Franklin Alliance, a venture capital-backed company that helps small and midsized firms scale, acquired Robert Morris & Company.
Franklin Alliance launched in late 2024 as an alternative to private equity. It aims to create a platform of local firms by providing them with resources to address issues like succession planning, recruiting and technology adoption.
It acquired Bement & Company, a family-owned CPA firm based in the greater Salt Lake City area, in December 2024. This deal is the second since its founding, and it has several more partner firms under contract, to be announced soon.
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"The addition of Robert Morris & Company is a pivotal step in our journey and proves the resonance of our approach," the Franklin team said in a statement. "We are demonstrating significant progress in building our platform, and our momentum is growing. We have a clear vision and a strong pipeline of firms eager to join an alliance that prioritizes their legacy and invests in their future. We are not just acquiring firms; we are building a cohesive and supportive national entity that maintains each firm's identity."
Robert Morris is a CPA firm located in New Bloomfield, Pennsylvania. It was established in 1981and has about 30 employees. Franklin Alliance targets firms with less than $10 million in revenue largely located in the Midwest, Mountain Region and South, but is not limited to these geographic areas as the team considers itself "opportunistic on the coasts."
"In seeking a partner for our future, we were determined to find a model that respected our history and amplified our strengths," Robert Morris, president and CEO of Robert Morris & Company, said in a statement. "Franklin Alliance stood apart from all other options I talked to. Their structure allowed for patient capital, more alignment, and maintenance of our firm identity and culture. They are truly invested in our long-term success. This partnership gives us the power of a national platform while allowing us to preserve the personal touch and deep client relationships that define us. We are thrilled to join the alliance and contribute to its growing momentum."
Franklin Alliance was founded by Brent Bement, Ben Holloway, Steve Shein and Tuyee Yeboah. Allan Koltin, CEO of Koltin Consulting Group, sits on the strategic board.
"With this second transaction, Franklin Alliance is confirming that its unique platform is the right solution for a vital segment of the accounting profession," Koltin said in a statement. "They are quickly becoming the preferred partner for firms that want to solve for growth or succession without getting lost in a massive corporate roll-up."
