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 matters.

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

• Strategic expansion through organic growth, selective acquisitions, and leveraging global reach via Andersen Global, a Swiss association of over 300 member and collaborating firms in 180+ countries.

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

• Deliberately does not provide audit or attestation 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% from the prior year period.

• Net income was $134.8M in 2024 (14% YoY growth), with a net income margin of 18% in 2024 and 2023; net income for the nine months ended September 30, 2025 was $65.7M.

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

• Over 11,900 client groups and 21,000 client engagements as of September 30, 2025; 74% of 2024 revenue from clients with relationships over three years.

• Employee headcount reached 2,347 as of September 30, 2025, with 293 Managing Directors and a low attrition rate of 17% over the past three years.

Use of proceeds and capital allocation

• Net proceeds from the IPO 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 expenses, technology, infrastructure, training, and potential strategic acquisitions or investments.

• No current agreements for specific material acquisitions or investments.