Corporate finance deal announcement: Buzzacott advises Gravita on its acquisition of Propel by Deloitte

Overview of deal

We are delighted to have advised Gravita on its acquisition of the business formerly known as ‘Propel by Deloitte’ (Propel). This represented a carve out of the Propel business from the wider Deloitte Group into Gravita. Gravita is continuing its buy and build strategy with the support of Tenzing PE.

Who are the firms involved

Gravita is a tech-enabled full-service accounting partner for established SMEs across the UK. Gravita is an ICAEW accredited chartered accounting firm that provides full-service audit, tax, accounts, finance outsourcing and advisory services with access to experienced and trusted specialists.

Its acquisition of Propel, which specialises in using technology to deliver accounting and tax solutions, represents a key strategic move to bolster its tech enabled accounting offerings, providing clients with easy access to a full-service offering under one roof without compromising on quality.

Tenzing, a private equity investor in high growth businesses, valued between £10m and £200m, across the UK and Northern Europe, first invested in Jeffreys Henry in February 2021.

What we liked about this deal

We provided financial and tax due diligence services along with transaction advisory to assist Gravita in its negotiations and decision making. It was a pleasure to support Jon Isaacs (Gravita - Head of Corporate Development) who was leading the acquisition.

The two key elements of the deal were to ensure the business would fit well into the Gravita Group, and to identify the main components for Propel to continue its impressive growth trajectory with sufficient resources moving forward.

The Buzzacott Financial Due Diligence team was made up of Alex Judd (Head of Transaction Services), James Wood (Senior Manager) and Patrick Kirby (Executive).

To see further transactions in the business services sector, please see our transactions page.

"Buzzacott managed the process very well and were able to flex with the changing demands and timetable of the deal. They were a pleasure to work with, communicating their findings clearly and in a timely manner."

-Jon Isaacs - Gravita - Head of Corporate Development