US-based accounting and advisory practice Stephano Slack has secured growth investment from Chicago-based private equity firm Madison Dearborn Partners (MDP), with additional capital from co-investor Norlantic Capital.
Financial details of the investment were not divulged.
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In a statement, Stephano Slack said the capital infusion will help to advance its long-term strategy, including investment in people, technology and new opportunities for clients and staff.
The accounting practice will continue to be led by existing leadership, with managing partner and CEO Michael Stephano leading the company.
Former Grant Thornton chief operating officer Jim Brady will join as executive chairman.
MDP Financial Services managing partner and co-head Vahe Dombalagian said: “We were first introduced to Stephano Slack by Jim Brady, and, from our initial meeting, it was clear that Michael and his team have built a high-quality, growth-oriented business, ideally suited to MDP’s decades of experience in scaling professional services platforms with strong operational advantages and broad addressable markets.
“We look forward to partnering with Michael and Jim to accelerate the growth of the platform, deepen service offerings and broaden the firm’s geographic reach into new markets.”
Founded in 2004, Stephano Slack offers tax, audit, outsourced accounting and advisory services to middle-market clients.
Stephano said: “Our partnership with MDP, a firm that understands and embodies our commitment to exceptional relationship-driven client service, adds a compelling new growth driver to the Stephano Slack platform.
“MDP’s support will pave new avenues for Stephano Slack to grow and diversify our platform and will foster opportunities for both our clients and employees.”
After completion, the business will move to an alternative practice structure. Stephano Slack, as a licensed certified public accountant company, will handle attest work, while Stephano Slack Advisory will focus on tax, business advisory and other non-attest services.
