PwC sells SME audit and advisory business in Sweden to Cedra

Cedra, a private equity-backed audit and advisory group in Sweden that launched last month, has acquired the SME audit and advisory business of PwC.

Founded by five leading accounting firms – Alliance, Crowe Osborne, Frejs Revisorer, RSM in Göteborg and Qrev – Cedra focuses on the small- and mid-sized (SME) segment of the accounting and advisory landscape. The company is backed by investment group Adelis.

In its first major inorganic move, Cedra has bought PwC’s SME business in Sweden. The bolt-on sees around 270 employees and over 20 offices transfer to Cedra.

“We look forward to welcoming a large number of experienced employees to Cedra. Together we ensure that our clients have access to the highest quality audit and advisory services,” said Svante Forsberg, Chairman of Cedra.

Meanwhile, for PwC, the divestment is part of its strategy to focus on the higher mid-sized and corporate segment. “Due to the development in the market in recent years, with rapid technological development, complex regulations and changing customer needs, PwC has gradually shifted its focus to medium-sized and large companies as well as growth companies,” explained Sofia Götmar-Blomstedt, CEO of PwC in Sweden.

“This transfer is a strategically important step in that direction and we are convinced that Cedra is the right partner. They will be able to offer a strong platform with the right focus for the clients and employees who we are exiting.”

Following the deal, Cedra intends to appoint Pontus Tonning, the former Assurance Leader at PwC, as President and CEO of the company.

The transaction is subject to customary regulatory approvals and is expected to close on July 1, 2025.