Accountancy firm Magma is set for further growth as the business joins Dains Group.

Magma is a leading firm of chartered accountants, chartered tax advisers and business advisers with offices in Leicester and Rugby, and a team of more than 100 people.

The next stage of Magma’s evolution will be as part of the Horizon-backed Dains Group, an expanding accountancy business across the Midlands, and now further afield having acquired Dublin-based McInerney Saunders alongside Magma.

Magma’s shareholders worked with a team of Knights advisers led by Corporate Partners Martin Smith and Jon Start, supported by Alex Morris, Sam Steckler and Mia Drury alongside Kate Woolley (Commercial) and Amy Richardson (Employment).

Dains were advised by Forward Corporate Finance, DSW, Fairgrove Partners, Deloitte and CMS.

Magma’s Managing Partner, Mark Tuckwell, said:

“We are excited to join forces with the Dains Group and bring our collective expertise to a broader audience.

“Our shared values, in particular the ‘hand-in-hand’ commitment to putting our people first and relentless client focus, make this integration a natural fit. We look forward to the opportunities that lie ahead, as we embark on the next stage of our growth together.

“Our team were expertly advised by Knights on the transaction; they provided us with great support throughout, combining excellent legal advice with a commercial and pragmatic approach.”      

The deal is the second sale to Dains Group supported by Knights in quick succession, after Knights advised the shareholders of tax consultancy PSTAX, and sister company S3TAX, on their acquisition by Dains. That deal was led by Ellen Moran.