Wipfli, a provider of accounting, tax, and advisory services focused on the middle market, has finalised a definitive agreement for a minority investment from New Mountain Capital.
The firm anticipates that this investment will enhance its growth trajectory, foster innovation, and improve client solutions.
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New Mountain Capital’s investment will be executed through New Mountain’s Strategic Equity initiative, which targets non-control investments in established companies.
Wipfli chief practice officer Kelly Fisher said: “We selected New Mountain Capital because they recognised what’s special about Wipfli—the culture we’ve built where our approachable style creates deep relationships, leading to breakthrough results.
“We were intentional about finding a partner who values that, so we’re positioned to expand our impact, while preserving what makes us who we are.”
The specifics of the financial arrangement have not been made public, and the deal is pending regulatory approval and other customary closing conditions.
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By GlobalDataOver the past decade, Wipfli has expanded significantly, achieving annual revenues exceeding $600m, tripling its size, and completing 34 acquisitions.
After the transaction is completed, Wipfli will continue to be majority-owned and led by its partners.
The firm will adopt a new operational structure, with Wipfli LLP providing licensed CPA attest services and Wipfli Advisory offering business advisory and non-attest services without CPA licensure.
New Mountain Capital managing director Nikhil Devulapalli said: “We have been highly impressed by Wipfli’s culture, strong growth track record and its deep commitment to client service and employee success.
“We are excited to partner with Kurt and the firm’s leadership team to further accelerate growth, including supporting investments in talent, technology, and acquisitions.”
In this transaction, Guggenheim Securities is acting as the financial advisor for Wipfli, while legal counsel is being provided by Simpson Thacher & Bartlett, Godfrey & Kahn SC, and Hunton Andrews Kurth.
William Blair and Koltin Consulting Group are the financial advisors for New Mountain Capital, with Kirkland & Ellis and Vedder Price P.C. serving as their legal advisors.
