Quercus International is pleased to announce that a team led by Paul Warren originated the acquisition of Collett Hulance Accountants Limited (“Collett Hulance”) by Ad Valorem Accountancy Services Limited (“Ad Valorem” or the “Group”).
Based in Milton Keynes, Ad Valorem is a regional leading firm of accountants, auditors, tax and business advisors that has provided innovative accounting services to its clients for +20 years. Collett Hulance is an experienced team of accountants, specialising in working with owner-managed businesses in Bedfordshire, Milton Keynes and nearby areas.
The acquisition of Collett Hulance will strengthen Ad Valorem’s presence and build on its existing footprint in Bedfordshire created as part of the acquisition of Thompsons Accountancy Services in 2025. Furthermore, it will connect its Milton Keynes and Cambridge offices into a more integrated regional platform. With the backing of ETL Global UK, the combined firm can invest for the long-term, while retaining strong local leadership, culture and client relationships.
Nigel Adams, Founder and Managing Director of Ad Valorem, said: “We are delighted to welcome Collett Hulance to the Ad Valorem Group. Bedfordshire is entering a period of significant growth, driven by major inward investment, including the Universal Studios development. Through the combination with Collett Hulance, we are better positioned to support businesses with broader advisory services, scalable infrastructure and specialist expertise.”
Paul Warren, Quercus International, commented: “We are delighted to have originated and supported Ad Valorem through this acquisition. The strong strategic fit is evident. We are excited about the benefits the combined business will deliver to its existing and future clients as they seek to respond to the significant growth opportunities present in the local market.”
The transaction signifies Quercus International’s strength, insight and reach across the professional services industry, including the accountancy sector. Quercus International continues to be active across the industry, both in the UK and internationally.
Quercus International is pleased to have supported H&CO on the acquisition of B2Finance, a leading Brazilian provider of financial, accounting, tax, payroll, and technology enabled outsourcing services.
This transaction represents an important step in H&CO’s continued expansion, further strengthening its presence in Brazil and enhancing its global service offering, particularly in complex and high growth markets.
H&CO has built a differentiated global expansion platform, combining local expertise with international capabilities across accounting, tax, payroll, corporate services, and technology. Through this platform, H&CO supports companies in expanding across borders, navigating regulatory environments, and scaling operations with the right infrastructure, compliance, and financial visibility in place.
The integration of B2Finance adds a strong domestic operation and deep technical expertise, while also providing access to H&CO’s global infrastructure, technology, and client base.
What stood out in this transaction was the alignment between both organisations in culture, quality of service, and long-term vision. H&CO’s approach focuses on partnering with established teams and supporting their next phase of growth, while maintaining the strengths that have driven their success locally.
As H&CO continues to expand its global platform, it remains focused on working with high quality firms in key markets that are looking to scale, expand internationally, and enhance their capabilities within a broader global framework. It looks forward to seeing the continued growth of the combined platform.
This transaction illustrates Quercus International’s strength in the wider professional services sector, being the third sector-related transaction completed within the past six months. We continue to see strong levels of interest and activity on a global basis.
Quercus International is pleased to announce that a team led by Jim Clark and Andrew Clegg advised Parliament Hill, the trading name of CSMA Benefits Limited (“CSMA Benefits”), on its acquisition of Club Marketing Services Limited ("CMS"), Ireland’s leading membership benefits provider, to strengthen sector leadership.
Founded by entrepreneur Kathie Edwards in 2007, CMS is today the leading provider of discount and benefits programmes to membership associations, unions and employers in Northern Ireland and the Republic of Ireland, with operations across the UK. Best known through its Membership Plus and Perks brands, the business has built a strong reputation through a mix of locally sourced offers and national discount programmes that deliver genuine value to both members and employees.
The acquisition brings together two established providers in the membership benefits sector. The combined organisation will serve more than 150 associations, unions and employers across the UK and Ireland, strengthening Parliament Hill's capabilities, expanding its presence in Northern Ireland and the Republic of Ireland, and enabling further investment in technology, operations and people.
Kathie Edwards will remain with the business, ensuring continuity for CMS clients and supporting the integration and growth of the combined organisation.
Gautam Sahgal, Executive Chair of CSMA Benefits, said:
“We are delighted to welcome Kathie and her team to Parliament Hill and look forward to building on the strong foundations they have created. This acquisition strengthens Parliament Hill's position in the membership, union and employer benefits sector and expands our presence in a region where CMS is widely recognised as a market leader. We have enjoyed working with Jim and the Quercus International team again on this transaction. We valued their deep insight and practical, hands-on approach to deliver a successful conclusion to this milestone transaction in line with our growth vision.”
Jim Clark, Quercus International, added:
“We are delighted to have advised and supported the team on the acquisition of CMS. This transaction marks the first acquisition by Parliament Hill since the initial investment by Gautam and Joel in early 2025. It is great to see the business growing and developing its distinctive offering in the membership benefits sector. Over the past 10+ years, we have enjoyed establishing our strong, long-term relationship with the CSMA (Boundless) group, advising on numerous transactions and strategic initiatives.”
Quercus International is pleased to announce that a team led by Paul Warren originated the acquisition of Obsidian Fund Services Limited (“Obsidian”) by The Prescient Group (“Prescient”) to expand its global fund services and private assets market offering in Guernsey. Obsidian will become part of its fund services arm, Prescient Fund Services.
Obsidian provides a range of fund administration services from Guernsey, including fund accounting, compliance, financial reporting, governance and investor services. The team also supports the needs of listed funds and has a strong track record in working with the needs of both closed-ended and open-ended funds.
Prescient Fund Services is the fund administration arm of South Africa’s Prescient Group and has US$114bn in client assets under administration (as of 31 December 2025). Prescient expanded to Europe when it entered Ireland in 2008 to provide fund administration and management company services for both South African and international fund management clients.
The acquisition will expand Prescient’s service offering for its fund management clients, especially in the private assets market. The transaction is part of Prescient Fund Services’ vision to further expand the range and regulatory scope of fund administration services available to both South African and international clients.
Obsidian’s team in Guernsey will continue to provide full-service fund administration, supporting a wide range of private assets funds, including private equity, infrastructure, private credit and real estate funds. This includes help with setting up regulated investment management entities and protected cell structures.
Craig Mockford, CEO of Prescient Fund Services, commented:
“Guernsey is a leading jurisdiction for private equity and other private assets funds, and it makes enormous sense for Prescient Fund Services to have a presence on the island, working with an established and respected team like that at Obsidian. We are confident that this partnership will bring new opportunities for Prescient Fund Services and our wider client base as we continue to build on our global private equity capabilities.”
Jody Newark, CEO of Obsidian added:
“This is an exciting new development for our clients as we join a larger fund administration group that shares our values. We look forward to continuing to deliver the same high level of service to our customers under the Prescient brand.”
Paul Warren, Quercus International, said:
“We are delighted to have originated the strategic acquisition of Obsidian for Prescient. Given Prescient’s desire to service their South African and international clients from complementary jurisdictions and to expand their offering in the private equity and private assets space, there is a very complementary strategic fit. The transaction signifies our sector strength, insight and reach across global markets for fund administration and management services. We continue to see strong interest and levels of activity in the sector.”
Quercus International is pleased to announce that a team, led by Michael Mortimor and Jim Clark, has advised the shareholders of Rotron Aerospace Ltd (“Rotron”), a UK-based advanced defence technology company, on the sale of the business to Ondas Inc. (Nasdaq: ONDS) (“Ondas”), a leading US provider of autonomous aerial and ground robot intelligence.
Founded in 2008, Rotron has built a reputation as an innovative developer of high-performance, advanced unmanned aerial systems, long-range autonomous platforms, and complementary propulsion technologies. With vertically integrated engineering and manufacturing capabilities, Rotron delivers long-endurance UAVs, autonomous strike effectors, and scalable unmanned assets designed for extended-reach and contested operations. The company serves defence and aerospace organisations globally and is a trusted partner in delivering sovereign capability at speed and scale.
Ondas Inc., listed on Nasdaq (Nasdaq: ONDS), is a leading provider of autonomous systems and private wireless solutions through its business units Ondas Autonomous Systems, Ondas Capital, and Ondas Networks. Ondas’ technologies offer a powerful combination of aerial intelligence and next-generation connectivity to enhance security, operational efficiency, and data-driven decision-making across essential industries.
The acquisition will strengthen Ondas’ offering to the defence and security markets through an expanded system-of-systems architecture, incorporating long-range unmanned aerial vehicles, autonomous strike platforms, advanced propulsion and engineering capabilities, integrated command-and-control technologies, and an established presence in the UK market.
The transaction is subject to customary closing conditions and regulatory approvals.
Gilo Cardozo, founder and CTO of Rotron, commented: “From first to last, Mike and the Quercus International team have been outstanding. From the outset, Mike genuinely understood our business and demonstrated fantastic sector knowledge and connectivity. This understanding and insight were combined with huge passion, commitment, and commercial acumen. In joining Ondas, we have found the ideal partner to support our vision for the future of unmanned systems.”
Eric Brock, chairman and CEO of Ondas Inc., commented: "Rotron will strengthen Ondas’ ability to deliver long‑range autonomous attack platforms as part of a fully integrated system‑of‑systems. This acquisition will accelerate our roadmap towards providing customers with end‑to‑end autonomous mission capability, from sensing and decision‑making through long-range precision engagement."
Michael Mortimor, Quercus International, commented: “It has been an absolute pleasure to work with Gilo, Alex Head (CEO) and the wider leadership team of Rotron. Together, they have built a business with substantial capabilities and IP that directly address urgent and future needs in both military and commercial applications. As part of Ondas, the business will continue to go from strength to strength.”
Together with transactions such as Percival Aviation, Serbus, Bluebear and Amazilia, this deal further highlights Quercus International’s exceptional expertise in the aerospace, defence and security sectors.
As the exclusive UK member firm of the Terra Alliance international M&A network, Quercus International is pleased to announce that in 2025 Terra Alliance’s 15 member firms completed 143 transactions with a combined value of US$27 billion.
This strong performance was achieved against a backdrop of continued global economic headwinds and highlights the resilience of the Alliance’s member firms and their ability to deliver successful outcomes for clients across a range of market conditions.
Around half of completed transactions were concentrated in Industrial Products & Services, Consumer Products & Services and Business Services, reflecting the depth of expertise and sustained deal activity across these core sectors.
Over the five-year period to December 2024, Terra Alliance firms completed a total of 679 transactions with an aggregate value of more than US$210 billion, underlining the scale and consistency of the Alliance’s global platform.
During the year, Alliance members met to discuss opportunities and active pipelines at M&A origination conferences held in Paris and Rio. Looking ahead, further conferences are planned for 2026 in Rotterdam and Mumbai, continuing to support collaboration and cross-border deal origination across the network.
Andrew Clegg, Partner at Quercus, commented:
“In what remains a demanding environment for dealmaking, the Alliance has continued to demonstrate the strength of its global network and the quality of its advisory capabilities. The breadth of activity achieved over the year reflects both disciplined execution and strong client engagement. Quercus remains fully committed to supporting the Alliance and contributing to opportunities that deliver lasting value for clients and stakeholders.”
A team from Quercus International, led by Paul Warren, is delighted to have originated the strategic partnership between EBS, the UK specialist in supporting foreign owned companies establishing and operating in the UK, and Corpag, the global provider of corporate and fiduciary services. Together, EBS and Corpag bring over 80 years of combined experience delivering professional services to clients around the world.
This partnership marks an important step forward for EBS. By joining Corpag, EBS will continue to deliver its trusted UK focused services while extending its global capabilities through Corpag’s extensive international network of over 20 offices worldwide. With a long-established global presence, Corpag brings extensive experience supporting international businesses across multiple regions. The firm’s emphasis on relationship building, professionalism and client service aligns perfectly with EBS’s mission and values.
Ewout Langemeijer, CEO of Corpag, commented: “By joining forces with EBS, we aim to offer our clients even more possibilities while reaffirming our strong and continued commitment to the UK market.”
Martin Williams, Managing Director of EBS, commented: “Corpag offers a wonderful opportunity for EBS to join a like-minded organisation determined to grow the business. It provides security for our clients and staff, exciting opportunities for professional development and the chance to expand our partner networks internationally.”
Paul Warren, Quercus International, commented: “There is a natural people and strategic fit between EBS and Corpag. There are significant opportunities to maximise growth together for the benefit of clients and team members.”
This transaction illustrates Quercus International’s strength in the wider professional services sector, being the second sector-related transaction completed within the past three months. We continue to see strong levels of interest and activity on a global basis.
Quercus International is pleased to announce a team led by Jim Clark and Mark Whelan advised Restore plc (“Restore”) on their disposal of Restore Harrow Green ("Harrow Green") to Bouverie Holdings Ltd, a company owned by the same shareholders as the parent company of Pickfords Move Management Ltd (“Pickfords”).
Harrow Green is the UK's leading commercial relocation company, supporting corporate and public sector clients with complex workspace moves. Following a strategic review, the Board of Restore considered various options for the business and concluded that it had become increasingly non-core, with limited commercial benefits from being part of Restore.
Harrow Green is a strong strategic fit with Pickfords, the UK market leader in domestic relocations, which will benefit from revenue and property synergies as it transitions to a number of shared sites.
Charles Skinner, CEO of Restore, said: “The Quercus International team gave timely and commercial financial advice throughout the transaction and showed great commitment to getting it to completion in a challenging trading environment.”
Jim Clark, Quercus International, commented: “We are delighted to have assisted the Restore team with this strategic disposal, particularly given I previously advised Restore on the acquisition of Harrow Green in 2012 and it has been a very successful business under their ownership.”
A team from Quercus International, led by Paul Warren and Michael Mortimor, are delighted to have advised Altitude Accounting Limited (“Altitude”) on their acquisition by Galloways Accounting Limited (“Galloways“), the rapidly growing accounting business backed by Cow Corner, the Brighton-based services and software-focused investment firm.
As part of this strategic partnership, the Altitude founders will join Galloways’ management team and co-invest in the continued growth of Galloways.
Altitude, based in Surrey, was founded by Amy Askew and Graham Seddon in 2019 and has experienced rapid growth, becoming the trusted adviser to rapidly growing clients, facilitated by high levels of technology and process adoption.
Through this partnership, Galloways will be able to expand geographically and add a proven and highly experienced team.
Graham Seddon, Co-Founder Altitude: “Our combination with Galloways represents an exciting milestone for Altitude, our clients, and employees. This partnership marks a significant step forward in our journey, reflecting our commitment to growth and innovation. With the support of Galloways, we will continue our strategic journey focused on delivering technology-enabled accounting processes, advice, and solutions to SMEs. This collaboration allows us to capitalise on the expertise and resources of both organisations, creating greater opportunities for our clients to succeed.”
Paul Warren, Quercus International, commented: “Through a combination of technology, well planned processes and a responsive high calibre team, Altitude has become the adviser of choice to its rapidly growing clients. As part of Galloways and with a highly complementary people and strategic fit, there are significant mutual opportunities to maximise growth together. We are pleased to have supported Altitude throughout this transformational transaction.”
Quercus International advises CSMA on their partnership with ex-Perkbox CEO Gautam Sahgal to invest in and scale Parliament Hill
A team from Quercus International, led by Jim Clark and Andy Clegg, are delighted to have advised CSMA on their partnership with Gautam Sahgal, former CEO of Perkbox, the leading employee engagement platform, to invest in and further develop Parliament Hill, UK’s leading provider of membership association benefits platforms.
As part of this strategic partnership, CSMA and Gautam Sahgal will jointly invest in the continued growth of Parliament Hill, focusing on advancing its technology, expanding its commercial offering, and scaling its impact across the membership sector.
Sahgal, who has been appointed Executive Chairman of Parliament Hill, brings a strong track record of building and transforming businesses. He previously led Perkbox through a period of international expansion and product development. Perkbox was subsequently acquired by Great Hill Partners in June 2024.
Joining him, as CEO of Parliament Hill, is Joel Tobias, a seasoned executive with over 20 years of experience in the benefits, rewards, gift card, and affiliate marketing sectors.
Through this partnership, Parliament Hill will accelerate innovation in benefits technology, curate an expanded range of offers tailored to diverse member needs and strengthen its position as the go-to platform for membership organisations looking to deliver exceptional value.
Colin Slinn, CEO of CSMA, commented: “The advice and support of the Quercus International team has been invaluable in the development and delivery of this strategic partnership. CSMA acquired Parliament Hill in 2018 and we’re thrilled to partner with Gautam and Joel to invest further in its future. With the right leadership, resources and strategy, we’re confident that Parliament Hill will become an even stronger force in the membership space.”
Andrew Clegg, Partner, Quercus International, said, “We are delighted to have assisted our long-term client, CSMA, on the next stage of development at Parliament Hill and we look forward to its further growth under this experienced management team.”
