IK Partners’ IK X Fund has reached an agreement to invest in Dains Accountants, taking over as the majority shareholder from Horizon Capital. The financial details of the transaction remain undisclosed.

Founded in 1926, Dains offers a wide range of accounting and business advisory services tailored for fast-growing small and medium-sized enterprises (SMEs) in the UK and Ireland. Since Horizon Capital's investment in 2021, Dains has experienced significant growth, driven by ten strategic acquisitions and organic expansion. Currently, the firm employs 765 staff and serves over 17,000 clients.

With IK's backing, Dains aims to sustain its robust organic growth in the UK and Ireland, enhance its operational capabilities, and pursue further acquisitions by partnering with complementary firms in the region. Richard McNeilly, CEO of Dains, expressed enthusiasm about the partnership with IK, highlighting their expertise in the accounting and professional services sectors, which is crucial for navigating a fragmented market.

Pete Wilson, a Partner at IK Partners, praised Dains for its strong reputation and consistent growth in client services. He emphasized IK's experience in supporting similar businesses and looks forward to collaborating with Dains in its next growth phase.

Luke Kingston, Managing Partner at Horizon Capital, reflected on the successful partnership over the past three years, noting the impressive growth achieved by Dains. He expressed pride in contributing to the company's development and wished them continued success.

In summary, the investment by IK Partners is set to propel Dains Accountants into its next growth phase, focusing on organic and inorganic expansion while building on its established reputation in the SME sector.