What is the story about?
What's Happening?
Chicago-based CPA firm DSWD has received an investment from 119th Street Capital, a family office located in Indiana. Founded in 2009 by Joseph DeMarco, John Sciaccotta, and Rick Wilkens, DSWD offers a range of services including accounting, assurance, consulting, peer review, and tax services. The firm specializes in industries such as broker-dealers, construction contractors, investment companies, manufacturing, benefit plans, professional services, real estate, and restaurants. The capital from 119th Street Capital will be used to expand DSWD's talent base, pursue selective acquisitions, and strengthen its non-attest offerings. The partnership marks a significant milestone for DSWD, as it aims to grow its client base and enhance its service offerings.
Why It's Important?
The investment from 119th Street Capital is crucial for DSWD as it provides the necessary resources to expand its operations and enhance its service offerings. This move is expected to benefit DSWD's clients by providing them with more comprehensive services and expertise. Additionally, the investment will support the firm's growth strategy, allowing it to attract and retain top talent in the industry. The partnership also highlights the growing trend of family offices investing in financial service firms, which can lead to increased consolidation and competition in the sector. For DSWD, this investment is a step towards achieving long-term success and maintaining a people-first culture that drives meaningful relationships with clients and team members.
What's Next?
Following the investment, DSWD will operate under an alternative practice structure, separating its attest and non-attest services. This structural change is expected to streamline operations and enhance service delivery. The firm will focus on expanding its talent base and pursuing strategic acquisitions to strengthen its market position. As DSWD embarks on this new chapter, it will continue to prioritize building strong relationships with clients and maintaining a culture that values its team members. The partnership with 119th Street Capital is anticipated to open new opportunities for growth and collaboration, aligning with the firm's strategic vision and commitment to its people and clients.
Beyond the Headlines
The investment in DSWD by 119th Street Capital reflects a broader trend of family offices seeking to diversify their portfolios by investing in financial service firms. This trend can lead to increased consolidation in the industry, potentially impacting smaller firms that may struggle to compete with larger, well-funded entities. Additionally, the focus on non-attest services highlights the growing demand for consulting and advisory services in the financial sector. As firms like DSWD expand their offerings, they may contribute to shaping industry standards and practices, influencing how financial services are delivered in the future.
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