What's Happening?
Prosperity Partners, a Chicago-based accounting firm supported by Unity Partners, a private equity firm, has acquired Farkouh, Furman & Faccio (FF&F), a New York-based provider of tax, attest, accounting, and business consulting services. This acquisition marks a significant expansion for Prosperity Partners, establishing a new flagship office in New York City while maintaining its headquarters in Chicago. The deal, whose financial terms were not disclosed, enhances Prosperity's capabilities with a dedicated audit team and international tax expertise, benefiting its existing clientele. FF&F, founded in 1974, serves domestic and international businesses, high-net-worth individuals, and ultra-high-net-worth families. The acquisition adds 38 employees
and seven partners from FF&F to Prosperity's workforce, which now totals 242 staff members across 10 offices.
Why It's Important?
This acquisition is significant as it strengthens Prosperity Partners' position in the competitive accounting industry by expanding its geographical footprint and service offerings. The addition of FF&F's expertise in international tax and audit services enhances Prosperity's ability to serve a broader range of clients, including high-net-worth individuals and international businesses. The move also reflects a growing trend of consolidation in the accounting sector, driven by the need for firms to scale operations and offer comprehensive services to meet client demands. For FF&F, joining Prosperity provides access to advanced technology and operational leverage, which can enhance service delivery and client satisfaction. The acquisition also underscores the importance of strategic partnerships in achieving growth and competitive advantage in the professional services industry.
What's Next?
Following the acquisition, all FF&F employees will participate in Prosperity's Employee Purpose Plan, an ownership program designed to align employee interests with the firm's success. This initiative is expected to foster a supportive work environment and encourage career growth among employees. Prosperity's focus on technology and training will likely enhance its service capabilities, positioning the firm for further growth. The acquisition is part of Prosperity's broader strategy to expand its national presence, as evidenced by its recent acquisitions in Virginia, Vermont, Texas, California, Michigan, and Maryland. As the firm continues to grow, it may pursue additional acquisitions to further enhance its service offerings and geographic reach.
