A private equity firm has agreed to acquire assets from and partner with IPA 100 firm Schellman & Company LLC of Tampa, Fla. (FY20 net revenue of $77.4 million), which offers a comprehensive suite of information technology and cybersecurity audits and assessments. As part of the deal with New York-based Lightyear Capital LLC, the firm will be reorganized, with Schellman continuing to provide attest services and newly formed entity Schellman Compliance LLC providing non-attest services.
In addition, the majority ownership interests of founder and current CEO Chris Schellman will be recapitalized, allowing him to exit the firm six years prior to his previously announced 2027 retirement date. Current president Avani Desai will become the new CEO, while all other members of Schellman’s senior leadership team will continue in their current roles.
“It gives me great pride to reflect on what our team has built at Schellman,” says Schellman. “I am eternally grateful to all of those that have trusted my leadership along this journey and look forward to what this partnership will mean for the next chapter of Schellman’s success.”
“Together with the Lightyear funds, we will continue to carry forward the vision Chris laid out to be the leading provider of compliance assessments with an unwavering attention to quality,” adds Desai. “We have always been a firm that strives for more, and in Lightyear, we have found a new partner that is just as committed to innovation and value creation.”
The Schellman announcement comes just weeks after New York-based IPA 100 firm EisnerAmper received a “significant capital infusion” from private equity firm TowerBrook Capital Partners.