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ATA Receives Minority Investment from Copley Equity Partners to Fuel Growth and Expansion
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Subscribe18 SEP 2024 / M&A UPDATES
Tennessee-based ATA secured a minority investment from private equity firm Copley Equity Partners. The partnership will facilitate ATA's expansion into new markets and improvement of its tools and resources, while retaining majority control of its existing leadership, reaffirming ATA's commitment to client service and response to dynamic market conditions.
Jackson, Tennessee-based ATA (FY23 net revenue: $40.5 million) has announced a significant milestone in its strategic growth journey, securing a minority investment from private equity firm Copley Equity Partners. This partnership will allow ATA to enhance its talent, technology, and internal operations while maintaining majority control within its existing leadership structure, including Managing Partner John Whybrew, who has successfully led the firm since 2016.
In light of the investment, Whybrew expressed enthusiasm for the partnership, stating, “In planning for our future, ATA sought a capital partner who could help the company expand our service offerings, grow into additional markets, and continue to improve our tools and people resources. We are very excited to partner with Copley Equity, which brings a strong track record of supporting the growth of the companies with whom they partner.”
Peter Trovato, Managing Director of Copley Equity, recognized ATA's unique position in the market: “Combining deep technical expertise with strong community relationships, clients choose to work with ATA year after year. These attributes have made ATA a leading growth platform in the attractive accounting services market. We are excited to support ATA as it continues to recruit top talent, invests in technology solutions, expands into new geographies, and broadens its service offerings.”
Sean Sullivan, Vice President at Copley Equity, highlighted the extensive search that led to this partnership: “Our investment in ATA is the culmination of a multi-year search for a partner in the accounting services space. Among the hundreds of opportunities we reviewed during that process, ATA was a clear standout. We look forward to working with ATA across a range of strategic initiatives in the coming years.”
In a move typical of such arrangements, ATA has restructured into an alternative practice structure. The licensed CPA firm, previously known as ATA CPAs + Advisors PLLC, has been renamed ATA PLLC, focusing on audit and assurance services, while ATA Advisory LLC will provide non-attest services including tax and advisory offerings.
Founded nearly 85 years ago, ATA boasts approximately 240 employees across 16 offices in Tennessee, Arkansas, Kentucky, Mississippi, and Georgia. The firm serves a diverse client base, primarily located in the Southeast, operating across various industries, including financial services, construction, state and local government, industrial services, non-profit organizations, utilities, manufacturing, professional services, education, and healthcare.
This investment positions ATA to further its long-term goals of strategic acquisition and growth, reinforcing its commitment to delivering exceptional services to its clients while adapting to the evolving landscape of the accounting services market.
Until next time…
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