Your Part-Time Controller, a Top 100 Firm based in Philadelphia, received a strategic growth investment from Pamlico Capital, a private equity firm based in Charlotte, North Carolina.
It's the latest deal involving a PE firm investing in accounting firms. Financial terms were not disclosed. Your Part-Time Controller ranked No. 75 on Accounting Today's 2023 list of the Top 100 Firms, with $71.21 million in annual revenue.
"This marks a milestone for Your Part-Time Controller, which has grown dramatically from a one-person firm in 1993, to a nationally recognized financial service provider for the nonprofit sector," said YPTC president and founder Eric Fraint in a statement Wednesday. "With the support of Pamlico, who understands our business and culture and shares our interest in serving nonprofit organizations, YPTC will be well-positioned to continue its remarkable growth."
Current YPTC managing partner Jennifer Alleva will become CEO in early 2024 and also have a seat on the board of directors.
"I am thrilled to lead YPTC to new heights with the additional resources of our new partner, Pamlico, and the continued support of Eric on our board," she said in a statement. "I look forward to many more years at YPTC as we continue to help our nonprofit clients achieve their missions."
Pamlico principal Andrew Tindel will also join the YPTC board of directors with his colleagues Scott Stevens and Kaitlyn Cacioppo. "We are excited to welcome Your Part-Time Controller into the Pamlico family," he said in a statement. "YPTC is a unique and impressive company, and we are proud to partner with its entire team to advance the achievement of their important mission to build stronger nonprofits."
Fairmount Partners, an investment bank based in Radnor, Pennsylvania, announced the deal on Wednesday. Managing director Andy Brown, along with Hannah Forstner, Ryan Richard and Roy Geng at Fairmount, supported the transaction.
"It was a distinct honor to work with and advise the YPTC team," Brown said in a statement. "We specialize in supporting high-growth, high-culture firms that are differentiated in their end-markets. YPTC, with its impact-driven mission and incredible team from top-to-bottom, is a truly special story. We are excited to watch YPTC and Pamlico thrive together going forward as they continue to invest in the people, technologies and capabilities that will make the nonprofit world stronger."
