind in the global accountancy market.
The deal, which marks Lee Equity’s entry into the UK professional services sector, follows Cooper Parry’s remarkable growth trajectory that has seen its turnover increase fourfold to £180 million over the past two years, with organic growth exceeding 24% annually between 2021 and 2024.
“This investment marks a monumental milestone in the CP journey,” said Ade Cheatham, CEO of Cooper Parry. “Following an incredible period of sustainable growth, partnering with Lee Equity Partners is the next level game-changer.”
Known as the “rebels of accountancy,” Cooper Parry has transformed itself through an aggressive acquisition strategy, completing 11 transactions in just two years. These deals included significant purchases such as Haines Watts London, UHY Manchester, Cloud Orca, and MacroFin, expanding the firm’s presence across key UK regions.
The company now operates from five “superhub” locations across the UK – in the East Midlands, Birmingham, London, Thames Valley, and Manchester – employing 1,450 people, including 128 partners. Its services span audit, tax, innovation, tech & high growth, outsourced financial services, law, deals, digital transformation, and wealth management.
Danny Rodriguez, a Partner at Lee Equity, explained their interest in the firm. “For over three years, Lee Equity has been in search of the right type of accounting and business advisory services firm to partner with,” he said.
“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.”
The investment marks a transition from previous backer Waterland Private Equity, which had supported Cooper Parry’s expansion across the UK market. The firm has built a strong reputation not just for its services but also for its workplace culture, having been featured in The Sunday Times 100 Best Companies to Work For over the past seven years and ranking as the #1 accountancy firm to work for in the UK.
“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,” Cheatham added.
As the largest UK accountancy firm with B Corp status, Cooper Parry has distinguished itself through what it calls a “rebellious and powerful brand,” focusing on tech-enabled specialist services delivered at scale to the mid-market segment.
The transaction, subject to regulatory approvals, is expected to close in the first half of 2025. Arcmont Asset Management Limited and its affiliated funds have increased their existing credit facility to support Cooper Parry’s continued growth plans. Financial terms of the deal were not disclosed.
