Broad Sky Partners, a private equity firm that partners with essential services businesses in the middle market, today announced it has completed the sale of Smith + Howard, a nationally recognized assurance, tax, advisory and wealth management firm, to TPG, a leading global alternative asset management firm. TPG invested in Smith + Howard through TPG Growth, the firm’s middle market and growth equity platform. Terms of the transaction were not disclosed.

During Broad Sky’s ownership, Smith + Howard achieved significant growth and transformation into a national professional services platform. Through organic growth and nine strategic acquisitions, Broad Sky Partners helped Smith + Howard evolve from a single Atlanta office with approximately 100 professionals into 11 locations across the Southeast US and India with approximately 800 professionals. Investments in human capital, technology and enhanced advisory services fueled nearly 4x revenue growth during the partnership.

“We are grateful for Broad Sky Partners’ partnership. Broad Sky helped accelerate our transformation through meaningful investments in leadership, technology, AI-enabled capabilities and an offshore delivery center in India,” said Sean Taylor, Chief Executive Officer of Smith + Howard. “With their support, Smith + Howard has become a leading national accounting and advisory platform with the operational infrastructure, exceptional talent and technology to keep compounding our growth in the years ahead.”

“The Smith + Howard investment is emblematic of BSP’s integrated investor-operator model: working alongside exceptional management teams to build scaled platforms in attractive essential services sectors,” said Tyler Zachem, Chief Executive Officer and Partner at Broad Sky Partners. “We’re proud of the growth Smith + Howard has achieved through our shared strategic plan, and the company is exceptionally well positioned for its next phase with TPG.”

The transaction marks the first exit for Broad Sky Partners. Since launching in late 2021, the team has invested in seven platforms and completed 23 add-ons. The firm’s integrated investor-operator strategy focuses on building scaled market leaders in durable essential services sectors through operational value creation and strategic M&A.

About Broad Sky Partners

Broad Sky Partners is a private equity firm that partners with leading middle market companies that provide essential services to business services end markets. The firm offers a differentiated approach to sector-focused, thematic investing and value creation. Its Portfolio Resource Group is dedicated to helping companies capitalize on growth opportunities. Broad Sky is based in New York City. To learn more, visit www.broadskypartners.com.

About Smith + Howard

Smith + Howard is a nationally recognized assurance, tax and advisory firm serving clients across industries including construction, distribution, hospitality, manufacturing, nonprofit, real estate, technology, insurance captives and transportation and logistics. The firm delivers a full suite of services, ranging from audit, tax, international tax, transfer pricing, state and local tax, cyber risk compliance and SOC reporting. Through its Family of Companies, Smith + Howard also provides wealth management, sales and use tax, property tax, specialty tax services such as Cost Segregation Studies and R&D tax credit advisory, management consulting, human capital consulting, and executive search services, supporting businesses at every stage of growth.

The individual quoted is a current executive of Smith + Howard, a company in which private funds advised by Broad Sky Partners previously held an investment. The views expressed reflect their personal experience working with Broad Sky Partners and may not be representative of the experiences of other portfolio company executives. The individual was not compensated for these statements but may have indirect financial interests in the success of the respective portfolio company.

Media gallery

About The Author
Business Wire