KPMG Sweden sells Business Accounting Services division to IK Investment Partners
IK Investment Partners (“IK”), a leading Pan-European private equity firm, is pleased to announce that the IK VIII Fund has reached an agreement with KPMG Sweden (“KPMG”) to acquire its division for accounting, payroll and related advisory services (“Business Accounting Services”).
Business Accounting Services is a leading provider of accounting, payroll and related advisory services with approximately 300 employees across Sweden. The transaction represents an attractive opportunity for both employees in accounting and payroll administration and for KPMG as a whole.
In February 2018, IK announced the acquisition of Aspia, which operated as a separate division within PwC, supporting over 27,000 small and medium-sized enterprises (SMEs). Aspia is one of the leading companies in accounting, payroll and related advisory services with 71 offices and approximately 1,100 employees across Sweden. The transaction is expected to close end of June 2018.
The plan is to integrate Aspia and Business Accounting Services, and the combined entity will operate under the brand name of Aspia. Together, the two businesses had a turnover of more than SEK 1.25 billion.
“Aspia and Business Accounting Services share similar expertise, service offering, customer base and presence as well as cultural heritage. Both companies have a vision to innovate and create new ways of working for SME businesses, especially through our strong digital service offering, and we can’t wait to welcome our new colleagues,” said Magnus Eriksson, Service Line Leader at PwC and Incoming CEO of Aspia.
“The acquisition of Business Accounting Services marks an important milestone for Aspia, and we at IK are incredibly proud to be part of this combination of two great businesses,” said Alireza Etemad, Partner at IK Investment Partners.
“Aspia will give our employees in Business Accounting Services a new home where their expertise is a core skill, with good opportunities to be competitive as well as resources to develop staff skills and drive technology development in the sector. At the same time, KPMG will strengthen its audit agenda and free up resources for strategic efforts in the digital arena and recruiting key employees,” said Magnus Fagerstedt, CEO of KPMG Sweden.
The terms of the transaction were not disclosed. The transaction is subject to customary approvals.
For further questions, please contact:
IK Investment Partners
Alireza Etemad, Partner
Phone: +46 8 678 95 24
Mikaela Hedborg, Director Communications & ESG
Phone: +44 77 87 573 566
Magnus Fagerstedt, CEO
Phone: +46 8 723 91 00
Björn Bergman, Head of Communications
Phone: +46 708 76 24 53
Magnus Eriksson, Service Line Leader at PwC and Incoming CEO of Aspia
Phone: +46 709 29 11 25