Experience

BUSINESS SERVICES TRANSACTION

Integris Partners recently advised Accruit, LLC on the sale of its Like-Kind Exchange software technology platform “PEAK” to PricewaterhouseCoopers LLP (PwC) and simultaneous entry into a Joint Business Relationship with PwC for on-going development of the corporate high-volume exchange market served by PEAK and by PwC’s own technology platform in this area, e-LKE. Accruit is a leading provider of Qualified Intermediary (QI) services for like-kind exchanges, a type of transaction that enables owners of real or personal property to enjoy certain tax advantages under Section 1031 of the Internal Revenue Code. PwC is a professional services firm providing audit and assurance, tax and advisory services. This transaction is the most recent in a series of business / financial services engagements completed by Integris Partners.

“This was a very complex situation, and we are delighted that we had Integris working with us,” said Brent Abrahm, President of Accruit. “We were confident from the start that PwC was the right group for us to join forces with in this part of our business, but making sure that a transaction combined compelling economics at closing as well as setting up the right incentives for all parties to grow this market was actually quite a nut to crack. Integris helped us to structure things in a way that makes us incredibly bullish about the opportunity going forward,” said Abrahm.

“We operate in a niche area of the tax and business services industry,” added Juan Perez, CFO of Accruit. “Integris was able to help us demonstrate both the quality of our existing client relationships and the areas for further growth at both the large and middle-market ends of the potential client universe. At the same time, we retain a tremendous opportunity to grow Accruit’s non-program or “one-off” exchange business that is not included in this joint business relationship with PwC.”

Since 1999, Accruit has been a leader in innovation and service in like-kind exchange business, handling transactions involving both real and personal property for corporate customers. Accruit has financial backing from private equity firm Inter-Atlantic Group. Terms of the transaction were not disclosed. For additional information, please contact Robert Heilbronner or Pat Seese.