Pictured: Adam Crinion and Aoife McAdam of BGF with Declan Dolan and Eamonn Garvey of Ecovis DCA.
BGF makes a significant investment in ECOVIS DCA.
Investment will finance acquisitions as Ecovis DCA seeks to challenge UK backed consolidators.
BGF, the most active growth capital investor in Ireland and the UK, has completed a significant investment in Ecovis DCA a fast-growing, Irish owned and led accountancy firm with 70 professionals providing audit, management accounts, tax, business advisory and financial management support services to over 800 SME clients in Ireland.
BGF takes minority equity positions in growing businesses across all sectors in Ireland. The aim is to provide investee businesses with the capital and expertise required to accelerate their growth plans. Established in Ireland in 2017, BGF has invested in 16 Irish businesses to date with a cumulative investment of over €120 million. BGF is backed by the Ireland Strategic Investment Fund (ISIF), AIB and Bank of Ireland.
Founded by Declan Dolan and Eamonn Garvey in 2003, Ecovis DCA is aligned with Ecovis International which has affiliated offices in over 90 countries across all continents. This enables Ecovis DCA to support Irish clients in their overseas operations and provide services in Ireland for international clients. Ecovis DCA has grown its Irish business organically and through acquisition and intends to pursue additional acquisitions in Ireland following the BGF investment.
“We believe we can become an Irish owned and managed focal point for consolidation amongst Irish firms and as an alternative to the UK owned consolidators”
– Declan Dolan and Eamonn Garvey.
Declan and Eamonn are joint Managing Partners of the firm. Speaking today, they said, “The funds from BGF will provide us with significant resources to acquire firms with a similar culture to our own. We are currently talking to a number of firms who we believe, along with their employees and customers, can add real value to the combined business. There is significant consolidation underway amongst accountancy and business advisory firms in Ireland. As an Irish owned and managed business, we believe Ecovis DCA can become a focal point for consolidation amongst Irish firms and as an alternative to the UK owned consolidators.”
On foot of the investment, Adam Crinion of BGF will join the Board as Director and Aoife McAdam of BGF will join as Observer.
Speaking today, Adam Crinion said: “Ecovis DCA has doubled in size in the past few years and with their ambitious M&A strategy and strong client service offering we see exceptional growth potential. We see an exciting opportunity to partner with Declan, Eamonn, and the wider Ecovis DCA team to scale its proven model. In addition to financial support BGF has significant experience of rapidly scaling people-based businesses in consolidating sectors with attractive market tailwinds like the Irish accountancy sector.”
Issued on behalf of BGF and ECOVIS DCA by Gordon MRM.
As featured on RTÉ News.
