Pemba backs accounting and advisory firm Stannards in bid for further growth

Following on from its investment into sustainability consultancy Rennie Partners, private equity firm Pemba Capital Partners has now backed boutique accounting and advisory firm Stannards.

After putting its faith into Rennie at the end of last year, Pemba has dipped back into the professional services market in a double strike, signing on both Stannards and project management consultancy Sequana in consecutive days.

Established in 1946 and based out of Melbourne, Stannards provides specialised audit & assurance, accounting, taxation, and business advisory services to the private mid-market and high-net-worth (HNW) clients across Australia.

Pemba said it had been scouting the ‘highly fragmented’ local accounting sector for several years before cutting the deal, and in that time spoken to over a hundred firms, but was particularly impressed off the bat by the growth-oriented mindset of Staanards’ partners, the firm’s high-performance culture, and its trusted reputation and tenure with clients.

Now, Pemba will work closely with the Stannards leadership team to further the firm’s recent ‘above market growth’, through both organic initiatives which have already been mutually identified to enhance its core and emerging service lines and deepen relationships with existing clients, and in jointly assessing any potential opportunities for acquisitions.

“Partnering with Pemba will allow us to accelerate our growth whilst providing fantastic opportunities for our people and greater services to clients,” said Stannards managing partner Peter Angelini. “Their values very much align with ours – building great relationships, doing the right thing, and being commercial and ambitious – which made our decision easy.”

Together with his father and chairman Marino, Angelini is one of nine partners at the firm, alongside those who joined upon its merger with fellow boutique TGS Partners in 2022 and a headcount of around 75 professionals. For the second consecutive year, Stannards last year snuck into the top half of the AFR’s annual list of Australia’s 100 biggest accountancies by revenue.

Pemba describes itself as a leading investor in high-growth, founder-led businesses, supporting and guiding them as they turn their strategic visions into realities and deliver accelerated and sustainable success.

Its latest deal was advised on by OC&C Strategy Consultants, Alvarez & Marsal, and Ernst & Young, as it continues to watch its earlier investment into Rennie flourish.