charly weinstein on cnbc talking about the private equity deal.
towerbrook capital partners’ infusion “reimagines the traditional accounting firm model.”
by 卡塔尔世界杯常规比赛时间
eisneramper llp – one of the profession’s top 20 firms with more than $420 in annual billings, 200 partners, and 1,200 employees – has sold about half the firm to towerbrook capital partners, a private equity fund with big investments in the financial services sector.
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as a result, eisner is splitting into two entities: the legacy eisneramper llp, a licensed cpa firm, to provide attest services, and the new pe-funded eisner advisory group llc, for business advisory and non-attest services. terms were not disclosed but towerbrook has a reputation for taking controlling interests in the companies it funds. audit and assurance account for about 49 percent of eisner’s pre-deal billings, with 42 percent from tax and 9 percent in consulting.
“it will be a positive disruptor in the profession,” according to charly weinstein, eisneramper ceo. “rather than conforming to traditional frameworks, adopting a new model of ownership facilitates the best structure for the firm to drive growth and innovative solutions to our clients. our colleagues will be able to chart a course for success in our purpose-built practice structure.”
eisner calls it a “significant” investment “to keep [the firm] competitive and finance expansion.” the fresh funding, the firm says, “will help drive eisneramper’s long-term growth initiatives, which include accelerating the evolution of service offerings, investing considerably in talent and technology, and strategically expanding via organic growth and targeted mergers and acquisitions.”
“recently we’ve acquired compensation consulting firms, managed technology services firms, and cyber consulting firms, and we think that we’ll be able to use these additional resources to accelerate even more of those opportunities for the firm,” weinstein told accounting today.
private equity doesn’t typically invest in cpa firms, instead opting for consultancies with a technology bent. eisneramper does, however, have a technology consulting business that can be scaled to capitalize on growing enterprise demand in the area, according to consulting.us, a news outlet, which added that towerbrook “primarily targets control-oriented investments.”
jonathan bilzin, co-president and a managing director at towerbrook, said, “we see a significant opportunity for the business to increase the pace of that growth.” walter weil, managing director at towerbrook, predicted strategic mergers and acquisitions, and new investments in technology.
calling the deal transformational, with more in the wings, allan d. koltin, ceo of koltin consulting group, noted, “private equity has been trying to get into the accounting profession for 15 years. this journey started back in 2006 and, up until a few weeks ago, in the world of the top 20 cpa firms it’s been unsuccessful.”
deutsche bank securities inc. acted as sole financial advisor to eisneramper and has provided committed debt financing in support of the transaction.
kirkland & ellis lawyers, led by partners brian raftery and douglas dimedio, advised towerbrook capital partners on its investment in eisner advisory group llc.