aprio is breaking off its cpa firm after reportedly selling a majority stake to charlesbank capital partners, a private equity firm.
already on a growth-by-acquisition streak, aprio has logged dozens of deals in the last few years. with fresh cash on hand, this pace is sure to accelerate.
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aprio plans to adopt an “alternative practice structure,” with aprio llp as the legacy licensed cpa firm and aprio advisory group llc as the new pe-backed acquisition engine.
charlesbank is a middle-market private investment firm that has raised $18 billion in capital since its inception. falcon capital partners llc served as the sole financial adviser to aprio. dla piper llp, vedder price p.c., and foley & lardner llp served as legal advisers to aprio. simpson thacher & bartlett llp, ropes & gray llp, and newgate law llp served as legal advisors to charlesbank. guggenheim securities llc served as the firm’s financial advisor. the transaction was expected to close before the fourth quarter. terms were not disclosed.
“our partnership with charlesbank is an important leap forward in our ability to bring state-of-the-art solutions to top business leaders and entrepreneurs 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,” says richard kopelman, ceo. “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.”
“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,” says michael choe, managing director & ceo at charlesbank. “we look forward to leveraging our deep professional services expertise to work closely with aprio to fuel further innovation and build a truly exceptional integrated professional services platform.”