York-based Fortus secures LDC investment to drive growth
Yorkshire-based Fortus, the accountant and business adviser, has secured investment from LDC, which is part of Lloyds Banking Group, to support its growth plans.
Headquartered in York with offices in Leeds and Scarborough, the business has a 115-strong team of specialists across accountancy, audit, tax, and other advisory services.
It advises more than 4,500 SMEs (small and medium sized enterprises) across the region.
LDC is backing founder and chief executive Craig Herbert, COO (Chief Operating Officer) Andy Northern and CMO (Chief Marketing Officer) Rich Burnett, all of whom will remain in their respective roles.
A spokesman said: “The partnership with LDC will support continued investment into people and systems to enable the business to expand the breadth of service it provides, as well as continuing to support its buy-and-build strategy targeting further geographical and service expansion to complement the firm’s existing presence across the region.”
The transaction was led by Investment Manager Anthony West, Investment Executive Connie Smith, Origination Manager Sophie Isaacs and Partner and Head of Yorkshire Dan Smith.
Anthony West and Dan Smith will join Fortus’s board as non-executive Directors. Neil Cox will also join the board as chair, bringing extensive private equity and M&A (merger and acquisition) experience in professional services.
Craig Herbert, founder and CEO of Fortus, said: “This is an exciting new chapter for Fortus. We believe we have built something special here in Yorkshire; a firm that genuinely understands its clients’ needs and delivers real value through personal relationships and deep expertise, via a team full of dedicated professionals across an array of service line and sector specialisms."
He added: “This partnership is a culmination of a relationship we have developed with LDC over a number of years."
Dan Smith, Partner and Head of Yorkshire at LDC, added: “Craig, Andy and Rich, along with the wider SLT, have built a business with genuine momentum and a clear strategy for the next phase.
"They’ve proved they can integrate acquisitions and drive organic growth and we’re excited to be backing them to continue that journey whilst continuing to deliver advisory-led services to their client base.”
LDC was advised by Alvarez & Marsal (Corporate Finance), Womble Bond Dickinson (legal), BDO (financial due diligence and tax) and GCS Insight (commercial diligence).
Debt funding for the transaction was provided by Triple Point, led by Paul Dolyniuk.
Fortus was advised by a legal team from Andrew Jackson.