Goldman Sachs Alternatives has acquired Scotland-based advice and accountancy business AAB in a deal estimated to be about £250 million.

The deal, which is subject to regulatory approvals, will see Goldman Sachs take over a £100m revenue business that has tripled in size in just three years under August Equity’s ownership.

Since 2021, AAB has completed 16 strategic acquisitions and expanded across the UK and Ireland, growing its headcount to over 1,000. 

Emma Lancaster, who was appointed AAB Group chief executive in November 2023, said August Equity’s backing has been ‘transformational’ in helping the company grow. 

“As we welcome our new private equity partner, Goldman Sachs Alternatives, we remain focused on delivering long-term value to our clients and our team while accelerating our growth strategy with exceptional backing,” she said.

The wider AAB company has around 1,000 employees in Britain and Ireland. According to a release announcing the deal it passed annual revenues of £100m in January.