Aprio, a Top 50 Firm based in Atlanta, has completed an investment round from Charlesbank Capital Partners, a private investment firm based in Boston, the latest accounting firm to get a private equity infusion.
The amount of the investment was undisclosed. Aprio ranked No. 25 on Accounting Today's 2024 list of the Top 100 Firms, with $420.79 million in annual revenue. Charlesbank has raised over $18 billion of capital since its inception.
Once the deal closes, which is expected in late summer, Aprio will operate an alternative practice structure, as is common when private equity firms invest in accounting firms. Aprio LLP, a licensed CPA firm, will provide attest services, while Aprio Advisory Group LLC, will offer business advisory, tax and other non-attest services. Aprio LLP will operate as a separate legal entity, but under the new structure, partners and professionals will continue to deliver integrated client service.
"As our profession continues to rapidly evolve, our partnership with Charlesbank is an important leap forward in our ability to bring state-of-the-art solutions to top business leaders, while making investments that will benefit our team, clients and communities," said Aprio CEO Richard Kopelman in a statement. "We are building the business advisory firm of the future, and Charlesbank shares our vision and commitment. 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."
Charlesbank plans to accelerate Aprio's growth and enable the firm to further invest in its talent, technology, and corporate infrastructure.
"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," said Charlesbank managing director and CEO Michael Choe in a statement. "We look forward to leveraging our deep professional services expertise to work closely with Aprio in fueling further innovation and building a truly exceptional integrated professional services platform."
Aprio has completed over 20 mergers and acquisitions since 2017, adding
