Mackinac Partners, a leading financial advisory, restructuring, turnaround and interim management firm, is being acquired by Accordion, a private equity-focused financial consulting and technology firm dedicated to empowering the Finance and Accounting functions and driving performance improvement, both companies have announced.
The acquisition will enable Accordion to more meaningfully provide clients the type of value stabilization, restructuring and turnaround services that Mackinac has successfully delivered to companies, PE firms, capital providers and stakeholders for more than 20 years, and which are critical to navigating periods of economic and market uncertainty, industry disruption and corporate distress.
The deal also expands both firms reach from beyond Accordion’s current portfolio of over 200 fund sponsors and their portfolio companies, into the broader private capital marketplace in which Mackinac operates.
“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” Jim Weissenborn, Founder and Managing Partner of Mackinac said. “It’s a win for Accordion’s clients who are experiencing a period of disruption in their growth trajectory. It’s a win for the Mackinac 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 client and private capital industry transformation.”
Nick Leopard, Founder and CEO of Accordion, indicated that the need for experienced turnaround, restructuring and interim management expertise is no longer as cyclical as it has been in the past and the acquisition enables Accordion to provide clients with new strategic capabilities to navigate challenging times throughout the business cycle.
“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” Leopard said. “Our acquisition of Mackinac not only fortifies our business through volatile economic cycles, 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.”
Weissenborn and Mackinac’s senior team will continue to operate the firm as part of Accordion. Weissenborn will remain Mackinac’s Managing Partner and serve as President of Accordion’s Turnaround and Restructuring practice, working closely with Leopard and Accordion’s senior team on leveraging go-to market synergies.
“We have had the unique opportunity for Mackinac professionals to actively work on Accordion-sponsored engagements, in interim management roles and with Accordion team members and clients in advance of the transaction” Jim Weissenborn said. “That has provided really strong validation of just how well our culture’s, work ethic and commitment to customer service and value creation are aligned and how easily both organizations will be able to quickly deploy expanded service capabilities to companies and their stakeholders.”
“More than a merger of complementary services, this acquisition represents the marriage of shared perspective” Leopard said. “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 not only makes us bigger, but better – the better go-to-partner for the private capital community.”
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Accordion is a private equity-focused financial consulting and technology firm that provides operational prowess and an execution-oriented approach to maximize value. Rooted in a heritage of serving the office of the CFO, Accordion works at the intersection of sponsors and management teams within the private capital market. The firm’s core services include: operational and technical accounting, strategic financial planning and analysis, transaction execution, public company readiness, performance improvement, and, following its 2021 acquisition of Mackinac Partners, now also include CRO and restructuring advisory, and turnaround and interim management. Across all of Accordion’s services, clients are supported by deep expertise in CFO-specific technology and finance-led transformations. Accordion is headquartered in New York and has nine offices including those located in Boston, Charlotte, Chicago, Dallas, Detroit, Los Angeles, San Francisco, and South Florida. www.accordion.com
Founded in 1999, Mackinac Partners is a nationally recognized turnaround and restructuring firm. With specialties in CRO, restructuring and M&A advisory, and turnaround and interim management, Mackinac’s team of seasoned professionals have deep expertise working collaboratively with management and capital providers to overcome liquidity and operational challenges, maximize value, improve company performance, drive growth, and reduce risk. In 2021, Mackinac Partners was acquired by Accordion, the private equity-focused financial consulting and technology firm, expanding its combined geographic footprint to nine offices including Boston, Charlotte, Chicago, Dallas, Detroit, New York, Los Angeles, San Francisco, and South Florida. www.mackinacpartners.com