CHICAGO, IL ––April 14, 2016; City Capital Advisors, a results-oriented investment banking firm serving the middle market, announced today that the Managing Directors of True Partners Consulting LLC (True Partners), a world-class tax and business advisory firm, have purchased all of the interests previously owned by Waud Capital Partners. City Capital Advisors was hired as the exclusive financial advisor to the Managing Directors of True Partners Consulting.

Twenty-five Managing Directors located in Chicago, Boston, Dallas, Long Island, Los Angeles, Manhattan, San Jose and Tampa make up the ownership group and together, they will continue the growth supported by their private equity sponsor for the past ten years.

"We are extremely excited to be taking this next step in the evolution of the firm," said Cary McMillan, CEO. "We've had a great relationship with the Waud Capital team over the past ten years and we trust that it will continue following this management buy-out. We will continue to provide exceptional service to all clients while giving our entrepreneurial MDs the opportunity to truly chart our own course. We anticipate growth in our federal and state tax groups, as well as expanded advisory service offerings."

"As the majority shareholder for the past ten years, it's been exciting to watch True Partners grow," said Reeve Waud, Managing Partner of Waud Capital. "I'm happy for the Managing Directors and others at True Partners and am confident we'll see great things in this next phase." 

True Partners Consulting will continue to serve large public and private companies, providing tax and unclaimed property compliance and consulting services, without the complications of also providing audit services. This independence allows the True Partners team to work closely with tax departments, finance teams, and internal and external auditors, creating a trusted advisor "dream team."

About True Partners Consulting
True Partners Consulting is a world-class tax and business advisory firm that helps large public and private enterprises and private equity firms navigate complex tax and financial regulations.  True Partners provides tax compliance and business consulting services nationally from offices strategically located across the country.  True Partners is a privately-held firm and founding member of True Partners Consulting International (TPCI), a global network of accounting, legal, tax, and consulting firms, created to better serve their clients as they expand abroad.  Learn more at

About Waud Capital Partners
Waud Capital Partners ("WCP") is a leading Chicago-based private equity investment firm founded in 1993 that partners with exceptional management teams to acquire or create platforms in the U.S. lower middle market through control-oriented growth equity investments, industry consolidation, buyouts or recapitalizations.  WCP targets services businesses in large, growing, fragmented markets within two industries: healthcare services and business and technology services.  The firm has approximately $2.1 billion of assets under management.  For additional information on WCP, visit

About City Capital Advisors, LLC

City Capital Advisors, a FINRA registered broker-dealer, is a results oriented investment and merchant banking advisory firm.  Client engagements are managed exclusively by experienced senior investment bankers who deliver business owners optimal performance in capitalizing on the value of their companies and meeting their objectives as shareholders.  City Capital’s investment banking professionals have successfully advised clients on merger and capital markets transactions totaling in excess of $60 billion.



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