Accountants join forces with New York-based capital partner

Cooper Parry, the fast-growing and firm of accountants and business advisers, has announced a ground-breaking investment partnership with New York-based Lee Equity.  

Following two years of transformational growth, Lee Equity will succeed Waterland Private Equity (“Waterland”) as CP’s capital partner.

Waterland has supported the business in its ambition to become a leading accountancy firm in the UK market by helping CP broaden its capabilities and expand its presence across the country. 

The firm has successfully completed and integrated 11 transactions in two years, 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 market-leading growth.

Turnover has grown 4X over the last two years to £180m with sustainable organic growth exceeding 24 per cent annually over the prior three years. (FY21-24). 

Cooper Parry’s entrepreneurial leadership and award-winning teams support like-minded clients across the UK and overseas, covering the spectrum of Audit, Tax, Innovation, Tech & High Growth, Outsourced Financial Services, Law, Deals (Corporate Finance, Transaction Services and Tax), Digital Transformation and Wealth Management.  

As one of the UK’s mid-market heavyweights, CP serves the fastest growing market segment with an iconic, rebellious and powerful brand.

It offers tech-enabled specialist services - delivered at scale - from five superhub locations across the UK (East Midlands, Birmingham, London, Thames Valley and Manchester). 

Ade Cheatham (pictured), CEO of Cooper Parry said: “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.”

Arcmont Asset Management Limited and its affiliated funds upsized their existing credit facility as part of the transaction, with additional committed financing to support Cooper Parry’s continued growth. 

CP and Waterland were advised by Houlihan Lokey (M&A), Herbert Smith Freehills (Legal), Addleshaw Goddard (Legal), KPMG (Financial), Deloitte (Tax), Oliver Wyman (Commercial) and Liberty (Management).

Lee Equity was advised by Proskauer Rose LLP (Legal) and PwC (Financial, Tax and Technology).