Atlanta-based IPA 200 firm Nichols Cauley (FY24 net revenue of $48.67 million) has announced a merger with Partners Risk Services and JGH Consulting to establish a new integrated financial services platform, supported by a strategic growth investment from Madison Dearborn Partners (MDP).
The combination creates a “one-stop-shop” platform offering accounting, tax, audit, insurance and transaction advisory services to privately held small and midsize businesses, entrepreneurs and family-owned companies. The partnership with Chicago-based MDP provides strategic capital and industry expertise to support growth, expand service offerings and broaden geographic reach.
“We are delighted to be supporting this innovative combination of three leading complementary financial services businesses into one synergistic platform,” said Vahe Dombalagian, managing partner and co-head of financial services at MDP. “We look forward to working closely with the platform leadership and the broader team on their mission to deliver a unified service offering to clients across the Southeast U.S. and beyond.”
The platform will maintain continuity across leadership teams. Todd Giddens, MP of Nichols Cauley, will serve as chief operating officer. Joe Thompson, CEO of Partners Risk Services, will lead risk management and insurance services, and Greg Hicks, MP of JGH Consulting, will lead transaction advisory services. Alan Whitman has been appointed CEO of the combined company.
“This merger is about more than staying competitive—it’s about making sophisticated business solutions accessible and meaningful to the clients who need it most,” said Giddens. “By combining our strengths, we amplify our ability to innovate and provide value-add solutions across accounting, tax, audit, advisory, insurance and transaction advisory services. We’re committed to being the partner of choice that walks alongside our clients through every step of their journey.”
“Having spent years helping scale Baker Tilly into a leading national platform, I see an extraordinary opportunity to bring that experience to Nichols Cauley as we build something truly differentiated for private businesses and entrepreneurs,” said Whitman. “By unifying accounting, tax, audit, insurance and transaction advisory under one roof and partnering with Madison Dearborn Partners, we’re offering a next-generation platform that breaks from tradition and equips business owners with the integrated, sophisticated advice they need at every stage of their journey.”
JGH Consulting advised Nichols Cauley and Partners Risk Services, and Nelson Mullins Riley & Scarborough LLP and Dechert LLP provided legal counsel to the combined company. Koltin Consulting Group advised MDP, and Paul, Weiss, Rifkind, Wharton & Garrison LLP, Kirkland & Ellis, LLP, Vedder Price P.C. and Alston & Bird, LLP provided legal counsel to MDP.
Following the close of the transaction, expected in the first quarter of 2026, Nichols Cauley will operate under an alternative practice structure. Nichols Cauley & Associates LLC will provide attest services, while Nichols Cauley Advisory Group LLC will provide tax, advisory and other non-attest services.
