ECI Partners Invests in Shaw Gibbs to Scale UK and Ireland Accounting Services

ECI Partners has invested in Shaw Gibbs, a top 35 UK accountancy and advisory firm, marking a significant transition in the mid-market professional services sector. This move signals a major consolidation play as private equity continues to target firms capable of scaling through rapid M&A while maintaining high-touch client relationships across the UK and Ireland.

What was announced

ECI Partners is taking over the investment from Apiary Capital, which has backed Shaw Gibbs since 2022. During Apiary's tenure, Shaw Gibbs underwent significant expansion, completing 14 acquisitions. These deals included firms such as Alliotts, Martin and Company, and Crowleys DFK in Ireland. This aggressive growth strategy has seen the firm's headcount surge from 100 to over 800 employees in less than four years. Shaw Gibbs currently services approximately 25,000 clients, ranging from private individuals and entrepreneurial businesses to public sector organizations and international groups.

The firm provides a comprehensive suite of services including tax, audit, accounting, and advisory. The investment by ECI is intended to support the next phase of this growth, focusing on culture, team development, and technological innovation. ECI was selected as the partner for this stage due to its history of supporting relationship-led businesses in the financial services sector, with a portfolio that has previously included investments such as KB Associates and IGG. The deal provides a full realization for Apiary Capital, marking the end of an investment cycle that transformed Shaw Gibbs into a top-tier UK practice with a significantly strengthened regional footprint across the UK and Ireland.

"This investment reflects the strength of our business, the success of our strategy, and our continued position as a firm of choice for talented people, clients and high-quality firms looking to join us. With Apiary Capital’s support, we have built a market leading accountancy firm, and I am excited to partner with ECI for this next stage of our growth. They understand our focus on culture and clients and offer hands on support for continuing to invest in in the team and innovation through technology, which will support further sustainable growth. This is an important milestone for Shaw Gibbs, and I’d like to take this opportunity to thank the whole team."

Peter O’Connell, CEO of Shaw Gibbs.

The companies involved

Shaw Gibbs is a top 35 accountancy practice in the UK, specializing in tax, audit, and advisory for entrepreneurial businesses and international groups. It operates with a focus on local service delivery backed by national scale. ECI Partners is a growth-focused mid-market private equity firm with a history of investing in the financial services sector, including previous holdings in KB Associates and IGG. Apiary Capital is a private equity firm that focuses on the business services sector and has been the primary backer of Shaw Gibbs for nearly four years.

The broader ecosystem surrounding this deal includes several advisory and legal firms active in the UK professional services market. Osborne Clarke and Squire Patton Boggs (UK) LLP are major legal players, while Investec and Continuum Advisory Partners provide financial advisory services. Many of the firms acquired by Shaw Gibbs, such as Martin and Company (which recently rebranded as Martin), Alliotts, and Crowleys DFK, represent the regional and specialist practices that form the backbone of the UK’s accounting landscape. These entities collectively represent a market where scale and technical expertise are becoming increasingly intertwined.

What FF News has reported before

FF News has tracked the strategic developments of the firms involved in this transaction. We recently reported on how ECI Partners Strengthens Investment and Finance Teams with Key Appointments, a move that bolstered their capacity for mid-market growth investments. We also covered the evolution of Shaw Gibbs' acquisition targets, such as when Martin & Company Rebrands to Martin to Accelerate Insurance Product Innovation. Furthermore, the broader trend of private equity entering the professional and insurance services space was highlighted in our report on how Bridgepoint Acquires Majority Stake in VIPR Solutions to Accelerate Insurtech Expansion. These stories reflect a period of intense capital activity across the UK advisory and fintech sectors.

What this means

This deal underscores the intensifying "buy-and-build" trend within the UK accountancy sector. As regulatory burdens and technological requirements increase, smaller practices are finding it difficult to compete independently, making them prime targets for well-capitalized platforms like Shaw Gibbs. The transition from Apiary to ECI suggests that the market for professional services remains highly liquid, with private equity firms seeing significant value in consolidating fragmented advisory markets. However, this trend places immense pressure on mid-tier firms that lack institutional backing. The industry must now grapple with whether the rapid pace of consolidation will eventually lead to a talent drain or if the promised technological efficiencies can truly preserve the "local" feel these firms rely on.