Why consolidators keep calling owner-run businesses, and what to know if they call you

If you own an accountancy practice, a fire and security installer or a law firm, there’s a good chance someone has already asked whether you’d consider selling. This week’s deals show why.

Three of the transactions we covered involved consolidators: groups, usually backed by private equity, that grow by buying lots of smaller owner-run businesses in the same sector and bringing them together. It’s known as “buy-and-build”, and it’s one of the biggest forces shaping exits for UK owners right now.

What this week’s deals show

Fire and security. Ranger Fire and Security bought Worcestershire installer D&G Security Systems, bringing the group to 27 businesses. Ranger only launched in early 2024, initially backed by Hyperion Equity Partners, and European investment firm Inflexion took a majority stake in June 2026.

Accountancy. DJH completed its largest deal so far, buying Surrey firm TWP with around £7m of revenue, 70 staff and four offices. Backed by private equity investor Tenzing, DJH has made more than 20 acquisitions in five years and has moved into the UK’s top 30 accountancy firms.

Law. Palatine Private Equity is taking a stake in Manchester sports law firm Centrefield. Elsewhere in legal services, the Orwins Group, backed by Aliter Capital, has been buying regional firms and reached around 250 staff and £34m of combined revenue after two more acquisitions in September.

Different sectors, same pattern: an investor backs a platform business, and the platform buys owner-run firms one after another.

Why consolidators want businesses like yours

Consolidators look for sectors that are fragmented (lots of small, independent firms), with steady, recurring revenue (maintenance contracts, annual accounts, repeat clients) and owners approaching retirement without an obvious successor.

That describes a large share of UK owner-run businesses. Combining many small firms lets a consolidator share back-office costs, cross-sell services across the group, and create a larger business that its investors can eventually sell at a higher valuation than the sum of the parts.

Some are open about what they’re looking for. The founder of BBS Law, the business that became Orwins, told Legal Futures last spring that its “sweet spot” was firms with turnover of £3–10m and profits of around £1.5–2m.

What a consolidator deal usually looks like

These deals tend to follow a familiar shape:

The business keeps its name, at least at first. D&G, TWP and Tate-Smith are all keeping their names and teams. Leadership stays on. Consolidators usually want the owners and managers to keep running the business for a period after the sale, to protect client relationships. Part of the price may not be cash. Sellers are sometimes paid partly in shares in the wider group, often called rollover equity. When Orwins bought Yorkshire firm Milners, its partners became shareholders in the group. There may be an earn-out. Part of the price can depend on the business hitting targets after the sale. The upside for sellers A ready buyer. In sectors being consolidated, there are often several groups competing for good businesses, which can support the price. Continuity. Staff, clients and the brand usually carry on, which matters to many owners. A second payday. Rollover equity can pay out again if the group is later sold for more. The things to watch Your role after the sale. Be clear on how long you’re expected to stay, what you’ll be responsible for, and what happens if it doesn’t work out. How much is really cash. Compare offers on what you receive at completion, not just the headline price. The value of any shares. Rollover equity in a private group can’t easily be sold, and its value depends on decisions you no longer control. Integration. Changes to systems, pricing or culture can unsettle staff and clients, and affect earn-out payments. Exclusivity. Talking to only one consolidator rarely gets the best result. If one group is interested, others in your sector probably will be too. What to do if you get the call

If a consolidator approaches you, there’s no harm in listening, but don’t negotiate alone. Find out who else is buying in your sector, get an independent view of what your business is worth, and take advice before signing anything that ties you to a single buyer.

See this week’s deals, including the ones above, on our deals page, and read how buyers value a UK company.

Exit Index provides general information, not financial, legal or tax advice. Speak to a qualified adviser about your own circumstances.