Private Equity · Buy & Build

The Practice Group Fund

A buy-and-build platform acquiring and modernising the firms that underpin the UK economy — accountancy, legal, and financial services practices with strong recurring revenue and founders planning their next chapter.

For professional, high-net-worth & sophisticated investors only · Not open to retail investors

£500k£5m
Target Firm Recurring Fees
1.31.6x
Typical GRF Entry Multiple
4
Acquisitions Completed in 2026
UK-wide
Midlands · North · NI · Beyond
The Opportunity

A generational succession wave in an essential sector.

Accountancy practices, legal firms, IFA businesses and compliance consultancies underpin the UK economy. They're profitable, trusted, and essential. But many are stuck: founders are ageing out, technology is moving faster than they can adapt, talent is hard to keep, and succession planning is a headache.

With thousands of professional services founders due to retire in the next ten years, there is a generational supply of high-quality firms seeking succession — and very few buyers offering a founder-friendly route.

That's where the Practice Group Fund comes in. And it's already moving: through the Buzz buy-and-build project, our operating team has completed four practice acquisitions in 2026 — real deals and real integrations, not a thesis on a slide.

Practice Group — a generational succession wave
Market Context

The majors are consolidating the top. The value is in the long tail.

27%
Of UK Top-60 Firms Now PE-Backed
+19%
More Would Consider PE Investment
122
Firms in One Consolidator Platform Alone
15x+
EBITDA Multiples Paid at the Top End

Private capital has arrived in UK professional services at scale: Grant Thornton with Cinven, Evelyn Partners' £700m professional services sale to Apax, Azets, Cooper Parry, and Xeinadin's 122-firm platform. More than a quarter of the UK's top-60 accountancy firms have already taken private equity investment — and the talk now is of consolidators acquiring consolidators.

Below that contested top end sits the long tail: thousands of independent firms with £500k–£5m of recurring fees — too small for institutional consolidators, too valuable to let retire quietly. That is where the Practice Group Fund operates: disciplined entry at 1.3–1.6x GRF, succession-led deal flow, and platform economics as firms combine.

Sources: industry surveys and reported transactions, 2024–2025 (ICAEW; Farrer & Co; Financial Times-reported deal values).

Acquisition Criteria

What we look for.

We look for firms that are:

01

Consistent, recurring revenue

Usually £500k–£5m in gross recurring fees — compliance-led income that repeats year after year.

Sectors
  • Accountancy practices
  • Legal firms
  • IFA businesses
  • Compliance consultancies
02

Strong client service, constrained scale

Firms delivering excellent client work but struggling with scale, technology, or growth — where platform infrastructure unlocks value.

Typical situations
  • Succession & retirement
  • Gradual sell-down
  • Accelerated expansion
03

Founders planning their next chapter

Led by founders who want to step back, sell out gradually, or accelerate expansion — based across the UK, not just London. We have active interest in the Midlands, the North, and Northern Ireland.

Deal structures
  • 1.3–1.6x GRF typically
  • Earn-outs
  • Equity options
  • Gradual exit terms
The Playbook

What we actually do.

Unlike slash-and-burn PE firms, we don't strip assets. We invest, we support, and we integrate — building a better business from the inside out.

I.

Modernise

We upgrade tech stacks — Xero, Apron, Clio, FYI and more — and bring modern digital infrastructure to firms that have outgrown their systems.

II.

Consolidate

We consolidate back-office functions across the group — finance, technology, marketing, operations, HR — so fee-earners spend their time serving clients.

III.

Grow

Client service stays local while teams gain central support, shared systems, leadership development and succession stability. We grow value long-term — not by flipping, but by building.

For Investors

Why investors back the platform.

  • Exposure to a sector built on recurring, compliance-led revenue
  • Cash-generative firms with established client bases
  • Platform synergy across acquired firms
  • A long-term buy-and-build strategy
  • A fund team of actual operators — not spreadsheet-only investors

In short: real businesses with real clients, real revenue, and real momentum. Meet the people behind the platform

Participation is available only to professional investors, certified high-net-worth individuals and self-certified sophisticated investors (FSMA 2000 (Financial Promotion) Order 2005), family offices, and institutional partners. It is not open to retail investors. This page is information, not an offer. Capital is at risk and returns are not guaranteed.

Founder Capital — operator-led fund team
Practice Group — partnering with professional services founders
For Firm Owners

Thinking about your next chapter?

If you founded an accountancy, legal, IFA or compliance firm, the Practice Group offers a founder-friendly route to succession or growth:

  • A gradual exit — you don't need to walk away day one
  • Real cash value — typically 1.3–1.6x GRF, with earn-outs or equity options
  • Stay involved in a reduced role, or mentor the next generation
  • A team to take the weight off: finance, tech, marketing, ops, HR — sorted

Most importantly: we respect what you've built. And we help it live on — bigger, stronger, and future-ready.

The Process

How investors participate.

  1. Introduce yourself and your investment focus. A brief overview of your experience, investment interests, and areas of focus helps us understand how we may be able to work together.
  2. Initial conversation. One of our team will respond to explore whether our investment approach aligns with your interests and objectives.
  3. Eligibility. Where there is a strong fit, we confirm investor certification — high-net-worth or sophisticated investor status under the Financial Promotion Order 2005.
  4. Information sharing. Eligible investors receive further information about the strategy, pipeline, and how to participate in opportunities alongside us.
FAQ

Common questions.

Contact

Start a conversation about the fund.

Or email us directly at andy@foundercapital.co.uk.

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