FPM announces merger with AAB

Newry-headquartered business advisory firm FPM has merged with Anderson Anderson & Brown (AAB) in what could be the first private equity investment in accountancy firms in the island of Ireland.

FPM is an independent audit, accounting, tax and business advisory firm with revenue of c£9.5m and a team of over 120 people across five office locations in Belfast, Balbriggan (Dublin North), Newry, Dungannon and Mallusk.

The nine FPM shareholder directors are all remaining in their current roles and will continue to drive the growth of FPM as part of the AAB Group.

AAB Group has grown rapidly in the last 12 months, following three M&A transactions and investment from August Equity in October 2021. FPM’s complementary geographic presence will further enhance the wider AAB Group as a key player in the UK & Irish accountancy and business services markets, adding Ireland to its other regional hubs across Scotland and England.

The merger with FPM is another major step forward in AAB’s growth journey as it becomes a group with over £50m revenue and over 550 team members in 10 offices across the UK and Ireland.

Following the merger, AAB shall continue to actively pursue its organic and M&A growth plans, looking to strengthen its team with further recruitment across all locations, and continue to identify attractive M&A opportunities which augment the group’s current activities.

Managing director at FPM, Feargal McCormack, said: “We are delighted to be merging with AAB. The synergies across our teams, service provision and sector specialisms, provide a fantastic platform for exciting future growth. In addition to this, we were attracted to AAB as the group has impressive global connections and experience working with high-growth SME businesses and large corporations internationally. This instantly gives us the capabilities to do even more for our clients, wherever they wish to do business across the world, whilst also providing our teams with enhanced opportunities to progress and develop as part of a larger group.”

Graeme Allan, chief executive at AAB, added: “This merger is an important milestone for the group. With FPM, we gain an impressive team with a great reputation and significant presence across the island of Ireland. There is a strong cultural fit between our firms, and at the heart of this is a passion for helping team members and clients achieve their goals, which makes us excited about the opportunity this presents.”