5 days Ago By Henry Queen
An Atlanta-based accounting firm will use private equity money to invest in talent development, geographic expansion and more. Frazier & Deeter — one of the country's 50 largest accounting companies — announced earlier this month that it received an investment from New York-based General Atlantic. Financial details weren't disclosed.
It's the latest such investment in an industry that traditionally hasn't seen this much dealmaking. Aprio, another Atlanta-based accounting juggernaut, used a 2024 private equity investment to fuel rapid growth . General Atlantic, founded in 1980, boasts $103 billion of assets under management as of Dec.
31, 2024. “General Atlantic is a valuable growth partner, offering a unique perspective on our industry and the clients we serve,” Seth McDaniel, managing partner at Frazier & Deeter, said in a statement. “This investment positions FD to remain at the forefront of our sector’s evolution as we continue to invest in the technology and tools to best support our clients.
" The Wall Street Journal reported in February that talks between Frazier & Deeter and General Atlantic were occurring. The outlet noted that Frazier & Deeter promoted advisory partner John Hightower in 2024 to serve as its first chief growth officer to prepare for a deal like this. William Blair served as financial advisor to Frazier & Deeter, with Vedder Price and Nelson Mullins Riley & Scarborough LLP serving as legal advisors.
General Atlantic was represented by Citizens M&A Advisory on the financial side and Paul Weiss and Dechert on the legal side. Frazier & Deeter expects to pull in $145 million in revenue this year across all of its services other than wealth management, McDaniel told The Wall Street Journal. The firm provides a tax, audit, accounting and advisory services to a global client base.
After the deal with General Atlantic closes, it will separate its auditing division from its other non-attest services under an alternative practice structure. According to Atlanta Business Chronicle research , Frazier & Deeter is the No. 6 accounting firm in Atlanta based on the number of local professionals.
On top of its Atlanta headquarters, it has offices in Charlotte, Las Vegas, Nashville, Alpharetta, Tampa, London, Cambridge and India..
