SAN FRANCISCO (September 15, 2026) – Edgewater Strategy Group (“Edgewater”), a boutique advisory firm specializing in M&A, capital raises and Office of the CFO services, today announced that it supported Aphias Capital (“Aphias”), the San Francisco-based private equity firm, on its announced majority growth investment in SNZweig Advisors LLC, tied to the planned combination of Stambaugh Ness and Zweig Group to form SNZweig.
SNZweig will bring together two firms that serve the architecture, engineering and construction (“AEC”) industry: Stambaugh Ness, a certified public accounting and advisory firm based in York, Pennsylvania, and Zweig Group, a consulting and advisory firm based in Fayetteville, Arkansas. Together they will offer AEC firms one connected set of services across accounting, tax and finance; technology and data; strategy, M&A and ownership transitions; and people and leadership, backed by proprietary technology and industry insight.
The combination builds on a strategic partnership the two firms formed in March 2025. SNZweig will be led by Chief Executive Officer Steven L. Hake, previously President and CEO of Stambaugh Ness, and President Chad Clinehens, previously CEO of Zweig Group. With Aphias’ backing, SNZweig plans to grow its presence across the country, invest further in technology, add new services and deepen existing ones, and pursue both organic growth and acquisitions of complementary firms. The transaction is expected to become effective by the end of the year.
Working as an extension of the Aphias deal team, Edgewater supported buy-side due diligence on the combined business, reviewing the financial diligence data books, analyzing pricing and volume trends and practice-level performance across both firms, and helping to prepare materials for Aphias’ investment committee.
“Leaders of AEC firms now treat ownership transition, talent, technology and financial performance as intertwined decisions, yet few have found one partner for all of them. SNZweig brings accounting, tax and technology expertise together with strategy, M&A and industry research, aimed at that one end market. Alongside the Aphias deal team, we looked practice by practice at how the two firms fit together and where each service line has room to grow. We are glad to have supported Aphias on an investment with such a clear industry thesis.”
Hawken LordManaging Partner, Edgewater Strategy Group
Along with Edgewater’s diligence support, Aphias was advised by Lazard Frères & Co. as financial advisor and Kirkland & Ellis LLP as legal counsel. Stambaugh Ness and Zweig Group were advised by Citizens Capital Markets & Advisory as financial advisor and Vedder Price P.C. as legal counsel. Terms of the transaction were not disclosed.
Aphias Capital’s full announcement is available here.
About Aphias Capital
Aphias Capital is a San Francisco-based private equity firm that invests in lower middle-market companies in essential services and healthcare services. The firm takes a sector-focused, operationally driven approach, making a small number of investments each year and working closely with management teams to help their businesses grow. For more information, visit aphias.com.
About SNZweig
SNZweig is the planned combination of Stambaugh Ness and Zweig Group into a national advisory platform dedicated to architecture, engineering and construction firms. It brings together accounting, tax, strategy, transaction, technology and people advisory services with proprietary research and industry data to help AEC firms plan, grow and manage ownership transitions. Under an alternative practice structure, Stambaugh Ness LLC, a licensed independent CPA firm, will remain responsible for audit and attest services. For more information, visit snzweig.com.
About Edgewater Strategy Group
Edgewater Strategy Group is a boutique advisory firm specializing in Mergers and Acquisitions, Capital Raises, and Office of the CFO services. Edgewater works as an extension of its clients’ deal and finance teams, from sourcing and diligence through close and post-close integration. For more information, visit edgewaterstrategygroup.com.
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