Edgewater Strategy Group Supports SolomonEdwards on Its Acquisitions of Dominion Advisory Group and Steele Consulting

PHILADELPHIA, PA (December 3, 2024) – 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 SolomonEdwards, a national professional services firm and portfolio company of Renovus Capital Partners (“Renovus”), on its acquisitions of Dominion Advisory Group (“DAG”) and Steele Consulting (“Steele”).

Founded in 1999 and based in the Philadelphia area, SolomonEdwards supports finance leaders through its Office of the CFO practice and serves banks and other financial institutions through a long-established banking and financial services practice. Renovus made a significant growth investment in the firm in 2022 and has backed its development into a national platform, led by John Gulnac, who became Chief Executive Officer in July 2024. The DAG and Steele acquisitions, announced less than two weeks apart, extend that platform into financial crime compliance and corporate tax.

Founded in 2005, DAG is a U.S.-based anti-money laundering (“AML”) and financial crime consultancy offering investigations, transaction monitoring and suspicious activity reporting support, and its professionals have worked on a number of the highest-profile AML enforcement matters of recent years. Founders Jon Glass and Pete Balint joined SolomonEdwards as partners to lead a new AML and financial crime practice, and all of DAG’s employees were retained. Steele, founded by Jay Steele in 2005, is a national tax consulting firm that helps Fortune 1000 companies with state, local, federal and international tax compliance, tax accounting and the tax implications of business transactions. Jay Steele joined SolomonEdwards as a partner and all 35 of Steele’s full-time employees moved across with him, adding corporate tax to the firm’s accounting and finance operations offering and extending its support to clients’ tax departments.

Edgewater worked as an integrated extension of the SolomonEdwards and Renovus deal teams across both transactions, coordinating buy-side due diligence and the day-to-day interface with each target’s management, synthesizing the findings of third-party diligence providers and preparing the investment committee materials. Edgewater also built the pro forma LBO and operating models for the combined business, prepared the lender presentation and supported the lender due diligence process, and after closing built the combined group’s consolidated budget for its first full year.

“SolomonEdwards has spent twenty-five years earning the confidence of CFOs and their teams, and these acquisitions add specialist depth where finance leaders increasingly need it. Dominion brings a financial crime practice with real credibility among banks, and Steele brings a corporate tax team long relied on by Fortune 1000 companies. Working alongside management and the Renovus team on both deals, we tested how each practice would serve SolomonEdwards’ existing clients, and the fit was clear. John and his team have built a platform that exceptional founders want to join.”

William Guillet de ChatellusManaging Partner, Edgewater Strategy Group

DAG was advised by PCE Investment Bankers. Terms of the transactions were not disclosed.

SolomonEdwards’ full announcements are available here for Dominion Advisory Group and here for Steele Consulting.

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