Sovereign-backed LB Group completes sixth acquisition and launches Affinia, a new challenger accounting, tax and business advisory group

Sovereign Capital Partners, the UK private equity Buy & Build specialist, is pleased to announce that LB Group, our chartered accountancy services portfolio business , has completed its sixth strategic acquisition and launched Affinia, its new corporate brand.

We invested in LB Group in May 2023, and over the past 18 months we have worked closely with the management team on an extensive Buy & Build programme to create a new challenger in the accounting, tax and business advisory sector - one which is expected to be ranked among the top 50 accounting services firms in the UK by revenue.

Affinia consists of LB Group and the following businesses from across the East and South East of England, all integrated into a single group:

• Richard Edwards Group, an accountancy practice with offices in Halstead and Colchester in Essex
• Dyer & Co, an independent accounting and tax business based in Sidcup, Kent
• Giess Wallis Crisp, an accountancy firm covering Essex and Hertfordshire based in Old Harlow, Essex
• NSO Associates, an experienced firm of chartered accountants and statutory auditors based in Chelmsford, Essex
• Baxter & Co, an accountancy practice based in Orpington, Kent with a strong sector presence in providing audit assurance to schools & colleges; and
• Clarkson Hyde, a 100-year-old accountancy practice based in Sutton, Surrey with clients based across Surrey and Greater London.

Together the new group has more than 7,000 clients, and more than 400 colleagues across nine regional offices in Colchester, Chelmsford, Halstead, Harlow, Ipswich, Orpington, Sidcup, Stratford and Sutton.

We are also pleased to announce the high-calibre team we have assembled since investment, with the appointments of Group CEO, Darren Redmayne, and Group COO, Vanessa Emens. Together with Rob Harden, Group CFO, and Chris Annis, Head of Accounts Service Line, they are responsible for the strategic growth of Affinia, alongside its senior service line leadership team, who collectively bring nearly 200 years of accountancy and professional services experience.

Alex Hay, Partner, Sovereign Capital Partners, said: "When we invested in LB Group, we recognised it was very well-positioned to consolidate the fragmented accountancy sector. We embarked on a significant Buy & Build programme to create Affinia, which marks a major milestone for not only the business, but also the broader accounting, tax, and business advisory market. As a new challenger in the sector, Affinia is well-positioned to deliver high-quality, client-focused services across the East and South East of England and beyond. With a strong leadership team, deep financial expertise, and a commitment to supporting local enterprise, Affinia will set new standards for the industry and create significant value for clients and communities alike."

Darren Redmayne, Group CEO, Affinia, said: "We are excited to be building Affinia as the leading client-friendly, accounting, tax and business advisory firm. Combining great service quality, trusted financial expertise and the power of technology, we are committed to delivering the best results for our clients. We look forward to joining with further colleagues, prospective clients and like-minded firms that share our vision for the future."

Chris Annis, Head of the Accounts Service Line, Affinia, said: "We are proud of the progress that LB Group and the other like-minded firms have taken so far. Now, as Affinia, we look forward to what lies ahead as we continue this journey together. United, we can further champion our clients, provide greater career opportunities for our colleagues, and support local business and our communities even better than before."

About Affinia

Affinia is a top 50 (estimate based on annual combined revenues of the firms that now form Affinia) accountancy services firm in the UK providing accounting, tax and business advisory services, and has over 400 employees collectively across the East & South East. Affinia provides accounting, tax and business advisory services to over 10,000 clients with access to sector experts across a broad range of industries.