Simpson Thacher represented Penta Capital LLP (“Penta”), a leading financial and business services focused private equity firm, on the successful close of a single asset continuation vehicle for portfolio company Sumer Group (“Sumer”).
Founded in 2022, Sumer is the U.K. and Ireland’s leading middle-market accountancy practice focused on delivering professional services to small and medium-sized enterprises.
The transaction values Sumer at ~£1 billion enterprise value. The new vehicle is anchored by TPG GP Solutions as the sole lead investor, following strong interest from several large U.S. and European PE investors.
This capital structure allows Penta and Sumer management to continue their successful partnership through the next ownership cycle whilst providing new capital to continue to drive significant further M&A and support Sumer’s ongoing mission to be the champion of SMEs across the U.K. and Ireland.
The Simpson Thacher team included Ed Ford, Sacha Gofton-Salmond, James Ravden, Michelle Shen and Mia K. Dupper (European Secondaries).