Aprio, a leading business advisory and accounting firm, announced that it had received a strategic investment from Charlesbank Capital Partners (a middle-market private investment firm with more than $18 billion of capital raised since its inception) to accelerate innovation and growth. The deal represents the first institutional capital investment in Aprio.
Aprio’s solid track record of client service, ability to attract top talent, and differentiated growth strategy have propelled it to the forefront of the accounting profession.
With a combination of organic growth and a solid M&A track record, Aprio has become one of the nation’s fastest-growing accounting firm in 2023. And over the last three years, Aprio added 15 new locations globally and bolstered capabilities across many high-growth industries, including manufacturing and distribution; real estate; restaurant, franchise & hospitality; non-profit & education, high net worth/family office, and technology. And Aprio has completed 28 business combinations since 2016.
Charlesbank’s investment will accelerate the company’s growth and enable Aprio to further invest in the talent, technology, and corporate infrastructure required to continue delivering an excellent client and team member experience. At the same time, the partnership with Charlesbank will enhance Aprio’s impressive organic growth trajectory and mergers and acquisitions track record, enabling continued geographic expansion and growth within strategic service capabilities and markets.
Following the deal’s closing, which is expected in late summer 2024, Aprio will operate an alternative practice structure.
Aprio, LLP, a licensed CPA firm, will provide attest services, and Aprio Advisory Group will provide business advisory, tax, and other non-attest services. Aprio will operate as a separate legal entity. Under this new structure, partners and professionals will continue to deliver integrated, seamless client experiences worldwide.
The terms of the deal were not disclosed. And the deal is subject to regulatory approval and other standard closing conditions.
Falcon Capital Partners served as the sole financial adviser to Aprio. DLA Piper, Vedder Price, and Foley & Lardner served as legal advisers to Aprio. Simpson Thacher & Bartlett, Ropes & Gray, and NewGate Law served as legal advisors to Charlesbank. Guggenheim Securities served as financial advisor to Charlesbank.
KEY QUOTES:
“As our profession continues to rapidly evolve, our partnership with Charlesbank is an important leap forward in our ability to bring state-of-the-art solutions to top business leaders while making investments that will benefit our team, clients, and communities. We are building the business advisory firm of the future, and Charlesbank shares our vision and commitment. Aprio is poised to advance to the next level, and we are excited about the opportunity to best serve our clients and fast-track our growth with a widely respected partner.”
– Richard Kopelman, CEO
“Aprio’s deep commitment to client service and innovation over its 72-year history has made it a stand-out player in the accounting and business advisory space, and we have been thoroughly impressed by the focused leadership Richard and the partnership have demonstrated in achieving robust growth and building an unmistakable culture of excellence. We look forward to leveraging our deep professional services expertise to work closely with Aprio in fueling further innovation and building a truly exceptional integrated professional services platform.”
– Michael Choe, Managing Director & CEO at Charlesbank
