Maridea Wealth Management Launches Specialized Unit, Acquires Hyperion Accounting Group
Maridea Wealth Management has launched its tax and business services unit and acquired an accounting firm, as the RIA aims to expand its offerings.
Maridea Wealth’s new business unit will offer a broad range of tax preparation and tax planning to high-net-worth individuals, trusts, businesses, and nonprofit organizations. The unit will also provide services including bookkeeping services, accounting support, outsourced CFO, and controller services, the firm said.
As part of the offerings, the RIA has acquired Los Angeles-based Hyperion Accounting Group, which is led by founder and principal David Papotta.
“I’m thrilled to join the Maridea team and lead this new business unit,” Papotta said. “By combining Hyperion’s deep tax and business-advisory experience with Maridea’s national platform, we’re offering clients a comprehensive service model that aligns every financial, tax, and business decision under one roof.”
Following the acquisition, Papotta will join Maridea as director of the firm’s tax and business services unit, Maridea said.
The acquisition also marks Maridea’s third deal since the firm since sold a stake to private equity firms 119th Street Capital and Pelican Capital in May, to fuel acquisitions and partnerships.
Maridea’s latest acquisition, which closed on January 1, marks the firm’s 10th transition and first deal in the tax and business services sector, a company spokesperson confirmed to Connect Money.
Maridea expects to “remain active” on its M&A transactions for this year and already has “several opportunities in advanced stages,” the firm said in a statement.
In July, Maridea acquired Chicago-based Pinnacle Wealth Management, which is led by founder and financial advisor Brian Sheehy and offers “personalized” financial planning, wealth management, and investment strategies to high-net-worth individuals and families.
New York City-based Maridea Wealth Management oversees more than $1 billion in assets under management across seven offices serving over 40 financial professionals, the firm said.