Core Viewpoint - The sale of UK accountancy practice Xeinadin has been paused due to bids falling short of the £1 billion ($1.36 billion) valuation sought by its private equity owner, Exponent [1][2]. Group 1: Sale Process and Valuation - Exponent initiated a competitive auction for Xeinadin but ended the sale effort as the interest did not translate into offers meeting the expected valuation [2]. - The abandoned sale process indicates potential valuation constraints in the recent boom of private equity deals for professional services businesses [2]. Group 2: Industry Trends - Accounting networks in the US, UK, and Europe have seen increased interest from buyout funds, leading to higher deal multiples as investors pursue a buy-and-build strategy [3]. - Many investors have been acquiring local tax and accounting firms to standardize systems and invest in technology, aiming to enhance margins and attract larger clients [3]. Group 3: Company Overview - Xeinadin was established in 2019 through the merger of over 100 independent accounting practices and has continued to grow through additional acquisitions [4]. - The company operates more than 130 offices in the UK and Ireland, employing around 2,500 staff and providing a range of professional services including audit, corporate finance, and tax to small and medium-sized businesses [4][5]. - Recently, Xeinadin expanded its presence in London by acquiring Grunberg [5].