Cohen & Company Secures Strategic Growth Investment from Lovell Minnick Partners
CLEVELAND, Oct. 25, 2024 – Cohen & Company, a nationally recognized assurance, tax and business advisory firm, is thrilled to announce a strategic growth investment from Lovell Minnick Partners (LMP). This significant partnership marks a new chapter for Cohen & Company, setting the stage for accelerated expansion and enhanced service offerings. LMP, a renowned private equity firm specializing in investments within financial services, business services, and financial technology, brings valuable expertise and resources to the table.
This strategic investment empowers Cohen & Company to meet the evolving needs of its diverse clientele across numerous key industries and geographic markets. The capital infusion will be instrumental in driving essential investments in technology, expanding service offerings, and fostering a more robust and adaptable firm. Cohen & Company already holds a prominent position in the mutual fund, private equity, alternative investment, and real estate industries, while also serving closely held businesses, family offices, and high-net-worth individuals. This investment positions the firm to accelerate its multi-year strategic plan focused on growth, people, technology, quality initiatives, and the evolving service area interests of its valued clients.
“LMP will be a valuable strategic partner, offering a unique perspective on our industry and the clients we serve, along with a dedicated focus on human capital, which is crucial to our growth strategy as an employer of choice,” says Cohen & Company CEO Chris Bellamy. “We are proceeding with conviction into this new chapter, motivated to work harder than ever for our stakeholders — our clients, our employees and our communities — to honor their trust in us and deliver value to these critical relationships.”
“Cohen & Company’s vision for the future and its longstanding reputation as a premier accounting, tax and advisory firm make them an ideal partner,” says Jason Barg, partner at LMP. Tom Hutchins, principal at LMP, adds, “We are excited to collaborate with Chris, the management team, employees and clients to continue to build on their successes and support their growth trajectory.”
This event marks the first institutional capital investment for Cohen & Company. The investment is expected to close on December 31, 2024, at which point the firm will also significantly increase the number of employee equity holders. “We are extremely proud to reward our exceptional team for the successes that have brought us to this point,” says Bellamy. “The increase in equity holders, combined with substantial reserves for future equity-based incentives, will further strengthen alignment as we work together to achieve our strategic goals.”
Following the transaction close, Cohen & Company will adopt an alternative practice structure. Cohen & Company, Ltd., a licensed CPA firm, will focus on attest services and be led by Vince Curttright. Cohen & Co Advisory, LLC, not a licensed CPA firm, will provide business tax, advisory, and other non-attest services, led by Chris Bellamy. Despite their separate ownership and governance, both entities will operate under the Cohen & Co brand, ensuring a seamless experience for clients. The partners and professionals of Cohen & Co will continue to work together seamlessly to deliver exceptional service.
While the terms of the investment were not disclosed, the transaction is subject to standard closing conditions. Hunton Andrews Kurth LLP served as legal counsel to Cohen & Company, while Sidley Austin LLP acted as legal counsel to LMP.
About Cohen & Company
Recognized by USA TODAY as one of America’s Most Recommended Tax and Accounting Firms and lauded by INSIDE Public Accounting as one of the Best of the Best Firms, Cohen & Company provides assurance, tax, and advisory services to clients across the U.S. and globally. The firm caters to a diverse clientele, encompassing privately held companies and their owners, public and private funds, advisors and fund service providers within the investment industry, and Fortune 1000 multinational enterprises.
Founded in 1977, Cohen & Company boasts a dedicated team of over 800 professionals, strategically located across 12 offices in Illinois, Ohio, Maryland, Michigan, New York, Pennsylvania, and Wisconsin. Through affiliated entities, the firm extends its reach internationally, with a presence in the Cayman Islands and Ireland. To learn more about Cohen & Company, visit cohencpa.com.
About Lovell Minnick Partners
Lovell Minnick Partners is a private equity firm with a distinguished 25-year track record of collaborating with growth-oriented companies. LMP leverages its deep sector experience and a robust network of strategic advisors to help founders accelerate the growth of their ventures. The firm collaborates closely with management teams seeking to achieve long-term success and value creation through organic growth and strategic acquisitions.
Since its inception in 1999, LMP has raised over $5 billion of committed capital, invested in more than 50 unique platform companies, and completed over 200 add-on acquisitions. LMP focuses on growth-oriented, middle-market companies, particularly in the financial services, business services, and financial technology sectors.