Cleveland-based IPA 100 firm Cohen & Company (FY23 net revenue $153.9 million) announced a strategic growth investment by Lovell Minnick Partners (LMP), a private equity firm focused on investments in financial services, business services and financial technology companies. The investment is expected to close on Dec.31. Terms were not disclosed. Through this investment, Cohen & Company is well positioned to accelerate its multi-year strategic plan focused on growth, people, technology, quality initiatives and service area interests of its clients. “LMP will be a valuable strategic partner, offering a unique perspective on our industry and the clients we serve, along with a dedicated focus on human capital, which is crucial to our growth strategy as an employer of choice,” says Cohen & Company CEO Chris Bellamy. The firm will substantially increase the number of equity holders at closing, he said.
“Cohen & Company’s vision for the future and its longstanding reputation as a premier accounting, tax and advisory firm make them an ideal partner,” says Jason Barg, partner at LMP. Tom Hutchins, principal at LMP, adds, “We are excited to collaborate with Chris, the management team, employees and clients to continue to build on their successes and support their growth trajectory.”
Allan D. Koltin, CEO of Koltin Consulting Group who has consulted with Cohen for over two decades commented, “I can’t think of a better strategic combination than Cohen and Lovell Minnick. I expect this combination to ultimately propel Cohen from a Top 50 CPA and advisory firm nationally to a Top 25 CPA and advisory Firm over the next five to seven years. Cohen is recognized as a firm with great leadership and is viewed as a ‘destination place’ for young, talented entrepreneurs. Lovell Minnick is known in the private equity and accounting communities for its deep understanding and ability to work with professional and financial services firms.”
As is typical in these arrangements, Cohen will operate in an alternative practice structure. Cohen & Company Ltd., a licensed CPA firm, will provide attest services and will be led by Vince Curttright. Cohen & Co Advisory LLC, not a licensed CPA firm, will provide business tax, advisory and other non-attest services, and will be led by Bellamy. Although separately owned and governed, the two entities will both use Cohen & Co as their brand name.
