Cohen & Firm, a tax and monetary advisory enterprise for companies and high-net-worth purchasers, has bought a stake within the firm to non-public fairness agency Lovell Minnick Companions.
The funding comes at some point after LMP purchased a majority stake in Americana Companions, a Houston-based RIA and member of the Dynasty Monetary Companions community.
Cohen & Firm is a nationwide assurance, tax and enterprise advisory agency, working within the mutual fund, non-public fairness, different investments and actual property industries whereas specializing in serving companies, household places of work and HNW people.
It was based in 1977 and now has greater than 800 workers throughout the nation. It has 12 places of work in Illinois, Ohio, Maryland, Michigan, New York, Pennsylvania and Wisconsin and affiliated entities in Eire and the Cayman Islands.
In response to the agency, the funding might be used to increase its tech and companies. CEO Chris Bellamy mentioned the agency was spurred to “work more durable than ever” when getting into this “new chapter.”
“LMP might be a helpful strategic associate, providing a singular perspective on our trade and the purchasers we serve, together with a devoted deal with human capital, which is essential to our development technique as an employer of alternative,” Bellamy mentioned.
The deal is predicted to shut on Dec. 31, and Cohen & Co. will “considerably improve” the variety of workers holding fairness; this, mixed with “substantial reserves for future equity-based incentives,” will assist the agency hit its strategic targets, Bellamy mentioned.
After the deal closes, the agency will break up (although either side will proceed to function underneath the Cohen & Firm model title). Cohen & Firm, Ltd. might be a licensed CPA agency providing attest companies led by Vince Curttright. Bellamy will lead Cohen & Co. Advisory, providing enterprise, tax and advisory companies.
Hunton Andrews Kurth and Sidley Austin served as authorized counsels for Cohen & Firm and LMP, respectively.
On Thursday, LMP introduced it made a majority funding in Americana Companions, turning into the agency’s first proprietor outdoors of its founders and administration group. Americana’s management group will proceed to run the agency, whereas the leaders and workers will stay important homeowners.
A bunch of Morgan Stanley breakaways based Americana in 2019, making it the biggest group to affix Dynasty. The group launched with seven advisors throughout three Texas places of work and has grown to $8.5 billion in managed property.
LMP was based in 1999 and primarily works with high-growth, middle-market firms, specializing in monetary and enterprise companies and fintech corporations. Present holdings embody Pathstone, OneZero Monetary and STP Funding Companies. It beforehand held stakes in Mercer Advisors, Foreside and AssetMark.
