Accordion has announced that it has acquired Mackinac Partners, a financial advisory, restructuring, and operational turnaround firm for an undisclosed sum.
The acquisition falls in line with the firm’s ambitions to further scale and expand its scope of offerings. It also expands Accordion’s reach beyond its current portfolio of over 200 fund sponsors and their portfolio companies, into the broader private capital marketplace.
Nick Leopard, founder and CEO of Accordion, said: “We believe the need for experienced turnaround, restructuring, and interim management expertise is no longer as cyclical as it’s been in the past.
“We believe the need for experienced turnaround, restructuring, and interim management expertise is no longer as cyclical as it’s been in the past. Our acquisition of Mackinac not only fortifies our business through volatile economic cycles, but it’s also inherently customer-centric at its core.”
Mackinac’s expertise in managing complex financial restructurings, business turnarounds, and providing interim management services will help enhance the firm’s existing performance improvement practice and its additional service areas.
This includes, operational and technical accounting, strategic financial planning and analysis, transaction execution, and public company readiness.
The acquisition will also add 40 professionals to Accordion’s team who specialise in finance, operations, and technology. Headquartered in Bloomfield Hills, Michigan, Mackinac brings the firm’s total number of offices to nine.
Jim Weissenborn, founder of Mackinac, will remain its managing partner and serve as president of Accordion’s turnaround and restructuring practice.
He 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.”