M&A roundup: Platform, Earned, Prosperity and RRBB expand

Prosperity Partners, a Chicago-based firm backed by private equity firm Unity Partners, has completed the acquisition of transaction services firm Pipaya, a transaction services firm based in Vienna, Virginia.

Financial terms of the deal were not disclosed and revenue figures were not disclosed. Prosperity has 23 partners and 115 other staff. Pipaya has four partners and 19 other staff members.

Pipaya was founded by Adam Strach in 2009, is a transaction advisory firm with expertise in the aerospace, defense and government services industries that focuses on providing sell-side and buy-side quality of earnings, M&A readiness, and accounting and integration support for founders, owner operators and private equity investors. Over the past 15 years, the firm has advised on over 200 transactions totaling over $12 billion in transaction value. 

“I’m thrilled to add the Pipaya team to our growing firm,” said Prosperity CEO and co-founder Jeremy Dubow in a statement. “Under Adam’s leadership, Pipaya has developed a reputation for making the complex simple with a solutions-oriented approach to transaction support. That ethos will remain central to Pipaya’s culture and work as part of the Prosperity platform. Adam has developed a phenomenal team and this new service line will allow us to better serve the existing clients of both Prosperity and Pipaya.”

All Pipaya employees will become part of Prosperity’s Employee Purpose Plan, a broad employee ownership program, allowing qualifying employees to benefit from the company’s success.

“Prosperity Partners’ focus on caring for and listening to their clients and people really resonated with me,” said Strach. “I’m excited to put our combined expertise to work simplifying and improving our clients’ businesses and transactions as part of Prosperity.”

“We’re pleased that Prosperity is continuing its strong momentum with this acquisition,” added Peter Cozzi, Team Lead at Unity Partners. ” Pipaya’s expertise and culture of exceptional service are perfectly aligned with Prosperity’s goals and their addition expands our long-term growth opportunity.”

Citizens Capital Markets & Advisory served as exclusive financial advisor to Pipaya, and Miles & Stockbridge P.C. served as legal counsel. Kirkland & Ellis LLP served as legal advisor to Prosperity.

In June, Prosperity Partners expanded to Vermont by adding Danaher, Attig & Plante. The firm was formerly known as NDH Advisors before rebranding in September 2024. In May of 2023, it received private equity funding from Unity Partners; in January 2024, it added Jain & Jain PC, a firm based in Houston, and in June, it acquired McGowan Guntermann PC, a firm in Santa Barbara, California. In September of last year it completed its acquisition of Cendrowski Corporate Advisors, a Detroit-based tax, business valuation and accounting firm, and in October, it added Wiener and Garg in Rockville, Maryland.