Exonas Capital, a Connecticut-based investment firm, made a strategic investment in VFG Advisory, a New Jersey based accounting and business services firm. The investment was supported by Avante Capital Partners and Brightwood Capital Advisors, which provided debt and equity financing for the transaction. The financial terms of the transaction were not disclosed.
Following the transaction, Vision will operate in an alternative practice structure. Attest services will continue to be provided by Ansel & Associates CPAs, a licensed CPA firm. Business advisory and non-attest services will be delivered by VFG Advisory, which will operate as a separate entity and will not be a licensed CPA firm.
“We are thrilled to join forces with Exonas, Avante, and Brightwood as we enter this next phase of growth,” Jacob Ansel, co-founder and CEO of VFG Advisory, said. “The partnership will drive our firm’s expansion by broadening our service offering and geographic presence through a combination of organic growth and strategic acquisitions, strengthening our ability to attract and retain top professionals and advancing our commitment to delivering outstanding service to clients.”
“Vision has a long history of organic growth and exceptional client service, and we are excited to partner with Jacob and the team at Vision as they continue to build a leading accounting and professional services platform focused on a diverse range of end-markets,” Dino Sawaya, managing partner and founder of Exonas Capital, said. “Vision will serve as a platform for growth in the fragmented accounting services sector and we will support management to identify and integrate strategic add-on acquisitions that align with the platform’s objectives.”
“Avante is proud to support this transaction in conjunction with Exonas and Brightwood, as a testament to our excitement about the independent sponsor space and partnering with great teams,” Ivelisse Rodriguez Simon, managing partner of Avante, said. “We believe Vision is well-positioned to continue setting the bar in accounting and tax services as they embark on this exciting next phase of growth and look forward to scaling to the next level together.”
“We are excited to collaborate through our long-standing relationship with Avante to support Exonas Capital’s strategic investment in Vision. We are confident that this transaction will be instrumental in advancing Vision’s capabilities and extend its global reach,” Sengal Selassie, CEO and managing partner at Brightwood, said. “This opportunity ties into to our firm’s expertise within the business services sector, and we look forward to supporting Vision’s next chapter.”
McGuireWoods served as legal advisor to Exonas Capital. Morrison Cohen and Vedder Price P.C. served as legal advisors and East Wind Advisors served as financial advisor to VFG Advisory. Winston & Strawn served as legal advisor to Avante and Brightwood.
