U.S. company with a strong local presence wins licensing of a small business in Chicago
In a victory for local businesses in Illinois, the Illinois State Board of Regents approved the sale of the Illinois CPA Society to a group of investors.
The investment group, called The CPA Group, is led by Jefferies Group, the largest U.K. brokerage firm.
The CPMA is a nonprofit that works to create more locally owned, locally engaged, and locally focused firms, as well as other business opportunities.
In a statement, Jefferies said the investment group has worked with local businesses to develop a plan to increase its local presence in the state and is excited to be working with the CPAS to expand its reach and bring new services to the marketplace.
“The CPAs mission is to empower local entrepreneurs to build businesses, grow their business, and provide quality services to their customers,” the statement said.
“Our investment in the CPMAs mission aligns with our mission of helping people in the Chicago area build and prosper in their communities.”
The CPMS was founded in 2013 by local business owner Michael Tamburello, a former Chicago Mayor and a former CPA, and was the first statewide organization dedicated to promoting small business.
The group has grown from a handful of members to more than 1,000 by 2020, with more than 70,000 members in Illinois and more than 60,000 in the U..
S., according to its website.
In an interview with Business Insider, Tambourllo said he felt like the Chicago-based group had not been able to do anything in recent years to bring in new talent, particularly in Chicago’s burgeoning tech sector.
“We are not a large organization anymore, but we have some really good people who are working on the side,” he said.
“If I wanted to hire someone to run my business, I would hire a local person.
But now I have to be a CPA.
That’s not going to be happening.”
The group is the second of its kind to be sold in the country to private investors in the past two years.
Earlier this month, General Electric and a group led by John Catsimatidis sold their first U.N. headquarters in New York.
In Illinois, investors bought the Chicago CPA Societies licenses in 2016 and 2018, and the Illinois Commerce Commission approved the group’s application for an operating license on Wednesday.
The licensing process is expected to take at least two more years.