FMS, a financial management services provider based in Fort Lauderdale, Florida, has acquired AMP Services LLC, an accounting firm in Seattle, Washington, and Merchants Accounting Services, headquartered in Oakland, California.
The deal bolsters FMS's position in delivering managed accounting services, performance benchmarking, and strategic consulting to independent restaurants and retail businesses through a SaaS platform.
"This is a major milestone in our mission to democratize data and technology for independent operators," said FMS CEO Bob Graybill in a statement Friday. "By integrating AMP and MAS into our platform, we're blending top-tier industry service with robust software and experienced accounting and financial teams that deliver the same [consultative] insights into running and growing a business like some of the larger national and international players.
The acquisition unites AMP's and MAS's technologies, methodologies and consulting with FMS's suite of financial solutions. Independent operators will gain access to dashboards, peer benchmarking, KPI tracking and growth strategies. Independent grocers and restaurateurs will be able to access benchmarks without paying for data designed for large national chains and requiring significant IT investments in services, care and maintenance.
"Joining FMS lets us scale our full-service offering — from outsourced finance to M&A support — while staying true to our independent focus," said AMP CEO Rick Braa in a statement. "With FMS, we can do even more to simplify and support the lives of independent restaurant owners."
Financial details of the acquisitions were not disclosed. The combined company will provide a full suite of accounting and finance solutions tailored to independent restaurants and retailers, proprietary tools for peer comparisons and real-time insights; guidance on growth, operations and M&A specific to the restaurant market provided by professionals with decades of restaurant accounting and finance experience; and access to enhanced technology and resources.
"MAS has always stood for quality and responsiveness," stated MAS president Charanjit Dhillon. "With FMS, we not only uphold those values but expand our capacity to offer deeper advisory services and data transparency, helping our clients focus on their customers and the culinary experience."
