TFS Gulf 
- 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.
- In just two years, the firm has closed 34 deals, growing at lightning speed.
- Now, in under three years, Mead is eyeing a potential £1 billion sale, with Continuum as its advisor, according to the Financial Times.
Sumer’s rapid rise
In less than three years, Sumer, an accounting consolidator, has gone from 0 to becoming the 13th largest accounting network in the UK.
Of course, with backing from PE firm Penta Capital,
- 34 deals since 2023, mostly snapping up small accounting and tax firms across the UK and Ireland.
- It boasts 2,400 staff across 65 offices.
- Services span audit, tax, corporate finance, and advisory for SMEs.
Its scaling strategy?
The famous “consolidator” model.
However, unlike past consolidators that fully absorbed smaller firms, 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 are aiming for unicorn status, many industry veterans told the FT that it may end up closer to £700M.
Why?
Critics argue that because Sumer’s firms keep separate brands, integration is limited.
That makes it harder for buyers to see it as a unified business, and therefore worth less.
Also read: 100+ Accounting Firms Merged Overnight – Now Eyeing £800Mn PE Deal
UK Accounting Firm Consolidators
“Accounting firm consolidation” is the hottest trend in professional services, and private equity can’t get enough.
| Consolidator | Launch year | Model | PE backer | Scale (latest public) | Geography | insight |
|---|---|---|---|---|---|---|
| Azets (ex-Baldwins / Cogital) | 2016 | Semi-integrated, buy-and-build | PAI Partners (majority, 2023) | 8,000 people, £800m+ revenue (group) | UK & Nordics | One of Europe’s largest PE-backed accountancy groups; continues active M&A. |
| Xeinadin | 2019 (merger of 100+ firms) | “One-day merger” → centralise post-deal | Exponent (growth investment, 2022) | 4,000 people, ~£450m revenue (group, incl. Channel Islands) | UK & Ireland | Flagship modern roll-up; heavy digitisation push and further acquisitions. |
| Gravita | 2022 | Tech-first platform + selective add-ons | Tenzing (platform, 2022) | Early-stage; SME focus; rapid bolt-ons | UK | Lean, cloud-native consolidation play targeting £100m+ in medium term. |
| Baldwins | Pre-2016 | Rolling acquisitions | (rolled into Azets under Hg) | — | UK | Precursor to Azets; foundation of the current Azets footprint. |
| Cooper Parry (incl. US push) | 2023+ | Aggressive PE-backed M&A (advisory-heavy) | Waterland (majority, 2023) | Targeting >£140m revenue with UK + US growth | UK (US advisory expansion) | Repositioned as fast-growth advisory consolidator under PE. |
| AAB Group | (in market; roll-up since 2017) | Mid-market consolidator | August Equity (2021) | 1,000 | UK (Scotland-led) | Goldman Sachs took majority stake from August Equity, in 2025. |
| Bishop Fleming | 2025 | Minority PE reported / sale process | Synova | 500–600 staff | UK (SW England focus) | Plans to scale past £200m in revenue and a 2,000-employee workforce. |
Also read: Accounting firms, ripe for AI-led rollups: Yes, new target for Venture Capital
Wrapping up…
The accounting world is in the middle of a global private equity gold rush, lured by:
- Recurring revenues
- Scalable tech
- New ownership models that let partners keep equity and stay invested after a deal
If Sumer hits its £1B target, it could set a new benchmark for UK accounting and trigger an even bigger wave of consolidation globally.
But there’s a catch!
Consolidator models, which buy up dozens of small firms, haven’t always delivered on their lofty promises. Skyrocketing valuations are sparking fears of an accounting bubble that could burst.
