Bay firm in major partnership deal to support 'ambitious growth plans'

Torbay Weekly

One of the country's top professional services companies, including an operation in Torquay, has struck a major deal with a leading equity company to support its future growth plans.

Xeinadin,  a top 20 UK and Ireland professional services group, has agreed a strategic partnership and significant investment from Exponent.

Xeinadin operates from nine South West locations across firms including Torquay-based MGA covering Devon and Cornwall. The investment will fund the group’s ambitious growth strategy and new data-driven technologies.

Exponent are a private equity firm with a proven track record in professional services. This partnership will involve Exponent making a significant minority investment in Xeinadin. Subject to regulatory approvals, the transaction is expected to complete in quarter one of this year.

Xeinadin is a group of business advisory and accountancy practices in over 100 locations across the UK and Ireland that provides over 40 service lines to over 50,000 clients, predominantly small and medium sized businesses and their owner-managers. It was formed through a merger of the offices in 2019 and is now structured into 14 regional hubs.

It has more than1,500 employees across the UK and Ireland, and is one of the professional services market’s leading disruptors and consolidators, with annual revenues of over £100 million in its latest financial year.

The investment by Exponent will support the company’s ambitions to grow significantly, both organically and through acquisitions and allow it to make further investments in innovative data-driven technologies to help drive efficiencies and improve the quality, breadth and delivery of services to its clients.

Under the new ownership, Mark Taylor and Tom Lightowler of Exponent will join Xeinadin’s Board, along with John Dwyer, an Exponent Operating Partner, joining as a non-executive director. Alastair Marsh will remain as chairman.

Derry Crowley, CEO, Xeinadin Group, said: “We are very excited to be heading into the next stage of our growth. We have ambitious plans and have found the right investor to support us and drive forward our ambitions."

Mark Taylor, partner at Exponent, said: “Xeinadin is one of the leading consolidators in the UK and Ireland professional services landscape and has a huge opportunity in a highly fragmented market. We’ve been impressed by the work done to date by Derry and the team to build a profitable business with highly diversified sources of income, more than 95 per cent of which is recurring."