Investment to create a national specialty financial services firm and facilitate the continued evolution of services supporting U.S. and international clients
Atlanta and Boston, July 11, 2024–(BUSINESS WIRE)–Aprio (or the “Company”), a leading business advisory and accounting firm, today announced that it has received a strategic investment from Charlesbank Capital Partners (“Charlesbank”), a middle-market private investment firm that has raised more than $18 billion in capital since its inception, to accelerate innovation and growth in its business. This transaction marks Aprio’s first institutional investment.
Aprio’s strong track record of client service, ability to attract top talent and differentiated growth strategy have propelled the company to the forefront of the accounting industry. Combining industry-leading organic growth with a strong M&A track record, Aprio was recently acquired by Today’s Accounting Aprio has been recognized both as a top 25 CPA firm in the United States and as the fastest growing accounting firm in the country in 2023. In the past three years, Aprio has added 15 new locations around the world and strengthened its capabilities across many fast-growing industries, including manufacturing and distribution, real estate, restaurants, franchises and hospitality, non-profits and education, high net worth/family offices, and technology. Aprio is nationally recognized as a top place to work, well known for its inclusive, growth-oriented culture and commitment to continuous learning and development. Additionally, Aprio has completed 28 business integrations since 2016.
Charlesbank’s investment will accelerate Aprio’s growth and enable further investments in the people, technology and corporate infrastructure needed to continue to deliver exceptional customer and team member experiences. At the same time, the partnership with Charlesbank will further build on Aprio’s impressive organic growth trajectory and track record of mergers and acquisitions, enabling continued geographic expansion and growth in strategic service capabilities and markets.
“As our specialty continues to rapidly evolve, partnering with Charlesbank marks a significant leap in our ability to deliver cutting-edge solutions to top business leaders, while making an investment that benefits our team, clients and communities. We are building the business advisory firm of the future, and Charlesbank shares our vision and commitment,” said CEO Richard Kopelman. “Aprio is ready to move to the next level and is excited about the opportunity to best serve our clients and accelerate our growth with a widely respected partner.”
“Aprio’s focus on client service and innovation throughout its 72-year history has made it a standout in the accounting and business advisory space. We have been extremely impressed with the focused leadership that Richard and the partnership have demonstrated in achieving strong growth and building an undeniable culture of excellence,” said Michael Cho, Managing Director and CEO of Charlesbank. “We look forward to working closely with Aprio, leveraging our deep professional services expertise to drive further innovation and build a truly superior integrated professional services platform.”
Following the closing of the transaction, expected in late summer 2024, Aprio will operate an alternative business structure. Aprio, LLP, a certified public accounting firm, will provide attestation services and Aprio Advisory Group, LLC will provide business advisory, tax and other non-attestation services. Aprio, LLP will operate as a separate legal entity. Under this new structure, partners and professionals will continue to deliver an integrated and seamless client experience around the world.
Terms of the transaction were not disclosed. The transaction is subject to regulatory approvals and other standard closing conditions.
Falcon Capital Partners LLC acted as exclusive financial advisor to Aprio. DLA Piper LLP, Vedder Price PC and Foley & Lardner LLP served as legal advisors to Aprio. Simpson Thacher & Bartlett LLP, Ropes & Gray LLP and NewGate Law LLP served as legal advisors to Charlesbank. Guggenheim Securities LLC acted as financial advisor to Charlesbank.
About Aprio:
Founded in 1952, Aprio is a full-service business advisory and accounting firm advising clients on achieving their next goals. Aprio professionals work as an integrated team across advisory, audit, tax, outsourcing, human resources solutions and private client services to deliver sharp business intelligence and personal commitment to each client. Aprio brings together proven experience, deep understanding and strategic foresight across its practices for industries including manufacturing and distribution, nonprofit and education, professional services, real estate, construction, restaurants, franchises and hospitality, government contracting, technology and blockchain. Aprio has grown to more than 2,100 team members. To serve clients wherever their lives and businesses lead, Aprio’s team speaks more than 60 languages ​​and works with clients in more than 50 countries. For more information, visit www.aprio.com.
About Charlesbank:
Based in Boston and New York, Charlesbank Capital Partners is a middle market private investment firm that has raised more than $18 billion in capital since inception. Charlesbank focuses on management-led buyouts, growth capital financing, opportunistic credit and technology investments. The firm seeks to invest in companies with sustainable competitive advantages and strong growth prospects. For more information, please visit www.charlesbank.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240711779467/en/
contact address
Contact Aprio:
Julie Cooley / Shelley Husney
Email: julie.khoury@aprio.com cheri.husney@aprio.com
Contact Charlesbank:
Ryan Fitzgibbon / Alexa Ottenstein / Peter Gavaris
Prosec Partners
Pro-charlesbank@prosek.com
