Maridea has bought the Los Angeles-based Hyperion Accounting Group practice.
Private equity-backed Maridea Wealth Management has expanded into tax services.
The Brooklyn, N.Y.-based RIA has revealed the purchase of Hyperion Accounting Group, which is based in the Los Angeles area. With the deal, Maridea has launched a dedicated tax and business services unit.
Hyperion has been led by David Papotta, who joins as Maridea as its new director of tax and business services.
A website for Hyperion listed seven other staff, including three accountants. In addition to tax preparation, the firm lists audit assistance and financial planning among its service offerings.
Papotta had founded the firm around the start of this year, LinkedIn shows. He had previously worked as a partner at Los Angeles-area accounting firm Perry Hay LLP.
‘By combining Hyperion’s deep tax and business-advisory experience with Maridea’s national platform, we’re offering clients a comprehensive service model that aligns every financial, tax, and business decision under one roof,’ Papotta stated.
Maridea has snapped up a handful of RIAs this year since selling an undisclosed stake to 119th Street Capital, the private investment arm of First Bancshares Inc. That investment in Maridea was made alongside New York-based private equity firm Pelican Capital.
Mier Wang, a hedge fund alumnus, restaurateur and former investment banking professional, founded Maridea in 2023.
Among Maridea’s acquisitions this year was Hoot Wealth, an RIA led by former Motley Fool wealth executives Nick Crow and Bryan Hinmon. It also purchased Pinnacle Wealth Management, a former LPL Financial affiliate that managed over $200m in assets.
Maridea has revealed that it manages about $1bn in assets spread across seven offices nationwide. Its newest business unit will provide tax services for individuals, trusts, businesses and nonprofits, as well as outsourced chief financial officer services.
‘Merging Hyperion into Maridea represents a major milestone in our commitment to delivering fully integrated financial solutions,’ stated Wang, Maridea’s chief executive. ‘David and his talented team bring exceptional capability, a client-first approach, and a proven record of excellence.’