European private equity firm IK Partners has acquired a majority stake in Dains Accountants, a Birmingham-based firm. This investment marks a transition from Horizon Capital, which previously held the majority share. The financial details of the transaction remain undisclosed, but the investment is sourced from IK's IK X fund.

Founded in 1926, Dains Accountants specializes in providing a wide range of accounting and business advisory services tailored for small and medium-sized enterprises (SMEs) in the UK and Ireland. The firm distinguishes itself through senior-led client relationships and offers services such as accountancy, audit, tax, corporate finance, forensic accounting, and business recovery.

Under Horizon Capital's ownership since 2021, Dains has experienced significant growth, driven by ten strategic acquisitions and organic expansion. Currently, the firm employs 765 staff members and serves over 17,000 clients.

With IK Partners now at the helm, Dains aims to sustain its robust organic growth in the UK and Ireland. The firm plans to invest further in its operational capabilities and recruitment while also pursuing additional growth through partnerships with complementary firms in the region.

Richard McNeilly, CEO of Dains, expressed confidence in IK's ability to support the company's next growth phase. He highlighted IK's experience in the accounting and professional services sectors, particularly in executing buy-and-build strategies in a fragmented market, which aligns with Dains' consolidation goals.

Pete Wilson, a partner at IK Partners, praised Dains for its strong business model and consistent client service. He noted the firm's excellent reputation among fast-growing SMEs, attributing it to the diverse services provided by its accounting experts across the UK and Ireland.

As the private equity landscape evolves, firms like IK Partners are increasingly optimistic about opportunities in the UK market.