Currency takes many forms. Cash is obvious. Equity? That’s standard. But the real game- changer comes when private equity isn’t just funding, but firepower.
A strategic catalyst.
A high-value currency.
At Ledger, we specialise in acquiring equity in South Africa’s leading independent accounting firms. But we’re not just buying in. We’re investing with intent.
Here’s why we see private equity as more than a financial instrument…
A multiplier, not a transaction
In its best form, private equity isn’t only about exits. It’s also about entry: into new markets, deeper capabilities and stronger teams.
When Ledger partners with accounting firms, our investment goes beyond capital to include growth strategy, recruitment, wealth and investment, operational efficiencies, and the kind of business intelligence that unlocks scale.
Equity is high value because it adds more than money. It brings structure, clarity and even momentum, to support the strategic decisions that firm leaders are often already considering but haven’t had the capacity to prioritise.
The prestige premium
In professional services like accounting, prestige matters. And being backed by a private equity firm with a track record of identifying, developing and elevating excellence has the potential to become a brand differentiator in itself.
It helps firms to attract top-tier talent, secure bigger clients and stand out in a market where everyone claims to be ‘boutique’ and ‘specialist’.
Value, measured in impact
Too often, accounting partners approach private equity with a scarcity mindset: “I’m selling 25% of my practice.”
At Ledger, we encourage a shift in thinking, from ownership dilution to value creation.
Consider reduced partner stress, increased client retention, sound succession planning and a clear runway to long-term stability. An equity investment doesn’t dilute; it amplifies.
Instead of viewing equity as a percentage, imagine this: you own 10 million shares, currently valued at R2.50 each. With the support of a strategic private equity partner – bringing capital, growth strategy and operational leverage – those shares could be worth R10 in 3 to 5 years.
The difference isn’t just theoretical. It’s tangible value accretion. It’s higher profit after tax. And most importantly, it’s earnings per share growing faster than headcount or billings could on their own.
Why now?
The South African accounting landscape is changing. Medium-sized firms are under pressure from both sides: big networks above and nimble upstarts below. To remain competitive, many need more than just resilience; they need reinvention.
At Ledger we believe that private equity, when deployed with precision, becomes the currency that funds that reinvention. We believe that true value often lies in what the business becomes, not necessarily what it is today.
Being “independent” doesn’t have to mean being on your own. So if you’re an independent accounting firm looking to grow, transition or future-proof, ask yourself: Is it time to start seeing private equity as a currency of progress?
(And if it is, we’re standing by to discuss it with you. Reach out to the Ledger team anytime.)
