Platform Accounting Group announced Tuesday that it has secured $355 million in strategic growth financing led by Treville Capital Group, a multibillion-dollar alternative asset manager.
Others participating in the investment include Vista Credit Partners, Siguler Guff, Aquiline, and Brightwood Capital Advisors. The Cynosure Group, which led an $85 million minority funding round for Platform in early 2024, also participated in this latest investment.
Platform says the strategic growth financing will provide additional capital to accelerate its acquisition strategy, expand its service offerings, and invest in technology and talent across the company.
Founded in 2015, Holladay, UT-based Platform has grown into one of the largest accounting platforms in the country under the leadership of founder and CEO Reyes Florez and President and Chief Operating Officer Tyson Chapman. The company acquires and supports the operation of boutique accounting and advisory firms in the U.S. that are focused on providing tax compliance, attest, outsourced accounting, ERP consulting, and wealth advisory services to individuals and small businesses. Platform’s model provides staffing, enterprise-grade technology and processes, and operational support to local teams while preserving the dynamics and autonomy of small office cultures.
The company currently serves more than 50,000 clients through a network of regional offices and specialized advisory practices, and it has completed more than 65 acquisitions since its inception. This year alone Platform has completed a half-dozen M&A deals.
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“We are thrilled to partner with Treville as we enter our next phase of growth,” Florez said in a statement on Oct. 20. “From the beginning, we have been intentional about building PAG for the long term and investing deeply in the client relationship. This strategic growth financing gives us additional flexibility to expand our national footprint, invest in our people and technology, and continue to bring enhanced capabilities to the clients and communities our local firms serve.”
“Platform Accounting Group has built a highly scalable operating model, an impressive acquisition and integration platform, and a strong reputation with firm owners across the country,” Dan Bailey, partner at Treville Capital Group and co-head of Treville Capital Solutions, said in a statement. “Partnering with growing, profitable businesses seeking flexible, less dilutive alternatives to traditional financing is core to the mission of Treville Capital Solutions. We believe PAG is exceptionally well-positioned to capitalize on the long-term opportunities within the accounting profession, and we are excited to partner with Reyes, Tyson, and the broader PAG team.”
As part of the financing, Bailey and Barry Salzberg will join Platform’s board of directors. Salzberg is the former global CEO of Big Four accounting firm Deloitte, a current member of the board of directors of Thomson Reuters, and a strategic advisor to Treville.
“We are honored to welcome Barry Salzberg to our Board and look forward to benefitting from his extraordinary experience leading one of the world’s most respected professional services organizations,” Florez said.
Zach Larkin, managing director of Cynosure, said the firm is pleased to continue supporting Platform alongside Treville as the company continues to grow.
“Since our initial investment, we have seen Reyes, Tyson, and the rest of the PAG team continue to strengthen the organization while remaining committed to the local firms, professionals, and clients they serve,” Larkin said in a statement.
Perella Weinberg Partners LP served as financial advisor to Platform Accounting Group. Parr Brown Gee & Loveless LLP served as legal counsel to Platform Accounting Group, and Choate Hall & Stewart LLP served as legal counsel to Treville.
Photo caption: Platform Accounting Group founder and CEO Reyes Florez (credit: Platform Accounting Group/LinkedIn)
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