ECI Partners has invested in Shaw Gibbs, a top 35 U.K. accounting, tax and business advisory firm serving approximately 25,000 clients across the U.K. and Ireland. The transaction provides a full realization for Apiary Capital, which has backed Shaw Gibbs since 2022. Financial terms were not disclosed.
Shaw Gibbs serves private individuals, entrepreneurial businesses, public sector and nonprofit organizations, and international groups through a broad range of accounting, tax, audit and advisory services.
The firm has expanded significantly during Apiary Capital’s ownership.
Since 2022, Shaw Gibbs has completed 14 acquisitions, broadening its geographic presence across the U.K. and Ireland while adding capabilities and local client relationships.
Recent additions include Alliotts, Martin and Company, and Crowleys DFK in Ireland, helping the group build a larger regional footprint while maintaining a local-service model.
Shaw Gibbs has also expanded its workforce from approximately 100 employees to more than 800 people during Apiary’s investment period.
The company has emphasized employee development, training and long-term career progression as part of its growth strategy, with management seeking to maintain an entrepreneurial and collaborative culture as the organization scales.
Shaw Gibbs selected ECI as its partner for the next stage of growth, citing ECI’s experience with relationship-driven businesses and its track record in financial services.
ECI’s previous investments in the sector include KB Associates and IGG.
The partnership is expected to support further investment in people, technology and product capabilities while allowing Shaw Gibbs to continue pursuing organic growth and acquisitions.
ECI manages approximately £3 billion in funds and invests in businesses valued at up to £350 million, taking both majority and minority positions.
The private equity firm has completed more than 250 deals over approximately 50 years and supports portfolio companies across areas including market expansion, M&A, employee engagement and technology scaling.
Apiary Capital is a U.K. private equity firm focused on businesses in education, healthcare, financial services, business services and technology services.
Apiary closed its second fund at £240 million in April 2024.
ECI was advised on the transaction by Continuum Advisory Partners on M&A and Squire Patton Boggs on legal matters.
Shaw Gibbs and Apiary Capital were advised by Investec on M&A and Osborne Clarke on legal matters, while Jamieson provided management advisory services.
KEY QUOTES:
“This investment reflects the strength of our business, the success of our strategy, and our continued position as a firm of choice for talented people, clients and high-quality firms looking to join us. With Apiary Capital’s support, we have built a market leading accountancy firm, and I am excited to partner with ECI for this next stage of our growth. They understand our focus on culture and clients and offer hands on support for continuing to invest in in the team and innovation through technology, which will support further sustainable growth. This is an important milestone for Shaw Gibbs, and I’d like to take this opportunity to thank the whole team.”
Peter O’Connell, CEO of Shaw Gibbs
“Shaw Gibbs stood out to us as one of the most client-centric businesses in the accountancy space, with the platform to scale their consistently high-quality service. Their breadth of offering, culture and employee proposition, on top of a track record of integrating high-quality businesses, gives them an excellent platform for further growth. We’re excited to work with the management team to deliver on that opportunity together.”
Michael Butler, Partner at ECI
“We are incredibly proud to have been a part of Shaw Gibbs’ journey following our initial investment almost four years ago. Since then, Peter and the wider leadership team have transformed the business, growing the team from 100 to over 800 people, while retaining a dynamic and collaborative culture, and continuing to deliver exceptional client service. We look forward to following Shaw Gibbs’ continuing growth story under ECI ownership.”
Chris Heawood, Partner at Apiary Capital
