AAB
Realised
2021 - 2025
News & Insights
August Equity has realised its investment in AAB through a sale to Goldman Sachs Alternatives
News
01 Jul 2025
August Equity has today announced that it has exited its investment in leading professional services firm AAB to Goldman Sachs Alternatives, subject to regulatory approvals.
The transition marks a significant milestone for AAB, reinforcing the firm’s trajectory of sustained growth while ensuring continuity for clients and further strengthening its reputation in the professional services market. AAB became a £100m revenue firm in January 2025 having tripled in size in just three years.
Founded in 1990, AAB supports businesses and individuals with accounting, tax, audit, corporate finance, HR, payroll and wealth advisory. Since 2021, the firm has experienced exceptional expansion under August’s partnership by tripling in size, completing 16 strategic acquisitions, broadening its footprint across the UK and Ireland while growing the team headcount to over 1,000 people.
Our partnership with August Equity has been transformational. Their investment and strategic support enabled us to accelerate our growth journey, invest in talent and technology, and expand the range of services we offer to clients. As we welcome our new private equity partner, Goldman Sachs Alternatives, we remain focused on delivering long-term value to our clients and our team while accelerating our growth strategy with exceptional backing.
Emma Lancaster - Chief Executive of AAB
We are delighted to invest in AAB at this hugely exciting stage in its evolution. As a Top 25 Accounting firm in the UK, we see AAB going from strength to strength and fast becoming a leading provider of professional services to the UK and Irish mid-market.
Jose Barreto - Partner at Goldman Sachs Alternatives
We have strong conviction that Goldman Sachs Alternatives can support Emma and her team on a journey of strong growth, technology enablement, and continued M&A across key markets.
Mihir Lal - Managing Director at Goldman Sachs Alternatives
It has been a pleasure to work with the outstanding team at AAB and support the leadership team and wider business over the last few years. Together, we have delivered a strong and sustainable growth strategy that has positioned AAB as a major force in the UK’s professional services market, and underlines August’s ethos and track record in investing in people-led, essential services businesses. We are proud of what has been accomplished and look forward to following AAB’s journey as it continues to thrive with Goldman Sachs Alternatives.
Kishan Chotai - Partner at August Equity
August Equity will leave AAB in a strong position to continue its upward trajectory with robust leadership, a diversified service offering, and a proven track record of execution.
As a result of the deal, AAB will further accelerate its growth journey delivering the high-quality service and specialist expertise that clients have come to rely on with the added benefit of increased investment in technology, AI and automation.
The exit marks August’s seventh successful realisation since 2022, returning >£540m at a blended money multiple of 4.6x. AAB’s exit will return 45% of invested capital to AEP V, a fund that was raised in 2020. The investment was led by Kishan Chotai and Katie Beckingham, with support from Harry Caro.
The transaction is subject to regulatory approval and is expected to close in 2025.
AAB and August were advised by William Blair and Alantra (Corporate Finance), OC&C (Commercial), PwC (Financial and Tax) and Addleshaw Goddard (Legal). Goldman Sachs was advised on the transaction by Houlihan Lokey (M&A), Linklaters (Legal), EY Parthenon (Commercial), and EY (Financial & Tax).
