ProSport CPA’s headquarters in New Kent County. (Courtesy ProSport)
A small but growing local accounting firm now has a big-league backer.
ProSport CPA, which has quietly grown to two dozen employees at its home base in New Kent County by representing pro athletes and entertainers, was recently acquired by national firm Carr, Riggs & Ingram CPAs and Advisors.
While financial terms of the deal were not disclosed, ProSport founder and CEO John Karaffa said the firm he started 15 years ago now operates as a portfolio company within CRI. The ProSport name remains, as do its 25 employees, Karaffa included. And it remains based locally at 7524 Cumberland Station Road in New Kent.
Karaffa said ProSport’s client list of more than 1,000 pro athletes, entertainers, musicians and actors had made it a target for prospective acquirers in recent years. It wasn’t until CRI came calling that he decided to entertain a deal. Karaffa said discussions with CRI began about a year ago and the deal was made public Aug. 1.
John Karaffa, who played professional basketball overseas for 12 years before becoming a full-time CPA, is the founder of ProSport CPA.
“Quite frankly, it helped take us to another level,” Karaffa said of what drove the deal. “We’re a leader in sports and entertainment and it’s going to help us grow faster and provide even better and faster service to our clients by having a national accounting firm behind us.”
Based in Alabama, CRI is among the 25 largest accounting firms in the U.S., with a presence in about three dozen markets. It focuses on industries such as construction, government, banking, healthcare, and more.
ProSport marks CRI’s first physical presence in Virginia and Karaffa said ProSport’s future will remain grounded in New Kent and in its home state.
“Any growth is going to go through Virginia. They (CRI) recognize that we were leaders in this segment in the industry and national firms weren’t able to compete with us,” he said. “It’s business as usual. We’re going to continue the path that we’re on.”
The deal was brokered by Allan Koltin of Koltin Consulting Group.
Karaffa started ProSport after years of double duty playing pro basketball overseas and working in accounting in between his time on the court. He played college ball at Butler University in Indiana, where he got his accounting degree.
While ProSport makes a point not to identify its clients, many of whom are famous names in sports and entertainment, Karaffa said the firm has had an extra reason to watch this summer’s Olympics in Paris: 55 of its clients participated in the games, either as athletes or coaches.
ProSport CPA’s headquarters in New Kent County. (Courtesy ProSport)
A small but growing local accounting firm now has a big-league backer.
ProSport CPA, which has quietly grown to two dozen employees at its home base in New Kent County by representing pro athletes and entertainers, was recently acquired by national firm Carr, Riggs & Ingram CPAs and Advisors.
While financial terms of the deal were not disclosed, ProSport founder and CEO John Karaffa said the firm he started 15 years ago now operates as a portfolio company within CRI. The ProSport name remains, as do its 25 employees, Karaffa included. And it remains based locally at 7524 Cumberland Station Road in New Kent.
Karaffa said ProSport’s client list of more than 1,000 pro athletes, entertainers, musicians and actors had made it a target for prospective acquirers in recent years. It wasn’t until CRI came calling that he decided to entertain a deal. Karaffa said discussions with CRI began about a year ago and the deal was made public Aug. 1.
John Karaffa, who played professional basketball overseas for 12 years before becoming a full-time CPA, is the founder of ProSport CPA.
“Quite frankly, it helped take us to another level,” Karaffa said of what drove the deal. “We’re a leader in sports and entertainment and it’s going to help us grow faster and provide even better and faster service to our clients by having a national accounting firm behind us.”
Based in Alabama, CRI is among the 25 largest accounting firms in the U.S., with a presence in about three dozen markets. It focuses on industries such as construction, government, banking, healthcare, and more.
ProSport marks CRI’s first physical presence in Virginia and Karaffa said ProSport’s future will remain grounded in New Kent and in its home state.
“Any growth is going to go through Virginia. They (CRI) recognize that we were leaders in this segment in the industry and national firms weren’t able to compete with us,” he said. “It’s business as usual. We’re going to continue the path that we’re on.”
The deal was brokered by Allan Koltin of Koltin Consulting Group.
Karaffa started ProSport after years of double duty playing pro basketball overseas and working in accounting in between his time on the court. He played college ball at Butler University in Indiana, where he got his accounting degree.
While ProSport makes a point not to identify its clients, many of whom are famous names in sports and entertainment, Karaffa said the firm has had an extra reason to watch this summer’s Olympics in Paris: 55 of its clients participated in the games, either as athletes or coaches.
Having known John and several of his teammates personally over many years, I can tell you that these are fine people with big hearts and a desire to do the right thing when no one is looking. Couldn’t be happier for them knowing where they started and how far they’ve come!