AAB Announces New Investment From Goldman Sachs Alternatives
Leading professional services firm, AAB, today announced that Goldman Sachs Alternatives has agreed on a deal to acquire the firm from August Equity, subject to regulatory approvals.
The transition marks a significant milestone for AAB, reinforcing the firm’s trajectory of sustained growth while ensuring continuity for clients and further strengthening its reputation in the professional services market. AAB became a £100m revenue firm in January 2025 having tripled in size in just three years.
Founded in 1990, AAB supports businesses and individuals with accounting, tax, audit, corporate finance, HR, payroll and wealth advisory. Since 2021, the firm has experienced exceptional expansion under August Equity’s partnership by tripling in size, completing 16 strategic acquisitions, broadening its footprint across the UK and Ireland while growing the team headcount to over 1,000 people.
Emma Lancaster, Chief Executive at AAB, said:
"Our partnership with August Equity has been transformational. Their investment and strategic support enabled us to accelerate our growth journey, invest in talent and technology, and expand the range of services we offer to clients. As we welcome our new private equity partner, Goldman Sachs, we remain focused on delivering long-term value to our clients and our team while accelerating our growth strategy with exceptional backing."
Jose Barreto, Partner within Private Equity at Goldman Sachs Alternatives, who will now support AAB’s continued development, added:
“We are delighted to invest in AAB at this hugely exciting stage in its evolution. As a Top 25 Accounting firm in the UK, we see AAB going from strength to strength and fast becoming a leading provider of professional services to the UK and Irish mid-market.”
Mihir Lal, Managing Director within Private Equity at Goldman Sachs Alternatives, also added: “We have strong conviction that Goldman Sachs Alternatives can support Emma and her team on a journey of strong growth, technology enablement, and continued M&A across key markets.”
Commenting on the deal, Kishan Chotai, Partner at August, said:
"It has been a pleasure to work with the outstanding team at AAB and support the leadership team and wider business over the last few years. Together, we have delivered a strong and sustainable growth strategy that has positioned AAB as a major force in the UK’s professional services market, and underlines August’s ethos and track record in investing in people-led, essential services businesses. We are proud of what has been accomplished and look forward to following AAB’s journey as it continues to thrive with Goldman Sachs Alternatives."
August Equity will leave AAB in a strong position to continue its upward trajectory with robust leadership, a diversified service offering, and a proven track record of execution.
As a result of the deal, AAB will further accelerate its growth journey delivering the high-quality service and specialist expertise that clients have come to rely on with the added benefit of increased investment in technology, AI and automation.
The transaction is subject to regulatory approval and is expected to close in 2025.
AAB and August were advised by William Blair and Alantra (Corporate Finance), OC&C (Commercial), PwC (Financial and Tax) and Addleshaw Goddard (Legal). Goldman Sachs was advised on the transaction by Houlihan Lokey (M&A), Linklaters (Legal), EY Parthenon (Commercial), and EY (Financial & Tax).
About Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.
The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.
The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has over $3.1 trillion in assets under supervision globally as of March 31, 2025.