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 provides 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 enhance its non-attest offerings. The partnership marks a significant milestone for DSWD, as it aims to foster growth and maintain a people-first culture.
Why It's Important?
The investment from 119th Street Capital is poised to significantly impact DSWD's growth trajectory. By expanding its talent base and pursuing acquisitions, DSWD can enhance its service offerings and strengthen its market position. This move reflects a broader trend in the financial services industry where firms are increasingly seeking strategic partnerships to drive growth and innovation. The investment also underscores the importance of maintaining a strong organizational culture, which is seen as a key driver of long-term success. For DSWD, this partnership not only benefits its clients but also its current and future team members, aligning with the firm's commitment to building strong relationships.
What's Next?
DSWD will operate under an alternative practice structure, separating its attest and non-attest services. This strategic approach allows the firm to focus on expanding its non-attest offerings while maintaining compliance with industry regulations. As DSWD embarks on this new chapter, it is expected to leverage the investment to explore new market opportunities and enhance its competitive edge. The partnership with 119th Street Capital is likely to attract further interest from potential clients and partners, positioning DSWD for sustained growth in the financial services sector.
Beyond the Headlines
The investment in DSWD highlights the growing role of family offices in the financial services industry. These entities are increasingly investing in privately owned firms, providing capital and strategic guidance to drive growth. This trend reflects a shift towards more personalized and relationship-driven investment strategies, which prioritize long-term success over short-term gains. For DSWD, the partnership with 119th Street Capital not only provides financial support but also aligns with its values and strategic vision, emphasizing the importance of culture and leadership in achieving business objectives.
