The former managing partner of Arthur Andersen's Chicago Office and more than 20 former Andersen partners and staff have launched a new tax and business advisory firm, True Partners Consulting LLC.

Cary D. McMillan, who ran Andersen's largest office and most recently served as chief financial officer of Sara Lee Corp. will serve as chief executive of the venture. Joining him will be 25 other former Andersen partners and staff. In addition to the capital provided by its five managing directors, True Partners has also secured $20 million in funding from Chicago-based private equity firm Waud Capital Partners LLC.

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