Penta Capital Partners pauses auction of UK accountancy group Sumer, citing weak sector valuations despite initial buyer interest.
Penta Capital Partners has suspended plans to sell UK accountancy firm Sumer at a £1bn valuation, despite earlier interest from potential buyers. The decision follows a decline in sector valuations, delaying a formal auction process initially expected in 2024.
The buyout firm had engaged corporate finance adviser Continuum to oversee the sale, capitalizing on strong investor demand for professional services businesses. Sumer, founded in 2023 with Penta’s backing, generates £300m in annual revenue and ranks as the UK’s 12th-largest accounting firm.
Penta is now exploring alternatives, including a continuation fund or dividend recapitalisation, to generate returns. A full sale remains possible if market conditions improve, sources close to the matter said.