Prism Municipal Advisors Merges with Umbaugh

Prism Municipal Advisors, a top municipal advisor in Ohio, and Indianapolis-based Umbaugh (FY14 net revenue of $15.4 million), one of the largest independent financial advisors to governmental units in the Midwest, have merged.

Umbaugh advises cities, towns, townships, counties, utilities, schools, libraries, hospitals and airports regarding financing, long-range planning, tax and utility rates, budgets, debt management, revenue forecasts, economic development and financial management.

Prism Municipal Advisors was founded in 2001 in Powell, Ohio, by Bradford M. Sprague. Prism’s clients include a variety of state government, county, city, higher education, school district and economic development clients.

Earlier this year Umbaugh acquired ACI Advisors in Columbus, Ohio, which now operates under the Umbaugh name.

“When Umbaugh acquired ACI Advisors in May, we expected our Ohio presence to grow,” says Umpaugh MP Todd Samuelson. “We are excited to add Jim Hargrove, a principal and co-owner of Prism Municipal Advisors, as a principal of Umbaugh. He is a highly experienced financial advisor who brings practical, hands-on experience to every aspect of a financing transaction.”

Sprague was part of the merger negotiations and would have become a principal in Umbaugh, but died unexpectedly last month before the transaction could be completed.

“One factor that encouraged us to complete the merger after Brad’s death was that he was so enthusiastic about the benefits the merger of the two firms would bring to his clients,” Hargrove says. “Another factor was the character of the people at the firm.  We thought long and hard about who we wanted to team up with and, together, we chose Umbaugh because we felt comfortable with the people. I was even more impressed that Umbaugh was willing to continue with the merger after Brad’s death. That is exactly why we chose to merge with Umbaugh.”

“The Umbaugh management team will continue to consider other merger opportunities as the value of municipal advisors is increasingly recognized,” says Samuelson.