Monticello Consulting Group, a New York-based financial services industry consultancy, has joined BIP, an Italy-headquartered international consulting firm.
Founded in 2004, Monticello provides management and technology consulting to financial services companies, with particular expertise serving capital markets clients. The firm has practices in regulatory advisory, financial risk and controls, operational resilience, change management, digital transformation, and cybersecurity.
Monticello has more than 50 employees, according to LinkedIn.
BIP’s acquisition of Monticello will significantly expand its US operations, where it has had a New York office since 2015. The transaction will grow BIP’s US team to more than 150 people, with the firm planning to hire an additional 50 US professionals by the end of the year.
Will Morgan, CEO of Monticello, will “continue to lead the operations in the United States,” according to a press release from BIP. He will work together with Andrea Airaghi, managing partner for M&A at BIP, and Giorgio Gristina, managing partner of BIP in the US, to continue US business development.
The acquisition is BIP’s first since CVC Capital Partners bought a majority share of the Milan-headquartered firm in 2021. BIP had previously acquired Chaucer, a UK-based consultancy that had a small presence in the US.
BIP today has more than 4,000 professionals across 20 offices in Europe, the Middle East, and the Americas. The firm delivers consulting services in strategy and operations, innovation and design, technology, Industry 4.0, customer platforms, and cybersecurity.
An Equiteq team led by Daniel Siller acted as financial advisor to Monticello on the deal.
“We chose Equiteq as our advisor due to their proven track record of successful M&A deal-making for services businesses in general and financial institutions in particular,” said Morgan. “We are exceptionally pleased with the outcome of the process and excited about the amazing prospects for the combined business.”
Siller added, “We are excited for Monticello, BIP, and their clients who will benefit from expanded best-in-class services and geographies.”
Equiteq, which specializes in M&A deals in the knowledge economy, recently advised 4 Mile Analytics on its sale to S4 Capital.