ATA, a Regional Leader firm based in Jackson, Tennessee, said Tuesday it has received a strategic investment from a private equity firm, Copley Equity Partners LLC, making it the latest but certainly not the last accounting firm to receive PE funding. 

As in other PE investment deals such as those involving EisnerAmper, Citrin Cooperman and Cherry Bekaert, ATA will divide its attest and nonattest sides into an alternative practice structure. In that arrangement, ATA CPAs + Advisors PLLC, a licensed CPA firm, has been  renamed ATA, PLLC and provides audit and assurance services while ATA Advisory, LLC  provides nonattest services including tax and advisory services.  

Through a partnership with Copley Equity, ATA said it planned to further enhance its talent, technology and internal operations as well as continue its long-term plan of exploring strategic acquisition and growth opportunities to better serve its  customers and employees. ATA partners will maintain majority control of the firm and its  executive and leadership teams will stay intact, including managing partner John Whybrew, who has led the firm since 2016.  

“With a dedicated employee base that believes ‘character counts,’ ATA is proud to provide our  clients with the personalized services of a local firm and the resources and expertise of a large  firm,” Whybrew said in a statement. “In planning for our future, ATA sought a capital partner who could  help the company expand our service offerings, grow into additional markets, and continue to  improve our tools and people resources. We are very excited to partner with Copley Equity, which brings a strong track record of supporting the growth of the companies with whom they partner.”  

ATA, an abbreviation for Alexander Thompson Arnold, has been around for nearly 85 years, offering tax, accounting, and consulting services. ATA has approximately 240 employees across 16 offices in five states, but is headquartered in Jackson, Tennessee. The firm ranked No. 16 on Accounting Today‘s 2024 Regional Leaders list of the Top Firms in the Southeast. ATA’s nearly 20,000 corporate and individual clients are mostly located in the Southeast and operate across various industries including financial services, construction, state and local  government, industrial services, nonprofit, utility, manufacturing, professional services, education and health care.  

“Copley is thrilled to partner with ATA,” said Copley Equity managing director Peter Trovato in a statement. “Combining deep technical expertise with strong  community relationships, clients choose to work with ATA year after year. These attributes have made ATA a leading growth  platform in the attractive accounting services market. We are excited to support ATA as it  continues to recruit top talent, invests in technology solutions, expands into new geographies  and broadens its service offerings.”  

His firm had been looking for several years to get into the accounting sector.

“Our investment in ATA is the culmination of a multiyear search for a partner in the accounting  services space,” said Sean Sullivan, vice president at Copley Equity, in a statement. “Among the hundreds of  opportunities we reviewed during that process, ATA was a clear standout. We look forward to  working with ATA across a range of strategic initiatives in the coming years.”

In 2022, ATA expanded to Arkansas by acquiring JWCK Ltd., formerly known as Jordan, Woosley, Crone & Keaton, Ltd., a firm in Hot Springs.