Key highlights:

• ECN Capital to be acquired by an investor group in an all-cash transaction, providing near-term liquidity to all shareholders.
• Common shareholders will receive C$3.10 per common share, in cash, which represents a premium of approximately 13% over ECN Capital’s unaffected closing share price of C$2.75 on the Toronto Stock Exchange on November 12, 2025, and a premium of approximately 12% over ECN Capital’s 10-day volume weighted average trading price as of such date, valuing ECN Capital at an enterprise value of approximately C$1.9 billion.
• The all-cash transaction provides certainty of value for shareholders and results in an attractive total shareholder return of over 200% since ECN Capital’s separation from Element Financial in October 2016.
• The transaction has been unanimously approved by the Special Committee and ECN Capital’s Board of Directors.
• Each director and executive officer of ECN Capital has entered into customary support and voting agreements in favour of the transaction, collectively representing approximately 6.3% of the total voting shares outstanding. Champion Homes, ECN Capital’s largest shareholder that owns approximately 19.7% of the total voting shares outstanding on an as-converted basis, has entered into a support and voting agreement.

Toronto, Canada – November 13, 2025 – ECN Capital Corp. (TSX: ECN) (“ECN Capital” or the “Company”) announced today that it has entered into a definitive arrangement agreement dated November 13, 2025 (the “Arrangement Agreement”) to be acquired by a newly formed acquisition vehicle (the “Purchaser”), controlled by an investor group led by Warburg Pincus LLC (the “Purchaser Group”), pursuant to which the Purchaser will acquire (i) all of the issued and outstanding common shares of the Company (the “Common Shares”) for C$3.10 per Common Share, in cash, (ii) all of the issued and outstanding cumulative 5-year minimum rate reset preferred shares, Series C of the Company (the “Series C Shares”) for C$26.00 per share, in cash (plus all accrued but unpaid dividends thereon); and (iii) all of the issued and outstanding mandatory convertible preferred shares, Series E of the Company (the “Series E Shares”), of which Champion Homes, Inc. (“Champion Homes”) is the sole owner, for C$3.10 per share, in cash (plus all accrued but unpaid dividends thereon) (the “Transaction”).

The price per Common Share represents a premium of approximately 13% to the unaffected closing price on the Toronto Stock Exchange (the “TSX”) of the Common Shares on November 12, 2025, the last trading day prior to the announcement of the Transaction, and a premium of approximately 12% to the 10-day volume weighted average trading price per Common Share as of that date.

The price per Series C Share represents a premium of approximately 11% to the closing price on the TSX of the Series C Shares on November 12, 2025 and a premium of approximately 11% to the 10-day volume weighted average trading price per Series C Share as of that date, in addition to the payment of accrued and unpaid dividends.

“We are very pleased to enter into this Transaction with the Purchaser Group, which is experienced, committed, and well-capitalized, to support ECN Capital’s continued growth as a private company,” said Steven Hudson, CEO of ECN Capital. “Since our 2023 strategic review, we have focused on maximizing shareholder value, and we believe this Transaction provides compelling certainty of value and liquidity at an attractive premium. ECN Capital has evolved from an on-balance sheet commercial finance business into an asset-light company focused on acquiring under-appreciated businesses, improving them, and realizing greater returns—most notably the acquisition of Service Finance for US$309 million in 2017 and its subsequent sale for US$2 billion in 2021, which supported a C$7.50 special dividend to shareholders. To date, we have delivered shareholder returns of over 200%, and this Transaction creates a liquidity event and provides a further return of capital opportunity for our shareholders.”

Board of Directors Recommendation and Fairness Opinion

The Arrangement Agreement was the result of a comprehensive negotiation process with the Purchaser Group that was undertaken with the supervision and involvement of ECN Capital’s Board of Directors (the “Board”) and a special committee of the Board comprised solely of independent directors that was formed in connection with the Transaction (the “Special Committee”).

The Board, after receiving advice from the Company’s lead financial advisor, CIBC World Markets Inc. (“CIBC”) and outside legal counsel and following receipt of the unanimous recommendation of the Special Committee, unanimously (with conflicted directors abstaining) determined that the Transaction is in the best interests of ECN Capital and is fair to the holders of Common Shares (the “Common Shareholders”) and the holders of Series C Shares (the “Series C Shareholders”) and unanimously (with conflicted directors abstaining) recommends that the Common Shareholders, Series C Shareholders and the holders of the Series E Shares (the “Series E Shareholders” and, together with the Common Shareholders and Series E Shareholders, the “Voting Shareholders”) vote in favour of the Transaction.

In connection with their review and consideration of the Transaction, the Board and Special Committee received a verbal opinion from CIBC (the “Fairness Opinion”) that, subject to the assumptions, limitations and qualifications set forth in CIBC’s opinion, the consideration to be received by the Common Shareholders and Series C Shareholders pursuant to the Arrangement Agreement is fair, from a financial point of view, to such shareholders.

Copies of the Fairness Opinion, as well as additional details regarding the considerations of the Board and the Special Committee in arriving at their unanimous recommendations, will be set out in the management information circular to be mailed to shareholders in connection with the special meeting of Voting Shareholders to be called to consider and vote upon the Transaction (the “Meeting”) and filed by the Company on its profile on SEDAR+ at www.sedarplus.ca.

Additional Transaction Details

The Transaction will be implemented by way of a statutory plan of arrangement under the Business Corporations Act (Ontario). Implementation of the Transaction will be subject to, among other things, the receipt of the shareholder approvals described below, court approval and customary closing conditions, including the receipt of certain key regulatory approvals. The Transaction is not subject to any financing condition.

The Transaction is subject to the approval by (i) at least 66 2/3% of the votes cast by the Common Shareholders and Series E Shareholders present or represented by proxy at the Meeting, voting together as a single class; and (ii) if required, a simple majority of the votes cast by the Common Shareholders present or represented by proxy at the Meeting (excluding the Common Shares owned and/or controlled, by any shareholders required to be excluded under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”)). The acquisition of the Series C Shares is conditional upon (i) the approval of at least 66 2/3% of the votes cast by the Series C Shareholders present or represented by proxy at the Meeting and (ii) if required, a simple majority of the votes cast by the Series C Shareholders present or represented by Proxy at the Meeting (excluding votes of any Series C Shareholders required to be excluded under MI 61-101). Completion of the Arrangement is not conditional upon obtaining approval from the Series C Shareholders and if the requisite approvals are not obtained, the Series C Shares will remain outstanding following closing of the Transaction in accordance with their terms.

In connection with the Transaction, Champion Homes has entered into a support and voting agreement and each director and executive officer of ECN Capital has entered into customary support and voting agreements pursuant to which they have each agreed, subject to the terms thereof, to support and vote all of their Common Shares and Series E Shares, as applicable, in favour of the Transaction. Collectively, Champion Homes and the directors and executive officers of ECN Capital hold approximately 18.8% of the outstanding Common Shares. Champion Homes holds 100% of the outstanding Series E Shares. As a result, Common Shareholders and Series E Shareholders representing approximately 26% of the total voting power have agreed to vote such shares in favour of the Transaction.

The Arrangement Agreement provides for customary deal protection provisions, including a non-solicitation covenant on the part of the Company, which is subject to customary “fiduciary out” provisions that enable the Company to terminate the Arrangement Agreement and accept a superior proposal in certain circumstances and customary “right to match” provisions in favour of the Purchaser. A termination fee of C$35.4 million would be payable by the Company in certain circumstances, including in the context of a superior proposal supported by the Company. A reverse termination fee of C$53.1 million would be payable to the Purchaser if the Transaction is not completed in certain circumstances (the “Reverse Termination Fee”).

Each of the members of the Purchaser Group (together, the “Equity Investors”) has delivered an equity commitment letter to the Purchaser pursuant to which the Equity Investors have committed, on a several basis, to provide the equity financing required for the Transaction (the “Equity Financing”). In addition, the affiliates of Warburg Pincus have delivered a limited guarantee in favour of the Company in respect of the Reverse Termination Fee and for certain expense reimbursement and indemnification obligations contemplated by the Arrangement Agreement. The Purchaser may seek debt financing from one or more financing sources, however, the Purchaser’s obligation to consummate the Arrangement is not conditional on obtaining any financing, and the Equity Financing is expected to provide sufficient funds to pay the consideration and other amounts required to be paid by the Purchaser in connection with the Transaction.

If requested by the Purchaser prior to closing of the Transaction, the Company may be required to conduct a consent solicitation and/or offer to purchase, as applicable, in respect of the 6.00% Senior Unsecured Debentures of the Company due December 31, 2026 (the “6.00% Debentures”), the 6.25% Senior Unsecured Debentures of the Company due December 31, 2027 (the “6.25% Debentures”), and/or the 6.50% Convertible Senior Unsecured Debentures of the Company due April 30, 2030 (the “6.50% Convertible Debentures” and, together with the 6.00% Debentures and the 6.25% Debentures, the “Debentures”). Any such consent solicitation process and/or repurchase of any or all of the outstanding Debentures would be conditional on closing of the Transaction. Completion of the Transaction is not conditional upon the pendency or consummation of any consent solicitation or offer to purchase of any Debentures.

Prior to closing, the Company expects to continue to pay its regular quarterly dividends on the Common Shares and Series C Shares and semi-annual dividends on the Series E Shares.

The Company expects to hold the Meeting to consider and vote on the Transaction in January 2026. If approved at the Meeting, provided all key regulatory approvals are received in a timely manner, the Transaction is expected to close in the first half of 2026, subject to court approval and other customary closing conditions. Following closing of the Transaction, the Common Shares and, to the extent the requisite approval of Series C Shareholders is received, the Series C Shares, will be delisted from the TSX.

Provided no consent solicitation or offer to purchase is completed, the Debentures are expected to continue to be listed on the TSX following closing of the Transaction and, as a result, the Company will continue to be a reporting issuer under applicable Canadian securities laws. Within 30 days following the closing of the Transaction, as required in accordance with the Debentures’ respective terms, the Company will be required to make a cash offer to purchase all of the outstanding Debentures at a price equal to 100% of the principal amount thereof plus accrued and unpaid interest (the “Debenture Offer”). In addition, beginning 10 trading days before the anticipated date of the closing of the Transaction, until 30 days after the Debenture Offer is delivered, holders of the 6.50% Convertible Debentures will be entitled to convert their debentures and receive, subject to the completion of the Transaction, a cash payment inclusive of an additional number of shares they would have otherwise been entitled to receive upon conversion as set out in the 6.50% Convertible Debenture indenture.

Important Additional Information and Where to Find It

Additional information regarding the terms and conditions of the Transaction, the considerations of the Board and the Special Committee in arriving at their unanimous recommendations, the Fairness Opinion, the applicable voting requirements for the Transaction, and how shareholders can participate in and vote at the Meeting will be set out in the management information circular to be mailed to shareholders in connection with the Meeting and filed by the Company on its profile on SEDAR+ at www.sedarplus.ca. The Arrangement Agreement and Voting Support Agreements will also be made available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

Advisors

CIBC Capital Markets acted as lead financial advisor to the Company, and Blake, Cassels & Graydon LLP and Baker & Hostetler LLP acted as legal advisors to the Company. RBC Capital Markets also acted as financial advisor to the Company. Macquarie Capital, BMO Capital Markets and Truist Securities acted as financial advisors to the Purchaser Group and Stikeman Elliott LLP, Wachtell, Lipton, Rosen & Katz, Paul, Weiss, Rifkind, Wharton & Garrison LLP and Mayer Brown LLP acted as legal advisors to the Purchaser Group.

About ECN Capital Corp.

With managed assets of US$7.6 billion, ECN Capital Corp. (TSX: ECN) is a leading provider of business services to North American-based banks, institutional investors, insurance company, pension plan, bank and credit union partners (collectively, its “Partners”). ECN Capital originates, manages and advises on credit assets on behalf of its Partners, specifically consumer (manufactured housing and recreational vehicle and marine) loans and commercial (floorplan and rental) loans. Its Partners are seeking high-quality assets to match with their deposits, term insurance or other liabilities. These services are offered through two operating segments: (i) Manufactured Housing Finance, and (ii) Recreational Vehicle and Marine Finance.

About Warburg Pincus LLC 

Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $85 billion in assets under management, and more than 215 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with more than 15 offices globally. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

Required Early Warning Disclosure

This additional disclosure is being provided pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed by Champion Homes, Inc. (“Champion”) with the regulatory authorities in each jurisdiction in which the Company is a reporting issuer containing information with respect to the foregoing matters. This disclosure has been provided by Champion.

As of the date hereof, Champion indirectly exercises control or direction over 33,550,000 Common Shares and 27,450,000 Series E Shares, representing approximately 12% of the issued and outstanding Common Shares and 100% of the issued and outstanding Series E Shares. All of these Common Shares and Series E Shares will be exchanged on closing of the Transaction for cash consideration of C$3.10 per share, for total cash proceeds of C$189.1 million. A copy of Champion’s early warning report will be filed under the Company’s profile on SEDAR+ and further information and/or a copy of the Champion early warning report may be obtained from Laurel Krueger, Sr. Vice President, General Counsel & Secretary, Tel: (248) 614-8211. Champion’s head office is located at 755 W. Big Beaver Road, Suite 1000, Troy, MI 48084.

Forward-looking Statements

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “Forward-looking information”) within the meaning of applicable securities laws. This forward-looking information is identified by the use of terms and phrases such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, or “continue”, the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Particularly, statements regarding the Transaction, including the proposed timing and various steps contemplated in respect of the Transaction, and statements regarding expected dividends constitute forward-looking information.

In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances.

Forward-looking information is based on management’s beliefs and assumptions and on information currently available to management, and although the forward-looking information contained herein is based upon what we believe are reasonable assumptions, investors are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information.

Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors described in greater detail under “Risk Factors” of the Company’s annual information form filed on February 27, 2025. These risks and uncertainties further include (but are not limited to) as concerns the Transaction, the failure of the parties to obtain the necessary Voting Shareholder, regulatory and court approvals or to otherwise satisfy the conditions to the completion of the Transaction, failure of the parties to obtain such approvals or satisfy such conditions in a timely manner, the anticipated delisting of the Common Shares and Series C Shares from TSX, the anticipated treatment of the Preferred Shares and the Debentures, the Company’s status as a reporting issuer under Canadian securities laws, significant Transaction costs or unknown liabilities, failure to realize the expected benefits of the Transaction, and general economic conditions. Failure to obtain the necessary Voting Shareholder, regulatory and court approvals, or the failure of the parties to otherwise satisfy the conditions to the completion of the Transaction or to complete the Transaction, may result in the Transaction not being completed on the proposed terms, or at all. In addition, if the Transaction is not completed, and the Company continues as a publicly-traded entity, there are risks that the announcement of the proposed Transaction and the dedication of substantial resources of the Company to the completion of the Transaction could have an impact on its business and strategic relationships (including with future and prospective employees, customers, suppliers and partners), operating results and activities in general, and could have a material adverse effect on its current and future operations, financial condition and prospects. Furthermore, in certain circumstances, the Company may be required to pay a termination fee pursuant to the terms of the Arrangement Agreement which could have a material adverse effect on its financial position and results of operations and its ability to fund growth prospects and current operations.

All of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward looking information contained herein represents our expectations as of the date hereof or as of the date it is otherwise stated to be made, as applicable, and is subject to change after such date. We disclaim any intention or obligation or undertaking to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

For Further Information:

561-717-4772
info@ecncapitalcorp.com

IK Partners (“IK”) is pleased to announce that the IK Small Cap IV Fund (“IK SC IV”) has signed an agreement to invest in Endrix (“the Group”), a leading French accountancy and advisory firm, alongside existing partners. This represents the third transaction signed from IK SC IV, which held a final close on €2.0 billion in July. Financial details of the transaction are not disclosed and completion is subject to customary regulatory approvals.

Founded in 1978 in Lyon, Endrix (formerly Groupe SFC) is a major accounting and advisory services provider to small and medium-sized enterprises (“SMEs”) and mid-market companies, with a presence across 35 offices in France. The Group provides a comprehensive service offering combining accounting, audit and both financial and non-financial advisory to support its 12,000 clients.

To strengthen its regional footprint, core business and expand its service offering, Endrix has recently accelerated its growth through several strategic acquisitions. Following the integration of Zalis in 2023 and Mageia Partners in 2024, the Group took another step forward with the acquisition of Exelmans in May 2025. This transaction confirms Endrix’s strong momentum and reinforces its position in the audit and restructuring markets, while bolstering its expertise in transaction services. In anticipation of major shifts such as AI adoption and e-invoicing, Endrix positioned itself early on, notably through the co-creation of Impulse Data in 2023 — the first strategic alliance within the financial ecosystem — to deploy a data lake covering over 800,000 companies, along with its own approved platform for e-invoicing.

In 2021, Endrix became the first player in its sector to welcome a financial partner, with the investment from Bpifrance. The strategic partnership with IK will enable Endrix to accelerate its digital transformation journey, strengthen its organisational structure and pursue an active external growth strategy both in France as well as internationally, allowing it to better meet the evolving needs of its clients. Additionally, the Group will seek to consolidate its position as a leading player in accounting and advisory services.

Leveraging IK’s sector expertise in European Financial and Professional Services — built through its past and current investments in accounting and audit firms such as Aspia (Sweden), Dains Accountants (UK) and Qconcepts (Netherlands) — the Group also aims to expand its international activities, particularly in cross-border markets such as Switzerland, Italy and Spain through a targeted M&A strategy.

David Humbert, CEO of Endrix, said: “We are particularly proud to welcome our new financial partner IK as a shareholder of Endrix. Their support represents a tremendous opportunity to accelerate our digital transformation journey and achieve the ambitious goals we have set for the Group in terms of development and quality of client support. This transaction once again demonstrates our pioneering spirit and our firm commitment to helping our clients and our team go beyond their own ambitions.”

Arnaud Bosc, Partner at IK and Advisor to the IK SC IV Fund, commented: “We have been impressed by Endrix’s remarkable growth trajectory over the past few years. We are convinced that the Group has a key role to play in the consolidation of the Accountancy sector, both in France and internationally, having already made several key acquisitions. Endrix perfectly illustrates the type of story we like to support, an entrepreneurial project led by an experienced team and with an ambitious external growth strategy.”

If you have any further questions, please contact:

Endrix
Pauline Balleydier
Phone : +33 (0)7 64 40 30 23
p.balleydier@endrix.com

IK Partners
Vidya Verlkumar
Phone: +44 (0)7787 558 193
vidya.verlkumar@ikpartners.com

About Endrix

With more than 850 experts from the fields of accounting, audit, law, and strategic and operational advisory, Endrix’s mission is to support the leaders of SMEs, mid-cap companies, and players in the social economy in managing, transforming, and improving the performance of their organisations. As committed strategic partners to their 12,000 clients, Endrix’s accountants, auditors, lawyers, recruiters, and consultants draw on their full range of expertise and solutions to create an environment that fosters the growth and success of their clients’ projects, united by a common ambition: to secure, support, and inform decision-making. For more information, visit endrix.com

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About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €20 billion of capital and invested in over 200 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com

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MeridianLink becomes private company and delists from NYSE

Silversmith Capital Partners makes minority investment in MeridianLink

IRVINE, Calif.—Centerbridge Partners, L.P. (“Centerbridge”), a global investment firm with deep experience investing in financial services and technology, today announced the completion of its acquisition of MeridianLink, Inc. (“MeridianLink” or the “Company”), a leading provider of modern software platforms for financial institutions and consumer reporting agencies. The transaction includes a minority investment from Silversmith Capital Partners to further growth and innovation.

With the completion of the transaction, MeridianLink shareholders will receive $20.00 in cash for each share of common stock they own. In connection with the completion of the transaction, MeridianLink common stock ceased trading and will be delisted from the New York Stock Exchange.

“MeridianLink has grown from a pioneer in digital lending to a market leader helping credit unions and community banks build and foster lasting relationships with consumers,” said Larry Katz, President and CEO of MeridianLink. “We are excited to accelerate our digital lending trajectory with Centerbridge and Silversmith. Together we will unlock the potential of our trusted, mission-critical, and scalable platform by accelerating automation, harnessing the power of AI and data, and improving customer experiences.”

“MeridianLink is uniquely positioned to meet the digital lending needs of financial institutions of all sizes through its leading end-to-end platform of innovative and trusted technology solutions,” said Jared Hendricks, Senior Managing Director, Centerbridge, and Ben Jaffe, Managing Director, Centerbridge. “We look forward to working with Larry and the MeridianLink team to support the Company’s next phase of innovation and growth as it continues to enhance the capabilities of its powerful platform, delivers even greater value to new and existing customers, and contributes to shaping a vibrant modern banking system.”

“At Silversmith, we’ve invested in technology providers to banks and credit unions for years, and we see significant opportunity in the space,” said Todd MacLean, Managing Partner of Silversmith Capital Partners. “What excites us most about MeridianLink is the opportunity to partner with Centerbridge in backing Larry and his team as they capitalize on their market leadership and push forward to expand the platform and drive continued innovation.”

Advisors

The Company’s lead financial advisor is Centerview Partners LLC, and its legal advisor is Goodwin Procter LLP. J.P. Morgan Securities LLC also served as a financial advisor to MeridianLink. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to MeridianLink.

Goldman Sachs & Co. LLC is serving as financial advisor to Centerbridge, and Kirkland & Ellis is serving as its legal counsel. Kekst CNC is serving as strategic communications advisor to Centerbridge.

About MeridianLink

MeridianLink® empowers financial institutions and consumer reporting agencies to drive efficient growth. MeridianLink’s cloud-based digital lending, account opening, background screening, and data verification software solutions leverage shared intelligence from a unified data platform, MeridianLink® One, to enable customers of all sizes to identify growth opportunities, effectively scale up, and support compliance efforts, all while powering an enhanced experience for staff and consumers alike. For more than 25 years, MeridianLink has prioritized the democratization of lending for consumers, businesses, and communities. Learn more at www.meridianlink.com.

About Centerbridge

Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines – Private Equity, Private Credit and Real Estate – in an effort to develop the most attractive opportunities for our investors. The Firm was founded in 2005 and, as of June 30, 2025, has approximately $43 billion in assets under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies. For more information, please visit www.centerbridge.com and LinkedIn.

About Silversmith Capital Partners

Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with over $5 billion in capital under management. Silversmith seeks to partner with founders and entrepreneurs building enduring technology and healthcare businesses. The firm brings deep domain expertise, strategic perspective, and a long-term partnership approach to help management teams accelerate growth. The firm has served as the first institutional partner to some of the most dynamic and successful companies in its core verticals, including Appfire, Apryse, DistroKid, Iodine Software, and LifeStance Health. For more information visit www.silversmith.com.

 

 

Dains, a leading provider of accountancy and advisory services, has announced its fourth acquisition since securing private equity backing from IK Partners. The addition of Curo enhances the firm’s audit, tax, accounting and advisory capabilities and strengthens its commitment to both UK and international clients.

The Dains Group has acquired Curo, a Worcestershire professional services practice known for delivering high-quality audit, tax, accounting and advisory services to a diverse portfolio of UK and international clients.

Founded in 2005 by Anna Madden and Julia Gallagher, who first met whilst working together at a ‘Big Four’ firm, Curo has built an excellent reputation – combining technical expertise with a highly personalised approach.

Curo enhances Dains’ capabilities in areas traditionally associated with much larger firms, whilst complementing its focus on clarity and client service.

The Curo team, based in Bromsgrove, will continue to operate under the leadership of Anna Madden (Head of Audit) and Julia Gallagher (Head of Tax) after twenty successful years at the helm.

Like Dains, Curo is built on close, long-term client partnerships and a shared commitment to providing clarity and confidence in an increasingly complex business landscape.

Richard McNeilly, CEO of the Dains Group said: “Curo has built an outstanding reputation for technical excellence and long-standing client relationships.

“Its ability to deliver complex audits and cross-border tax work, while maintaining a highly personal approach, is rare in the market and complements our own strengths perfectly.

“By bringing our teams together, we’re strengthening our ability to provide clarity and confidence to clients navigating complex challenges, whilst extending the breadth of services and support available to them.”

Anna Madden, Co-Founder and Head of Audit at Curo said: “When Julia and I founded Curo, our vision was to combine the technical standards of a’ Big Four’ firm with the personal service and flexibility that clients truly value.

“Over the years, we’ve built long-lasting relationships and supported clients with increasingly complex and international needs.

“Joining the Dains Group allows us to continue that journey with greater scale and resources, while keeping the trusted relationships that sit at the heart of our firm.”

Julia Gallagher, Co-Founder and Head of Tax at Curo added: “We are proud of the reputation Curo has earned for quality, expertise and client service.

“Becoming part of the Dains Group means our clients will benefit from an expanded range of services, without losing the personal connection and continuity they rely on.

“We’re excited to be working with a team that shares our values and commitment to helping clients succeed.”

Advisors on the deal:

Dains were advised by DSW (Financial and Tax Due Diligence), PDW (Customer Referencing), Cyber Crowd (IT Due Diligence), Mercia (Technical Due Diligence).

Curo were advised by Transcend Corporate (Corporate Finance) and Shakespeare Martineau (Legal).

For further questions, please contact:

Anna Cooper
Group Communications Manager
Email: acooper@dains.com
Phone: 07483 138964

About Dains Group

Dains is ranked 29th in the National Accountancy Age ranking by firm size and was the fastest-growing firm within the surveyed top 100 accountancy firms in the UK. The team is now over 1000 people strong, including 120 Partners and Directors with offices throughout the UK. Our core services are Accountancy & Business Services, Audit, Corporate Finance, Forensic Accounting, Taxation and Probate alongside outsourced FD and HR support. We deliver these services with a focus on our core values of Valued Relationships, Fairness, Working & Succeeding Together and Integrity. Together, these core values comprise the Dains DNA, which permeates every one of our interactions and activities.

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About Curo

Curo is a well-regarded Worcestershire-based practice, offering a service focused on delivering high-quality audit, tax, accounting and advisory. Founders and partners Anna Madden and Julia Gallagher have grown the business over 20 years into the practice it is today, with clients covering a wide range of industries across the UK and overseas.

IK Partners (“IK”) is pleased to announce that the IK Small Cap IV Fund (“IK SC IV”), together with re-investing partners from PwC Norway, has signed an agreement to acquire parts of PwC Norway’s audit, consulting and tax & legal services dedicated to local Norwegian clients (“the Company”). This represents the second transaction signed from IK SC IV, which held a final close on €2.0 billion last month. Financial details of the transaction are not disclosed and completion of the transaction is subject to customary regulatory approvals.

The Company’s core offering focuses on audit services, including financial audits and attestation work such as independent reviews and technical compilation for financial and tax reporting. Primarily serving local Norwegian clients, it also provides consulting services in strategy, business transformation and operations, as well as tax and legal services. Following the carve-out from PwC Norway, the Company will be the second-largest independent audit firm in its target market, with over 280 individuals spread across 20 offices in seven different geographical locations.

Backed by IK’s proven track record in Professional Services and carve-outs, the Company aims to strengthen its position as a leading audit and advisory firm for Norwegian clients. IK will leverage its platform and collaborate with the incumbent partner group to accelerate growth in the core Norwegian market, while continuing to attract and develop top talent. Strategic investments in technology and delivery model optimisation will drive efficiency and enhance the quality of audits and compliance services. In parallel, the Company will look to pursue consolidation opportunities in the highly fragmented Norwegian and broader Nordic market.

Erik Sønsterud, CEO of the newly formed Company, commented: “We are very excited about the prospect of working closely with the team at IK, leveraging IK’s platform and experience in the sector to increase our market share in the audit and advisory space in Norway and beyond. With a core base of both experienced employees and loyal clients across Norway, we are well-positioned to explore attractive M&A prospects, source new business opportunities and improve our operational efficiency to take our quality offering to an even broader range of clients.”

Henrik Geijer, Partner at IK and Advisor to the IK Small Cap IV Fund, added: “We are pleased to announce this investment, which follows shortly after the successful close of our largest ever Small Cap fund. This partnership represents an opportunity to back a market-leading business and team with compelling growth prospects. By leveraging the operational expertise of our pan-European team, we aim to accelerate growth through several organic initiatives and a well-identified pipeline of M&A opportunities to create a leading Norwegian audit firm. We look forward to working alongside Erik and his team to support the Company’s continued expansion both locally and internationally.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

H/Advisors Maitland
Finlay Donaldson
Phone: +44 (0) 7341 788 066
finlay.donaldson@h-advisors.global

About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €20 billion of capital and invested in over 200 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com

Winnipeg, MB – September 8th – Payworks, a Canadian leader in total workforce management, has entered a strategic partnership with Hg, a leading software and services investor with deep expertise in human capital management (HCM).

The partnership marks a defining milestone in Payworks’ 25-year trajectory, fast-tracking the company’s growth, diversification and leadership strategy across the sector. By combining Payworks’ local expertise with Hg’s specialization in scaling software businesses, the investment will help to drive enhanced product development, expansion across the Canadian HCM landscape and an elevated client experience.

Payworks’ operations in Canada remain unchanged. Its team of more than 600 employees and network of offices across the country continue to support the company’s strategy, anchoring growth in service to Canadian businesses and their employees.

Terms of the transaction were not disclosed.

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For further information, please contact:

Payworks
Jaclyn Christie, Vice President, Marketing, Jaclyn.christie@payworks.ca

Hg
Tom Eckersley, tom.eckersley@hgcapital.com
Sam Ferris, sam.ferris@hgcapital.com