Private equity-backed Ryan triumphs in bidding for European tax adviser Svalner Atlas
Private equity-based US accountancy firm Ryan has reportedly agreed to acquire European tax adviser Svalner Atlas Advisors in a deal reportedly worth $400m.
Headquartered in Texas and with a presence in London, Ryan specialises in tax services and has BP and BAT among its clients. The firm was valued at about $7bn earlier this year, when stake.
Svalner Atlas was formed after a 2024 merger of three firms in Sweden, Finland and the Netherlands, and is backed by Sweden-based Consolid Equity.
The transaction is part of Ryan’s international expansion strategy and is expected to strengthen the firm’s ability to serve multinational clients across key European markets.
The completion of the transaction is expected in the third quarter of 2026.
Alantra Nordics served as M&A advisor, and Baker & McKenzie Advokatbyra KB and Kirkland & Ellis served as legal advisors to Ryan.
“Svalner Atlas Advisors is a premier business with a strong reputation for delivering cross-border advisory services across Northern Europe,” said Tom Shave, Ryan’s president of European and Asia-Pacific operations. “Together, this combination will further establish Ryan as the leading tax and advisory platform serving clients across Europe.”
The transaction follows a competitive process in which Ryan beat rivals at Swedish private equity firm EQT AB for the asset, according to Bloomberg.
Professional services firms chess moves
The transaction follows notable deals in the professional services sector over the last couple of years, including British private equity firm Apax buying Evelyn Partners’ accounting arm for £700m, Cinven acquiring Grant Thornton, and Interpath Advisory being acquired by Bridgepoint.
“Private equity’s love affair with professional services has been long-standing because these businesses looked safe, sticky and cash-generative,” Rich McDonald, chief market commentator at IG, told Morning Wire last week.
However, despite the surge in interest from firms, the private equity giants remain selective with their investments, keen to back attractive businesses.
The professional services industry is going through its most critical time in the last 20 years.
Economic instability, declining profitability, and AI adoption are accelerating across the sector, placing severe pressure on professional services firms to adapt or risk being left behind.
While some firms, especially in accountancy, have secured investment from private equity firms, others have opted for mergers, including RSM UK merging with its US sister, RSM US. An outlier, MHA, part of the Baker Tilly group, opted to list on the London Stock Exchange last year.