Aberdeen accountancy firm Anderson Anderson & Brown (AAB) has continued its run of expansion with the acquisition of Irish counterpart FPM for an undisclosed sum.
Based in Northern Ireland with operations on both sides of the Irish border, FPM generated revenues of approximately £9.5 million in its latest financial year. It employs more than 120 people across five offices.
The deal takes AAB to the £50m revenue mark with more than 550 staff in 10 offices across the UK and Ireland.
It comes after a hat-trick of deals last year that began when AAB took a majority stake in Edinburgh-based Purpose HR, followed by the acquisition of Hardie Caldwell based in Glasgow. AAB thereafter took over Leeds-based accountancy firm Sagars.
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Graeme Allan, chief executive of AAB, said the firm will continue actively pursuing both organic growth and acquisitions.
“This merger is a very important milestone for the group,” Mr Allan said. “With FPM, we gain an impressive team with a great reputation and significant presence across the island of Ireland.
“There is a strong cultural fit between our firms, and at the heart of this is a passion for helping team members and clients achieve their goals, which makes us hugely excited about the opportunity this merger presents.”
FPM’s nine shareholder directors, led by managing director Feargal McCormack, will remain in their current roles.
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“The synergies across our teams, service provision and sector specialisms, provide a fantastic platform for exciting future growth,” Mr McCormack said.
“In addition to this, we were attracted to AAB as the group has impressive global connections and experience working with high-growth SME businesses and large corporations internationally. This instantly gives us the capabilities to do even more for our clients, wherever they wish to do business across the world, whilst also providing our teams with enhanced opportunities to progress and develop as part of a larger group.”
Founded in 1990 by retired senior partner Mike Brown and two former E&Y colleagues, Bobby Anderson and Sheena Anderson, AAB is majority-owned by London-based August Equity. The investment by August, revealed in October of last year, has provided financial backing for AAB’s expansion.
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