Econsult Corp. has purchased a substantial interest in Fairmount Capital Advisors in a move to combine financial consultancies serving governments in the Philadelphia region.
The merged firm will have about 25 consultants and advisers, said Fairmount president Rodney Johnson. The value of the deal was not disclosed.
Econsult and Fairmount Capital have worked together on projects before and frequently refer each other to clients, Johnson said. In some cases, the same client may be referred back and forth between the two firms throughout different stages of a project.
In fact, that was part of the impetus for the merger: the firms realized they could provide clients a more diverse suite of services as one organization.
“We have a fairly common client base, but offer for the most part distinct services,” Johnson said. “Rather than have the client deal with one firm, and then another, and then back to the original, if we can do that all under one roof within one organization, everybody would benefit.”
Founded in Philadelphia in 1979, Econsult offers a range of consulting services on topics such as transportation, economic impact, and project evaluation. In 2008, for example, Lancaster, Pa., hired the firm to conduct an analysis of the economic consequences of creating a tax-increment financing district to fund development of the city’s Northwest Gateway.
Fairmount was founded in 1987. The company has worked with municipalities in transaction management, investment advisory, and other areas.