Jackson, Tenn.-based ATA (FY23 net revenue of $40.5 million) has announced that it has received a minority investment from private equity firm Copley Equity Partners.
ATA partners will maintain majority control of the firm, and its executive and leadership teams will stay intact, including MP John Whybrew, who has led the firm since 2016. Through its partnership with Copley Equity, ATA will enhance its talent, technology and internal operations as well as continue its long-term plan of exploring strategic acquisition and growth opportunities.
“In planning for our future, ATA sought a capital partner who could help the company expand our service offerings, grow into additional markets, and continue to improve our tools and people resources. We are very excited to partner with Copley Equity, which brings a strong track record of supporting the growth of the companies with whom they partner,” Whybrew said.
“Combining deep technical expertise with strong community relationships, clients choose to work with ATA year after year,” said Peter Trovato, managing director of Copley Equity. “These attributes have made ATA a leading growth platform in the attractive accounting services market. We are excited to support ATA as it continues to recruit top talent, invests in technology solutions, expands into new geographies and broadens its service offerings.”
“Our investment in ATA is the culmination of a multi-year search for a partner in the accounting services space,” said Sean Sullivan, vice president at Copley Equity. “Among the hundreds of opportunities we reviewed during that process, ATA was a clear standout. We look forward to working with ATA across a range of strategic initiatives in the coming years.”
As is typical in these sorts of arrangements, ATA CPAs + Advisors PLLC and ATA Advisory, LLC now operates as an alternative practice structure. In that arrangement, ATA CPAs + Advisors PLLC, a licensed CPA firm, has been renamed ATA PLLC and provides audit and assurance services while ATA Advisory LLC provides nonattest services including tax and advisory services.
ATA, founded nearly 85 years ago, has approximately 240 employees across 16 offices in Tennessee, Arkansas, Kentucky, Mississippi and Georgia. ATA’s clients are primarily located in the Southeast and operate across a number of industries including financial services, construction, state and local government, industrial services, non-profit, utility, manufacturing, professional services, education and health care.
