Prosperity Partners, a Chicago-based firm backed by private equity firm Unity Partners, has acquired New York-based Farkouh, Furman & Faccio, a provider of tax, attest, accounting and business consulting services.
The deal brings Prosperity a dedicated audit team and international tax expertise to benefit Prosperity's existing clients. The partnership also establishes Prosperity with a new flagship office in New York City, although its headquarters will remain in Chicago.
Financial terms of the deal were not disclosed. Prosperity has reached approximately $75 million in pro forma revenue, 242 staff members, of whom 37 are partners, and 10 offices including the FF&F office in Midtown Manhattan. FF&F has seven partners and 38 employees of that total.
"We are honored that Farkouh, Furman & Faccio, with its stellar reputation and talented professionals, has joined Prosperity, establishing a new flagship office in New York City," said Prosperity CEO Jeremy Dubow in a statement Tuesday. "FF&F brings excellent service credentials, strong relationships and new subject matter expertise to our platform. As part of Prosperity, FF&F will gain operational leverage through our technology investments and access to our accomplished offshore team. "
FF&F dates back to 1974 and caters to domestic and international businesses, high-net-worth individuals and ultra-high-net-worth families.
"While we've run a successful accounting firm for several decades, Prosperity provides a compelling path forward to grow our business, expand service offerings and create greater opportunity for our professionals," said founding partner Fred Farkouh. "The entire team is energized to participate in Prosperity's equity compensation plan and to be part of one of the fastest growing accounting firms in the country."
All FF&F employees will participate in Prosperity's Employee Purpose Plan, an employee ownership program that lets employees benefit from the firm's future success.
"Prosperity's people-first culture ensures that our team will be greatly supported and provided with new pathways to grow their careers," said FF&F managing partner Bruce Militzok in a statement. "The broad employee ownership plan, combined with a firm-wide focus on technology and training, will enable our team to continue delivering superior client service while rewarding their contributions to the firm's success."
Kirkland & Ellis LP acted as legal advisor to Prosperity Partners and Levenfeld Pearlstein, LLC as legal advisor to FF&F.
In August, Prosperity completed the acquisition of
