CogitalGroup, which is backed by HgCapital, has announced an investment in Baldwins and the launch of the new Group. CogitalGroup will consist of Blick Rothenberg, the former BPO Division of Visma and Baldwins. The Group will provide outsourcing, accounting, payroll, taxation, financial and other advisory services to a broad range of businesses including entrepreneurial businesses and high net worth individuals. Pro-forma revenue of the Group will be circa GBP300 million.
The exact terms of this transaction were not disclosed. HgCapital Trust plc will invest in Baldwins alongside other institutional clients of HgCapital, who will participate through the HgCapital 7 Fund. The Trust will contribute a total of approximately GBP2.0 million.
Baldwins is a fast growing firm of accountants focused on accounting, tax and related services to the vital entrepreneurial segment of the UK economy. The firm has 27 offices across the UK employing c. 650 people. The business has grown rapidly based on high quality client service and a series of acquisitions. Baldwins plans to continue its strategy of acquiring quality firms as it builds out its regional network of practices. Its existing management team will continue to lead and drive this strategy.
John Baldwin, Director of Baldwins said “We undertook significant diligence on who to work with in relation to our future investment partners and we are delighted to have the opportunity to join CogitalGroup and work with HgCapital. We are also pleased to welcome John Connolly onto our board who, with his undoubted background as former Global Chairman of Deloitte, will bring a level of expertise and experience necessary to achieve our goals and aspirations.”
The Baldwins investment follows on from the announcement that HgCapital has agreed the acquisition of Visma BPO, a leading provider of outsourced accounting, payroll and HR services to 20,000 businesses in the Nordic region. Visma BPO brings leading technology that both assists practice accountants in the delivery of their service and also enhances the client experience through easier and more effective client/adviser collaboration.
Roar Wiik Andreassen, CEO Nordics and International said: “We are very happy to be joining this new Group and retaining a relationship with HgCapital which has been a long term shareholder in Visma. I am confident that we will develop in the right direction and further strengthen our services and solutions in the future.”
HGT : Hg Capital invests in Baldwins