Azets rebranded Ensors on 1 September 2026, completing an integration that began with the firm’s acquisition in September 2025. Between 7 May and 13 July 2026 the group announced four further transactions in the UK and Ireland. The latest ownership announcement dates from June 2023, when PAI Partners joined Hg as a co-controlling investor.
Current as of 15 October 2026.
Dated fact: the latest event
Azets said on its UK site that Ensors is officially part of Azets as of September 2026, following the acquisition in September 2025. The Ensors name has been replaced across six offices: Bury St Edmunds, Cambridge, Huntingdon, Ipswich, Norwich and Saxmundham.
The most recent new transaction is the BDO medical services transfer. Azets announced it on 13 July 2026. It covers a team of 16 specialist healthcare professionals and a client portfolio, not a whole firm. The release states no price.
| Owner/backer | Sector | Known acquisitions (dated) | Sources | Checked |
|---|---|---|---|---|
| Hg | Investor; formed Azets (per Hg) | Azets deals below; Hg agreed a part realisation on 19 June 2023 | HgCapital Trust release | 15 Oct 2026 |
| PAI Partners | Private equity; joined Azets as investor | Not an acquirer of practices in these sources; equal co-controlling stake announced 19 June 2023 | HgCapital Trust release | 15 Oct 2026 |
| Azets Holdings Ltd (UK registrant, Company Reg No 06365189) | Accountancy and advisory | Alextra 7 May 2026; Muldoon 2 Jun 2026; Outsource 30 Jun 2026; BDO medical team 13 Jul 2026 | Azets UK, Azets press releases | 15 Oct 2026 |
Ownership structure
On 19 June 2023 Hg said it had agreed a part realisation of its investment in Azets Group. PAI Partners had joined as a new investor and, following completion, would hold an equal and co-controlling stake alongside Hg. Terms were not disclosed, and completion was subject to customary regulatory approvals.
One figure was published. The transaction valued HgCapital Trust’s investment in Azets at approximately £54.3 million. The release says this relates only to HgCapital Trust’s share of Hg’s overall investment, so it is not a valuation of Azets.
The same release gives the group’s scale in June 2023: 7,600 professionals, over 93,000 clients, revenues of approximately £700 million, and more than 90 local providers acquired since inception. On its UK about page Azets now describes 9,000 local experts in 190 locations across eight countries and more than 100 acquisitions to date. Both sets of figures are company statements, and the two documents are three years apart.
The about page says Azets was formed in 2018. The Hg release of June 2023 says Azets was formed by Hg six years earlier, which would be 2017. The sources do not reconcile this.
The UK operating registrant named in Azets footers is Azets Holdings Ltd, Company Reg No 06365189. The current shareholders are not stated on any Azets page cited here. The Azets Holdings Ltd report filed at Companies House for the year to 30 June 2024 speaks of "welcoming new investment from PAI Partners, who hold a co-controlling stake in the Group alongside existing investors Hg". No source gives PAI’s percentage, and no separate Hg or PAI statement of completion was found. Azets also appears in our Tally note Kingsley Napley: 27% of 22 top-60 firms took PE.
Acquisitions in chronology
Dates below are those shown on Azets’s own releases or press listings. "Announced" means Azets said so. The rules for dating and sourcing a deal report are on How We Source a Deal.
- 1 Feb 2022: Inspire Accountants, Poole. The headline gives a £2.5m turnover; it is not a price.
- 29 Apr 2022: Tait Walker. The headline gives a £13m turnover; it is not a price.
- 11 Aug 2022: Sandisons, a medical accounting firm in Dorset.
- 1 Mar 2023: Baker Tilly Ireland, which Azets says would rebrand as Azets Ireland with immediate effect; the page is dated 1 Mar 2023.
- 27 Apr 2023: Naylor Wintersgill.
- 28 Mar 2024: RSM UK’s specialist medical accounting team.
- 29 Aug 2024: Milne Craig, an accountancy and wealth management firm.
- 7 Jan 2025: Azets Wealth Management announced it would acquire Laurus Associates Limited. The listing headline does not confirm completion.
- 18 Aug 2025: a KPMG acquisition in the Nordics, outside UK and Ireland scope.
- September 2025: Ensors, East Anglia. The release says Ensors joined Azets that month.
- 7 May 2026: Alextra, which adds 70 colleagues and three offices. Its wealth management team stays separate, rebranded to Hexagon Wealth Management. Azets says it has 4,000 people across more than 70 UK offices.
- 2 Jun 2026: Muldoon, Belfast, giving Azets its first presence in Northern Ireland. Per Azets, the firm provides services to more than 860 clients and employs over 40 people.
- 30 Jun 2026: Outsource, Dublin. Founded in 2000, it provides financial and management consultancy services to legal firms across Ireland.
- 13 Jul 2026: BDO’s Medical Services team and client portfolio, as above. Azets says it will support more than 600 GP practices, 3,500 GP partners and locums, and 100 PCNs following completion.
- 1 Sept 2026: Ensors rebrand.
What is not known
- Consideration. None of the Azets releases for the 2026 deals states a price, deferred element or earn-out. The 2022 headlines give turnover only.
- Current ownership. No source cited gives the shareholders’ percentages. The Companies House report for the year to 30 June 2024 describes PAI as co-controlling with Hg, but no separate completion statement from Hg or PAI was found.
- Completion dates. The Alextra release gives an announcement date, not a completion date. The BDO and Outsource releases refer to completion without dating it.
- Group totals. The "more than 100" acquisitions figure has no list, so it cannot be matched to the dated deals above.
- Formation year. Azets and Hg documents differ, as noted.
Updates
- 15 Oct 2026: first version.
- Next check: any Azets or Hg statement on shareholders; Companies House filings for Azets Holdings Ltd; Azets press listings for deals after 13 July 2026.
Editorial assessment
The points below are the editors’ reading of the registers and filings above; none of them is stated in those sources.
- The 2026 releases disclose no consideration. Terms cannot be compared across deals from public Azets material alone.
- The 2026 run mixes deal types: three whole practices (Alextra, Muldoon, Outsource) and one transfer of a team and client portfolio from another firm (BDO). Wealth management was carved out of one of them (Alextra).
- The ownership evidence available is three years old. This file makes no statement about current holders or any future exit.
| Item to check | Value | Source |
|---|---|---|
| Latest rebrand | Ensors became Azets, September 2026 | Azets UK |
| Latest new transaction | BDO Medical Services team, 13 Jul 2026 | Azets UK |
| BDO team size | 16 specialist professionals | Azets UK |
| Ownership announced | PAI equal co-controlling stake with Hg, 19 June 2023 | HgCapital Trust |
| Disclosed value | Approx. £54.3m, HgCapital Trust’s share only | HgCapital Trust |
| Group scale, June 2023 | 7,600 professionals; 93,000 clients; c. £700m revenue | HgCapital Trust |
| Group scale, 2026 (Azets) | 9,000 experts; 190 locations; eight countries | Azets UK |
| Alextra | 70 colleagues; three offices; 7 May 2026 | Azets UK |
| Muldoon | 860+ clients; 40+ people; 2 Jun 2026 | Azets |
| Current shareholders | Not stated on Azets pages; the Azets Holdings Ltd report for the year to 30 June 2024 names PAI Partners as co-controlling alongside Hg, no percentage | Companies House: Azets Holdings Ltd (06365189) filings |
