Fortus, an accountancy and business advisory practice based in York in the UK, has received an investment from LDC, the private equity arm of Lloyds Banking Group, to support its “next phase of growth”.
Financial details of the investment were not disclosed.
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Launched in 2020, Fortus employs 115 people across accountancy, audit, tax and wider advisory work.
In addition to its York headquarters, the company also has its offices in Leeds and Scarborough.
Fortus currently works with more than 4,500 small and medium-sized businesses across the region, supporting clients as they respond to shifting regulatory requirements.
The new partnership is intended to fund further recruitment and investment in systems, as well as to support Fortus’ buy-and-build approach.
The company aims to increase both the range of services it offers and its geographic reach, building on its current footprint in the region.
Fortus founder and CEO Craig Herbert, COO Andy Northern and CMO Rich Burnett will all stay in their existing positions and continue to steer the company.
Herbert said: “This partnership is a culmination of a relationship we have developed with LDC over a number of years.”
The deal team at LDC was led by investment manager Anthony West, investment executive Connie Smith, origination manager Sophie Isaacs and LDC partner and Yorkshire head Dan Smith.
Following the transaction, West and Dan Smith will join the Fortus board as non-executive directors. Neil Cox will also become chair of the board.
Dan Smith said: “Craig, Andy and Rich, along with the wider SLT [senior leadership team], have built an exceptional business with genuine momentum and a clear strategy for the next phase.
“They have proved they can integrate acquisitions and drive organic growth – and we are excited to be backing them to continue that journey whilst continuing to deliver high-quality, advisory-led services to their client base.”
LDC said its Yorkshire team has invested more than £400m ($537m) over the past decade in companies with a combined enterprise value of £1.1bn.
