A planned sale of UK accountancy firm Xeinadin has been shelved after Exponent failed to secure bids meeting its £1bn-plus valuation expectations, according to a report by the Financial Times. The UK buyout firm backed the business four years ago, and had appointed Evercore to run an auction last summer.
Xeinadin was formed in 2019 through the consolidation of more than 100 accounting firms and has continued to grow through acquisitions. It now operates more than 130 offices across the UK and Ireland, employs around 2,500 staff, and provides audit, tax, corporate finance, and other services to small and mid-sized companies. One adviser said concerns around integration and brand consolidation weighed on buyer appetite, though a person close to the company disputed that view, the FT reported.
The aborted sale comes amid signs that valuations in the professional services sector are being reassessed. While private equity interest remains, advisers said investors are becoming more selective on price. Other firms including Saffery, Kreston Reeves, and Shaw Gibbs, are understood to be exploring strategic options, suggesting deal flow remains active despite a more cautious pricing environment.
