The shift follows MHA's $98m listing on London's AIM exchange, the first by a UK accounting firm in over a decade. Instead of selling out to private equity like peers Grant Thornton UK and Evelyn Partners, MHA opted for a minority stake sale, retaining control and leveraging its stock to fund acquisitions in Cyprus and Greece. MHA CEO Rakesh Shaunak said the IPO route allows firms to escape the 'singular pressure' of earnings-driven private equity ownership. 'We didn't want to be totally motivated by EBITDA,' he told the Financial Times. The listing, he argued, offers greater autonomy and a broader investor base. That message is resonating across the sector. Julian Morse, Co-CEO of Cavendish ' the bank advising MHA ' said the deal has shifted market perception, with other firms 'actively considering the possibility of an IPO as a credible alternative to PE investment.' In the US, private equity now owns stakes in more than half of the country's mid-market firms. Blackstone's recent...
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