Prosperity Partners Bolsters Transaction Advisory Capabilities by Acquiring Pipaya

Prosperity Partners has made a strategic move to deepen its transaction advisory capabilities by acquiring Pipaya, a boutique M&A advisory firm in Vienna, VA. The acquisition allows Prosperity to tap into Pipaya’s sector-specialized expertise - especially in aerospace, defense, and government services - while expanding its footprint in the competitive D.C.-metro advisory market.

Deal Summary

Acquirer: Prosperity Partners, a PE-backed tax and accounting business based in Chicago.

Target: Pipaya, founded in 2009 by Adam Strach, focused on transaction advisory across the aerospace, defense, and government services industries.

Core Services from Pipaya: Quality-of-earnings analysis, deal readiness, integration support, and financial accounting for both buy-side and sell-side transactions.

Track Record: Pipaya’s team has advised on over 200 deals totaling more than $12 billion in value.

Team Integration & Ownership: The Pipaya staff will join Prosperity, and all employees will be added to Prosperity’s employee ownership plan.

Investor Backing: Prosperity is backed by Unity Partners, a private equity firm that supports its M&A-driven growth model.

Advisors: Citizens Capital Markets & Advisory acted as financial advisor to Pipaya, with legal counsel from Miles & Stockbridge for Pipaya and Kirkland & Ellis for Prosperity.

Industry Context

This acquisition is emblematic of a broader trend in the accounting and advisory sector where firms are consolidating to build full-scale, tech-enabled service platforms. Clients - especially private equity sponsors and owner-operators - demand not only traditional tax and audit services but also deep transaction advisory capabilities. By integrating Pipaya, Prosperity secures a differentiated advisory offering that aligns with its scalable, high-touch client model.

Furthermore, the aerospace and government-services vertical remains attractive for advisory work due to its complexity, regulatory demands, and stable M&A activity. Prosperity’s move into this space signals its intent to become a go-to advisor for highly technical, regulated end markets.

Lower-Middle-Market Roll-Up Perspective

From a roll-up strategy standpoint, Prosperity’s acquisition of Pipaya reflects several well-calibrated elements:

• Capability Expansion Rather Than Volume: Instead of acquiring more generic tax firms, Prosperity is prioritizing firms with specialized transaction skills and niche industry knowledge.
• Cultural Alignment: Pipaya’s high-touch, solutions-oriented culture aligns neatly with Prosperity’s “people-first” ethos. Strach’s leadership will remain, preserving client trust.
• Talent Retention + Equity Participation: Through the Employee Purpose Plan, new team members gain equity in the combined business - boosting alignment and retention.
• Accessible Scale: Prosperity can deploy its infrastructure - back-office accounting, fractional CFO, valuation - to support Pipaya’s advisory work at scale.
• PE-Fueled Platform Building: With Unity Partners backing, Prosperity is executing a deliberate M&A strategy to build out a differentiated advisory platform across tax, transactions, and accounting.

Why This Sector Is Attractive for Roll-Ups

• Fragmentation: Many specialized transaction advisory boutiques remain independent, providing attractive targets for scale-focused firms.
• Recurring and High-Value Advisory Revenue: Transaction advisory generates high-margin, recurring work for fast-growing firms.
• Succession Planning: Firms like Pipaya may benefit from joining a larger firm to support growth and next-gen leadership.
• Cross-Selling Potential: Advisory platforms can cross-sell tax, valuation, accounting, and CFO services, deepening client relationships.
• PE Dollars: Private equity continues to target advisory platforms with differentiated capabilities.

Conclusion

By acquiring Pipaya, Prosperity Partners is not just scaling its headcount; it’s strategically enhancing its service architecture with a specialized transaction advisory arm. For Prosperity, the deal strengthens its national reach - particularly in the D.C.-metro area - while adding deep domain expertise in the aerospace, defense, and government sectors. For Pipaya’s team and clients, the merger promises continuity, greater resources, and access to a broader advisory platform.

This transaction demonstrates how modern accounting-advisory firms are building competitive advantage: through targeted, niche acquisitions that combine cultural fit, advisory depth, and scale - all backed by private equity. For operators and investors, it underlines a clear playbook: integrated, sector-specialized advisory platforms are among the most compelling roll-up opportunities in the current lower-middle-market landscape.