TBAT Innovation Limited, a leading consultancy specialising in innovation funding, has been acquired by Dains Accountants, a portfolio company of private equity firm IK Partners. The acquisition marks a strategic and exciting expansion of Dains’s advisory capabilities.
Founded in 2002, TBAT has built a reputation for helping ambitious businesses access R&D tax credits, grant funding, and innovation support. With a highly experienced team and a loyal client base, TBAT has become a trusted partner for companies seeking to maximise their growth potential through innovation.
The corporate finance team at PKF Smith Cooper was appointed by the shareholders to advise on the sale, providing end-to-end support including identifying potential buyers, discreetly marketing the business, negotiating terms, and managing the transaction through to completion. Interest in the business was high and the process led to Dains being chosen due to the clear strategic fit and local presence. The acquisition aligns TBAT’s specialist innovation expertise with Dains’s growing advisory platform, supported by IK Partners’ strategic investment focus.
The acquisition aligns TBAT’s specialist innovation expertise with Dains’s growing advisory platform, supported by IK Partners’ strategic investment focus.
Claire Spencer commented: “TBAT is a fantastic business with a strong track record of delivering value to its clients. We’re delighted to have supported the shareholders in finding a buyer that shares their vision and values. Dains, backed by IK Partners, is well-positioned to take TBAT forward, and we look forward to seeing the business continue to thrive under new ownership.”
Callum Leslie commented: “This transaction reflects the continued appetite for high-quality professional services businesses in the UK market. TBAT’s integration into Dains will create exciting opportunities for clients and staff alike.”
“Claire and the team at PKF Smith Cooper have been fantastic throughout the whole sales process. We hadn't done anything like this previously, but the support and guidance offered actually made the whole process enjoyable. From quickly developing a good understanding of our business, developing an IM, to identifying and vetting potential buyers, through the due diligence process to sale, Claire's experience and expertise, supported as and when by the broader PKF team, effectively delivered the outcome we were all hoping for. I would highly recommend Claire for any M&A activity, for a practical, friendly and driven approach.”
Matt Symonds, Shareholder of TBAT
Legal advice to the sellers was provided by Smith Partnership, with Fraser Cunningham, Gemma Gallimore, and Emily Cokayne advising on the transaction.
Dains Accountants was supported by Steve and Carla Holmes of DSW Thames Valley, who conducted financial and tax due diligence. Legal advice to Dains was provided by Dan Weston of MWS.
The teams at PKF Smith Cooper and Smith Partnership extend their congratulations to all parties involved and wish TBAT and Dains every success in their future collaboration.
