Chicago-based tax, client accounting, and transaction support services firm Prosperity Partners has acquired Fabietti, Hale, Hammerstedt & Powers, a full-service business advisory and accounting firm based in Egg Harbor Township, NJ.
Financial terms of the deal weren’t disclosed.
This is Prosperity’s first M&A deal since the firm completed an investor flip in July. New York City-based private equity group Lightyear Capital made a majority investment in the firm, while Prosperity’s original investor, Dallas-based private equity firm Unity Partners, maintains a minority stake.
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The addition of FHHP establishes Prosperity’s presence in the greater Philadelphia market and expands the combined firm’s ability to support family-owned and closely held businesses across a broader range of tax, accounting, financial, and strategic needs.
We are thrilled to welcome FHHP’s talented team and clients to Prosperity,” Jeremy Dubow, CEO and co-founder of Prosperity, said in a statement on Oct. 20. “FHHP has earned an outstanding reputation as a trusted, long-term advisor by developing deep relationships and consistently delivering exceptional service. Its client-first culture and commitment to its people align closely with Prosperity’s values. Together, we will build on those strengths by providing clients with access to a broader range of specialized capabilities, additional service capacity, and continued investment in technology and talent.”
Founded in 1959, FHHP provides advisory, tax, client accounting, and attest services to family-owned and closely held enterprises, individuals, trusts, estates, and other organizations throughout southern New Jersey and the greater Philadelphia area.
The FHHP team will participate in Prosperity’s Employee Purpose Plan, a broad-based employee ownership program.
“Prosperity’s history of growth through successful client outcomes and investment in people reflects the same principles that have guided FHHP throughout its history,” James Hammerstedt, CEO and managing partner of FHHP, said in a statement. “Joining a fully integrated firm gives our professionals access to broader capabilities, technology, and resources that will strengthen how we serve our clients. Just as importantly, Prosperity shares our belief that long-term success begins with investing in people. Through the Employee Purpose Plan, our team will have the opportunity to participate directly in the future success of the combined business.”
Photo caption: Prosperity Partners CEO and co-founder Jeremy Dubow
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