East Midlands accountancy firm Cooper Parry has revealed a new investment partnership with New York-based Lee Equity.
Following two years of transformational growth, Lee Equity succeeds Waterland Private Equity as the firm’s capital partner. Waterland has supported Cooper Parry to broaden its capabilities and expand its presence across the country.
The past two years has seen the business complete and integrate 11 transactions, 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 growth. Turnover has grown 4X over the last two years to £180m with sustainable organic growth exceeding 24% annually over the prior 3 years.
Ade Cheatham, CEO of Cooper Parry, said: “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.”
Danny Rodriguez, a Partner at Lee Equity, said: “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.
“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.”
