Private equity-based US accountancy firm Ryan has reportedly agreed to acquire European tax adviser Svalner Atlas Advisors in a deal reportedly worth $400m.
The transaction, which may be announced as early as this week, follows a competitive process in which Ryan beat rivals at Swedish private equity firm EQT AB for the asset, according to Bloomberg.
Headquartered in Texas and with a presence in London, Ryan specialises in tax services and has BP and BAT among its clients. The firm was valued at about $7bn earlier this year, when Neuberger bought a minority stake.
Svalner Atlas was formed after a 2024 merger of three firms in Sweden, Finland and the Netherlands, and is backed by Sweden-based Consolid Equity.
The transaction follows notable deals in the professional services sector over the last couple of years, including British private equity firm Apax buying Evelyn Partners’ accounting arm for £700m, Cinven acquiring Grant Thornton, and Interpath Advisory being acquired by Bridgepoint.
“Private equity’s love affair with professional services has been long-standing because these businesses looked safe, sticky and cash-generative,” Rich McDonald, chief market commentator at IG, told City AM last week.
However, despite the surge in interest from firms, the private equity giants remain selective with their investments, keen to back attractive businesses.
Professional services firms chess moves
The professional services industry is going through its most critical time in the last 20 years.
Economic instability, declining profitability, and AI adoption are accelerating across the sector, placing severe pressure on professional services firms to adapt or risk being left behind.
While some firms, especially in accountancy, have secured investment from private equity firms, others have opted for mergers, including RSM UK merging with its US sister, RSM US. An outlier, MHA, part of the Baker Tilly group, opted to list on the London Stock Exchange last year.
