Going forward, Schellman, a licensed CPA firm, will provide attest services, and Schellman Compliance, LLC, a newly formed entity, will provide non-attest services.
As part of the transaction, the majority ownership interests of Schellman’s current CEO and founder, Chris Schellman, will be recapitalized, allowing him to exit the business six years prior to his previously announced 2027 retirement date.
In the reshuffle, the firm’s current president, Avani Desai, will become CEO. All other members of Schellman’s senior leadership team will continue in their current roles.
Mark F. Vassallo, managing partner of Lightyear, said: “We are excited to invest alongside Avani Desai and the management team at Schellman working to support key organic and M&A growth opportunities.
“The company is well-positioned in the market for cybersecurity and IT audits for continued growth. We look forward to our working together and the Company’s continued success.”
Schellman added: “It gives me great pride to reflect on what our team has built at Schellman. We are truly the jewel of this industry thanks to our obsession with providing high quality services.
“I am eternally grateful to all of those that have trusted my leadership along this journey and look forward to what this partnership will mean for the next chapter of Schellman’s success.”