KPMG COO quit to build an Accounting Firm Roll-Up: Now targets £1Bn valuation

• In 2022, Warren Mead (ex-COO KPMG UK) co-founded “Sumer, a UK-based accounting firm” with two former KPMG colleagues and, of course, backing from Penta Capital.
• His bet? Tap into the UK’s accounting consolidation boom.
• Now, in under three years, Mead is eyeing a potential £1 billion sale, with Continuum as its advisor, according to the Financial Times.
• Consolidator models, which buy up dozens of small firms, haven’t always delivered on their lofty promises.

Sumer’s rapid rise

In less than three years, Sumer, an accounting consolidator, has gone from 0 to the 13th largest accounting network in the UK.

• 34 acquisitions closed.

• 2,400 staff across 65 offices.

• And already eyeing a £1Bn sale with Continuum advising

• Services span audit, tax, corporate finance, and advisory for SMEs.

Of course, with backing from PE firm Penta Capital.

Its scaling strategy?

The famous “consolidator” model.

However, unlike past consolidators that swallowed firms whole, Sumer:

• Buys majority stakes in small and mid-sized accounting firms but lets them retain their independence.
• And centralises back-office functions like HR, finance, and compliance.

But…There are some concerns

While Sumer and its backers aim for unicorn status, many industry veterans told the FT that it may end up closer to £ 700 million. (Again, not too bad!)

Why? Critics argue that because Sumer’s firms keep separate brands, integration is limited.

That makes it harder for buyers to view it as a unified business, and therefore it is worth less.

Also read: 100+ Accounting Firms Merged Overnight – Now Eyeing £800Mn PE Deal

UK Accounting Firm consolidators

Sumer isn’t alone.

Across the UK and Europe, accounting roll-ups are the hottest trend in professional services, drawing billions from private equity:

• Azets → Backed by PAI Partners, now with 8,000 staff and £800M+ revenue.

• Xeinadin → A “one-day merger” of 100+ firms, ~£450M revenue.

• Gravita, Cooper Parry, AAB Group → All backed by PE and scaling fast.