Enterprise, Ala.-based IPA 100 firm Carr Riggs & Ingram (FY23 net revenue of $455.4 million) has received a strategic investment from Centerbridge Partners, an alternative investment manager, and Bessemer Venture Partners, a venture capital firm, effective Nov. 18.
CRI announced that this first-time investment of institutional capital will fuel improvements in firm infrastructure, technology and service delivery, recruitment and retention of talent, and expansion into new markets and service areas.
The firm, which started with two offices in 1997, is now ranked No. 25 on IPA’s annual ranking of accounting firms and operates from 36 locations.
Over the last 10 years it has improved service capabilities and broadened its focus areas to include commercial products, financial services, government and public sector work, and health care. Additionally, they offer business consulting, estate and trust services, investment banking, payroll services, professional athlete services, retirement plan administration, data analytics and wealth management.
“We believe this strategic investment will greatly benefit our talented team members and certainly our valued clients as well,” said CRI Chairman Bill Carr. “We’ll be able to invest more into our staff, create new opportunities, and continue doing what we’ve always done, which is delivering exceptional results to our clients.”
Dan Osnoss, Centerbridge senior managing director, said, “We believe strongly in the value proposition created by CRI’s unique blend of ‘local firm’ culture and client service with ‘big firm’ capabilities, and the benefits to CRI’s clients and professionals of its deep roots across smaller, mid-sized and metro markets in the southeastern and southern U.S.A.”
Allan D. Koltin, of Koltin Consulting Group, who consulted with CRI during the investment research and transaction process, said CRI is the youngest Top 100 firm ever to receive a private equity investment as a foundation firm. “CRI is the only Top 25 firm in the country to grow from a start-up to $500 million in a little over 25 years, making it the country’s fastest-growing first-generation firm.”
He continued, “Many private equity firms courted them during this process, but they chose Centerbridge and Bessemer for their similar values and shared vision of what CRI can become at the national level. There is no question in my mind that CRI will grow substantially over the next years while maintaining the ‘family feel’ culture they have had since day one.”
The firm will operate under an alternative practice structure, with Carr Riggs & Ingram as the independent, licensed CPA firm, providing assurance, attest and audit services, and CRI Advisors offering tax and business consulting services.
Centerbridge has about $40 billion in assets under management, and Bessemer has more than $18 billion.
