Deal of the Month win for SJD Accountancy takeover
The acquisition of SJD Accountancy as part of a £100m deal has been selected as Insider's Deal of the Month for September.
Private equity firm Sovereign Capital purchased the Hemel Hempstead-headquartered business and merged it with Nixon Williams as part of the multimillion-pound transaction.
The two acquisitions and merger will create an accountancy services group employing about 280 staff and offer clients services including year-end accounts, corporation tax, bookkeeping, payroll services and quarterly VAT calculations.
SJD Accountancy has in excess of 14,000 clients across its national network of offices. The firm was established 22 years ago.
Nixon Williams is based in Blackpool and has particular expertise in the IT contractor market. It was founded in 1995 by Alan Williams and Andy Nixon and has more than 4,000 clients.
Following the deals, Sovereign has brought in Jeremy Newman as chairman, the former chief executive of BDO International and managing partner of BDO UK.
Simon Curry has joined as group chief executive, having previously worked for Powwownow and Plusnet, while Kevin Budge has been appointed chief financial officer. Debt to support the transaction was provided by BlueBay.
Insider's digital news editor David Casey said: "SJD Accountancy and Nixon Williams have strong records of profitability and a large client spread, making them an attractive proposition.
"Sovereign, as a buy-and-build specialist, clearly sees an opportunity for further growth and expansion among contractors in what is a fragmented market. The appointment of Jeremy Newman is surely a signal of this intent."