Northcote Equity acquired Derby-based Nuvo Accounting in December 2025, marking its second transaction following the close of its £160 million debut fund earlier that year.

Founded in 2004, Nuvo Accounting has built an established presence within the accountancy sector over more than two decades. The acquisition adds another service-led business to Northcote Equity’s growing portfolio and reflects continued investment activity within a sector undergoing consolidation and operational change.

Capital & Trust supported Northcote Equity throughout the acquisition process, providing strategic planning, regulatory insight, analytical review and transaction support.

Building the portfolio following Northcote’s debut fund

Northcote Equity entered the transaction at an important stage in its own growth.

Following the close of its debut fund in February 2025, the firm was focused on deploying capital into established businesses with strong long-term potential. Nuvo Accounting represented an opportunity to invest in a well-positioned regional firm with a track record spanning more than 20 years.

The acquisition also reflects the wider appeal of accountancy businesses to investors looking at resilient, service-led sectors with opportunities for continued growth and consolidation.

For Northcote, the transaction represented another step in building its portfolio while establishing its investment strategy following the fund close.

Capital & Trust’s role

Capital & Trust assisted Northcote Equity across key stages of the acquisition, combining strategic support with detailed analysis and an understanding of the wider transaction environment.

Our work included strategic planning to help shape the transaction approach and maintain alignment with Northcote Equity’s broader investment objectives, alongside regulatory insight and detailed review of information central to the deal process.

Capital & Trust also provided process support to help maintain momentum and coordination as the transaction progressed.

This structured approach supported Northcote Equity in evaluating the opportunity and progressing the acquisition with a clear understanding of both the business and the wider sector context.

Our perspective

Northcote Equity’s investment in Nuvo Accounting reflects the continued attractiveness of established accountancy businesses within the private equity market.

For investors, the opportunity extends beyond the resilience traditionally associated with professional services. Established accountancy firms can combine long-standing client relationships and recurring demand with opportunities to strengthen operations, expand service capabilities and pursue further growth.

At the same time, successful investment in the sector requires an understanding of what sits behind the numbers. The strength of client relationships, quality of the business, operational structure and ability to support sustainable future growth can all influence the strategic value of an opportunity.

For a private equity firm beginning to deploy a new fund, transactions such as Nuvo demonstrate the importance of identifying businesses where established foundations can support the next phase of development.

The acquisition therefore represents not only another addition to Northcote Equity’s portfolio, but part of a broader pattern of investment and consolidation continuing to shape the UK accountancy market.