Moore Kingston Smith, a multi-disciplinary professional services firm, has announced it has received external investment from European private equity firm, Waterland with a view to funding an ambitious growth and expansion programme.

Moore Kingston Smith managing partner, Maureen Penfold, said: “This is an exciting development in Moore Kingston Smith’s ongoing growth strategy.

“This will allow us to invest further in our own business and M&A strategy and really take our ambitious growth plans to the next level, whilst maintaining our partnership ethos and firm culture.”

Moore Kingston Smith is the London firm within the Moore UK network, providing a wide range of accountancy and advisory services to clients across a myriad of sectors. The firm, which celebrates its centenary this year, has over 70 partners and more than 700 people based in and around London. Founded in 1923, it is part of the Moore network of accountants and advisory services, which employs over 30,000 people across 114 countries.

“The professional services landscape is changing rapidly, and we want to be among the firms leading the way,” Penfold explains. “The financing we receive from Waterland will allow us to expand our capabilities to clients by offering additional service lines as well as more comprehensive solutions, with new opportunities for our talented people and teams.”

Waterland Private Equity is an independent private equity investment group that supports entrepreneurs in realising their growth ambitions, enabling its portfolio companies to achieve accelerated growth both organically and through acquisitions. Waterland has more than 170 professionals working across 13 offices across Europe, managing over €14bn (£12.3bn) of investor commitments.

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Waterland principal and Moore Belgium non-executive director, Matthias Geyssens, said, “Moore Kingston Smith has an excellent reputation in the audit and advisory space, with a solid business structure that has enormous potential for growth. We look forward to working together to unleash the firm’s potential and help them achieve their goals in the coming years.”

Investment in professional firms on the rise

Within the Moore network, Waterland has already invested in Moore Belgium; strong vindication Penfold believes, for how well private equity can work with audit advisers. “We have a winning business model and a strong track record for delivering high quality service, which is attractive to a firm like Waterland,” says Penfold. “By working with Waterland, we will we be in a strong position to incorporate likeminded firms that fit with our business culture and strategic growth plan and which complement our client offering, to grow our business together. We will also have the potential to challenge other larger firms in a way that enhances the quality of the wider audit market.”

She adds, “In addition to their considerable deal making experience across Europe, we were attracted to Waterland because they respect our team and our culture and, most importantly, how we operate.”