Launched in December 2016 with backing from UK private equity firm Hg Capital, Cogital has rapidly built up annual revenues in excess of £450m with the business more or less evenly split between the Nordic markets and the UK. Now the fast-growing fledgling has attracted the attentions of a number of private equity groups.

Any deal could value the accountancy firm at more than £1bn. The Financial Times reports that BC Partners, Permira and PAI in Europe and Hellman & Friedman in the US are all in the throes of preparing bids.

The company was founded by former global chairman of Deloitte, John Connolly and currently employs more than 6,000 people in 184 offices. His aim was to ‘create a large, international, technology-supported business services group providing critical compliance, business process outsourcing and related advisory services’.