In the latest infusion of private equity into the profession, IPA 200 firm Smith + Howard of Atlanta (FY21 net revenue of $36.7 million) has received a strategic investment from Broad Sky Partners of New York.
The investment will be used to accelerate Smith + Howard’s long-term growth initiatives, including expanding its advisory services, increasing its geographic footprint and accelerating its technology solutions through acquisitions and other strategic investments. Going forward, Smith + Howard PC and Smith + Howard Advisory LLC will operate in an alternative practice structure, under which Smith + Howard PC will continue to provide audit and other attest services as a licensed CPA firm while Smith + Howard Advisory LLC will provide tax, accounting and advisory services.
“Broad Sky’s recognition of the unique value of Smith + Howard speaks strongly to what those who came before us established, to what our current team is developing and to a very bright future for decades to come,” says Smith + Howard Advisory MP Sean Taylor. “We are drawn to the common values shared between Smith + Howard and Broad Sky Partners and to Broad Sky’s commitment to building enduring businesses through sustainable growth.”
“Smith+Howard was courted by over a dozen private equity firms but chose Broad Sky as their strategic and capital partner,” adds Allan Koltin, CEO of Koltin Consulting Group, who served as financial advisor to both firms. “The Broad Sky leadership team brought to the table an amazing understanding of the accounting profession and a shared a strategic vision of what it would take to build a successful regional powerhouse. Both Smith+Howard and Broad Sky believe they can create something really special in the profession.”
