Andersen Group (ANDG) Registration Filing summary

Company overview and business model

• Leading provider of independent tax, valuation, and financial advisory services to individuals, families, businesses, and institutions in the U.S., with a focus on high-net-worth clients and complex financial needs.

• Operates a multidimensional, integrated platform with primary offerings in private client services, business tax, alternative investment funds, and valuation services.

• Differentiates through a strong firm culture emphasizing client service, collaboration, and stewardship, with a low-leverage operating model and high Managing Director involvement.

• Founding member of Andersen Global, providing access to over 50,000 professionals in 180+ countries, enabling international service delivery.

• Deliberately does not provide audit services, allowing for a comprehensive suite of non-audit offerings and avoiding auditor independence restrictions.

Financial performance and metrics

• Revenue grew from $639.1M in 2023 to $731.6M in 2024, a 15% increase; nine months ended September 30, 2025 revenue was $668.3M, up 13% year-over-year.

• Net income was $134.8M in 2024 (up 14% from 2023); $65.7M for the nine months ended September 30, 2025, down from $144.5M in the prior-year period due to new profits interest units.

• Adjusted EBITDA margin was 20% in 2024 and 2023; for the nine months ended September 30, 2025, Adjusted EBITDA margin was 33%.

• Operating margin was 18% in 2024 and 2023; 10% for the nine months ended September 30, 2025.

• As of September 30, 2025: 2,347 employees, 293 Managing Directors, 11,900 client groups, and 21,000 client engagements.

Use of proceeds and capital allocation

• Net proceeds of ~$153.5M (or ~$176.5M if over-allotment is exercised) expected, based on a $15.00/share IPO price.

• Proceeds will be used to acquire newly issued Class X Umbrella Units from AT Umbrella LLC, equivalent to the number of Class A shares sold.

• AT Umbrella LLC will use proceeds for offering/reorganization expenses, technology, infrastructure, training, and potential strategic acquisitions or investments.

• No current agreements for specific acquisitions or investments.