TowerBrook Capital Partners has completed a continuation vehicle transaction for Eisner Advisory Group, the business consulting and accounting firm known as EisnerAmper, allowing the private equity firm to retain ownership while delivering liquidity to existing investors and partners.
The transaction was led by Carlyle AlpInvest, with funds managed by Hamilton Lane serving as co-lead alongside additional syndicate investors. The deal represents a significant realization event for TowerBrook Fund V while signaling continued conviction in the long-term growth prospects of EisnerAmper.
TowerBrook first invested in EisnerAmper in 2021 in what was one of the earliest private equity partnerships with a top 20 U.S. accounting firm. Since then, the firm has driven substantial expansion through a combination of organic growth initiatives, strategic acquisitions, and investments in talent and technology.
During the holding period, EisnerAmper completed 27 add-on acquisitions and expanded its capabilities across advisory, outsourcing, wealth management, and fund administration. The firm has also invested in its technology platform and AI capabilities to improve efficiency and client service. As a result, EisnerAmper has grown into the 13th largest accounting firm in the United States, generating more than $1.2 billion in revenue.
The continuation vehicle provides optional liquidity to existing investors while enabling TowerBrook Capital Partners to continue supporting the company’s next phase of growth. That next phase is expected to focus on scaling the platform further, expanding service offerings, advancing technology and AI initiatives, and executing additional acquisitions.
Support: Advisors on the transaction included Moelis as lead financial advisor, Deutsche Bank as co-lead financial advisor, Kirkland & Ellis as legal advisor to TowerBrook, and Dechert as legal advisor to EisnerAmper.
KEY QUOTES:
“Our original investment thesis for the accounting sector proved to be true. Yet without the right partner, realizing the opportunity behind that thesis would have been impossible. Our collective focus with management on key value drivers has entirely been centered on improving the day-to-day of the amazing partners at EisnerAmper, and through that focus ultimately ensuring the highest quality of service for our clients. While we have accomplished much in our first four-plus years, the long-term opportunity continues to be as compelling as ever, and we’re excited to continue our partnership with EisnerAmper as we build toward our goal of creating an end-to-end conduit of professional services for middle- and lower-middle-market companies.”
Walter Weil, Managing Director, TowerBrook Capital Partners
“Our partnership with EisnerAmper reflects our strategy of collaborating with leading businesses to accelerate growth and build scaled, differentiated and technology-enabled platforms. EisnerAmper is a clear example of that approach in action. We are excited about the progress achieved alongside Charly and the management team and remain confident about the opportunity ahead as we continue to support the firm in its next chapter.”
Jonathan Bilzin, Managing Partner And Co-CEO, TowerBrook Capital Partners
“Our partnership with TowerBrook has been transformational in helping us expand the business and broaden the solutions we deliver to clients. As we look ahead, with TowerBrook’s continued support, we remain focused on evolving our platform by investing in our people, enhancing our capabilities and leveraging innovation to meet our clients’ increasingly complex needs.”
Charly Weinstein, CEO, EisnerAmper
“This transaction reflects our focus on investing in market-leading companies. In partnership, TowerBrook and EisnerAmper have built a differentiated business, and we’re pleased to support them in the next phase of growth.”
Michael Hacker, Partner, Carlyle AlpInvest
“We are proud to partner with TowerBrook and EisnerAmper as the company enters its next chapter of growth. EisnerAmper’s experienced leadership team and proven ability to drive organic growth and execute strategic acquisitions uniquely position the firm to capitalize on significant opportunities ahead.”
Ken Binick, Co-Head Of Direct Equity Investments, Hamilton Lane
