Atlanta-based IPA 100 firm Aprio (FY22 net revenue of $317.3 million) announces it has received a strategic investment from Charlesbank Capital Partners, a middle-market private investment firm with more than $18 billion of capital raised since inception.
The transaction represents the first investment of institutional capital into Aprio, and it follows a flurry of deals that started in 2021 with EisnerAmper and TowerBrook Capital Partners. Grant Thornton, Baker Tilly, Citrin Cooperman and Cherry Bekaert have also accepted private equity investments. Terms of the Aprio transaction were not disclosed.
Over the last three years, Aprio, which is ranked No. 28 on the IPA 100 list, added 15 new locations globally and bolstered capabilities across many high-growth industries. They include manufacturing and distribution; real estate; restaurant, franchise and hospitality; non-profit and education; high-net-worth/family office; and technology. Aprio has completed 28 business combinations since 2016.
Charlesbank’s investment will allow Aprio to further invest in the talent, technology and corporate infrastructure required to continue delivering an excellent client and team member experience, the firm announced. Simultaneously, the partnership with Charlesbank will accelerate organic growth and mergers and acquisitions.
“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,” said Aprio CEO Richard Kopelman. “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.”
Michael Choe, managing director and CEO at Charlesbank, said, “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.”
Following the closing of the transaction, which is expected in late summer 2024, Aprio will operate an alternative practice structure that is typical of these private equity arrangements. Aprio LLP, a licensed CPA firm, will provide attest services, and Aprio Advisory Group LLC, will provide business advisory, tax and other non-attest services. Aprio LLP will operate as a separate legal entity.
