Accordion, a private equity-focused financial consulting and technology firm, acquired Mackinac Partners, a financial advisory, restructuring and operational turnaround firm. The acquisition will let Accordion provide turnaround services to clients. It also expands Accordion’s reach beyond its current portfolio of more than 200 fund sponsors and their portfolio companies into the broader private capital marketplace.
“We believe the need for experienced turnaround, restructuring and interim management expertise is no longer as cyclical as it’s been in the past,” Nick Leopard, founder and CEO of Accordion, said. “Value creation and value stabilization now go hand-in-hand during economic curves of every size and shape, and companies need to be well-positioned to respond to industry disruption and transformation. Our acquisition of Mackinac not only fortifies our business through volatile economic cycles, but it’s also inherently customer-centric at its core. The ability to provide unparalleled turnaround and restructuring services will mean support for clients through all phases — the highs and the lows — of their commercial lifecycle.
“Equally important to what we provide, is how we provide it. More than a merger of complementary services, this acquisition represents the marriage of shared perspective. This deal combines two ‘non-consulting’ firms — organizations who put as much emphasis on hands-on, results-oriented execution as we do unrivaled expertise. The acquisition of Mackinac not only makes Accordion bigger, but better — the better go-to-partner for the private capital community.”
Mackinac’s expertise in managing complex financial restructurings and business turnarounds and providing interim management services will be added to Accordion’s existing performance improvement practice and its additional service areas: operational and technical accounting, strategic financial planning and analysis, transaction execution, and public company readiness.
Jim Weissenborn, founder of Mackinac Partners, will remain its managing partner and serve as president of Accordion’s turnaround and restructuring practice.
“They say deals where everyone wins are a rare breed — this one seems the rarest,” Weissenborn said. “It’s a win for our clients and their management teams who now have expertise at their disposal beyond the red turnaround phase into the yellow and green of value creation and growth acceleration. It’s a win for Accordion’s clients who are experiencing a period of disruption in their growth trajectory. It’s a win for our team who is joining a company with a unique culture focused on a better way to work in finance. And it’s a win for me personally to work alongside a team that shares a passion for driving lasting change across the private capital industry.”
The acquisition will add 40 professionals to Accordion’s team of experts in finance, operations and technology. The acquisition also brings Accordion’s total number of offices to nine.