Clearwater International advises SKS Business Services on raising a £48m funding package from Kartesia to support the Group’s ambitious growth strategy
Clearwater International has supported SKS Business Services (SKS), a London-based accountancy and tax services business, on raising debt and equity financing from Kartesia.
Founded in 2007, SKS is a leading provider of accountancy, tax and finance services to more than 12,000 UK-based small and medium-sized businesses. Under the stewardship of founder CEO Sanjay Swarup and his management team, SKS has actively pursued a buy-and-build strategy, acquiring and integrating over 16 acquisitions over the last 8 years.
Over the past 5 years SKS has increased fee income from €4m (£3.5m) to €21m (£18m) in 2021 (415%), and the financing will be used to continue integrating around larger high street accountancy practices over the next 2-3 years (typically, but not exclusively, those with £1-£10m turnover).
The Group continue to drive efficiencies in the UK Accounting and SME Finance Function marketplace with focus on automation, high service levels to clients and integration of complimentary accounting practices to the platform.
Kartesia has committed €55m (£48m) of capital from its KCO IV and V funds, with the proceeds being used to support the refinancing of existing debt facilities, financing a strong pipeline of acquisitions, and other working capital purposes.