Investment to build a national professional and financial services firm and fuel continued evolution of services to support clients across the U.S. and internationally

Aprio (or the “Company”), a leading business advisory and accounting firm, today announced that it has received a strategic investment from Charlesbank Capital Partners (“Charlesbank”), a middle-market private investment firm with more than $18 billion of capital raised since inception, to accelerate innovation and growth of the business. The transaction represents the first investment of institutional capital into Aprio.

Aprio’s strong track record of client service, ability to attract top talent, and differentiated growth strategy have propelled it to the forefront of the accounting profession. With a blend of industry-leading organic growth and a robust M&A track record, Aprio was recently ranked by Accounting Today both as a Top 25 CPA firm in the United States and as the nation’s fastest-growing accounting firm in 2023. Over the last three years, Aprio added 15 new locations globally and bolstered capabilities across many high-growth industries, including manufacturing and distribution; real estate; restaurant, franchise & hospitality; non-profit & education, high net worth/family office, and technology. Aprio is nationally recognized as a top workplace, often noted for its inclusive, growth-oriented culture and commitment to continuous learning and development. In addition, Aprio has completed 28 business combinations since 2016.

Charlesbank’s investment will seek to accelerate the Company’s growth and allow Aprio to further invest in the talent, technology, and corporate infrastructure required to continue delivering an excellent client and team member experience. Simultaneously, the partnership with Charlesbank will further enhance Aprio’s impressive organic growth trajectory and mergers and acquisitions track record, enabling continued geographic expansion and growth within strategic service capabilities and markets.

“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. We are building the business advisory firm of the future, and Charlesbank shares our vision and commitment,” said 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,” said Michael Choe, Managing Director & CEO at Charlesbank. “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.”

Following the closing of the transaction, which is expected in late summer 2024, Aprio will operate an alternative practice structure. Aprio, LLP, a licensed CPA firm, will provide attest services, and Aprio Advisory Group, LLC, will provide business advisory, tax, and other non-attest services. Aprio, LLP will operate as a separate legal entity. Under this new structure, partners and professionals will continue to deliver integrated, seamless client experiences worldwide.

Terms of the transaction were not disclosed. The transaction is subject to regulatory approval and other standard closing conditions.

Falcon Capital Partners LLC served as 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 financial advisor to Charlesbank.

About Aprio:

Founded in 1952, Aprio is a leading, full-service business advisory and accounting firm that advises clients on achieving what’s next. Aprio professionals work as integrated teams across advisory, audit, tax, outsourcing, talent solutions and private client services, bringing keen business intelligence and personal commitment to each client. Across practices, Aprio brings together proven experience, deep understanding, and strategic foresight for industries including Manufacturing and Distribution; Non-Profit and Education; Professional Services; Real Estate; Construction; Restaurant, Franchise & Hospitality; Government Contracting, and Technology and Blockchain. Aprio has grown to over 2,100 team members. To serve clients wherever life or business may take them, Aprio’s teams speak more than 60 languages and work with clients in over 50 countries. For more, visit www.aprio.com.

About Charlesbank:

Based in Boston and New York, Charlesbank Capital Partners is a middle-market private investment firm with more than $18 billion of capital raised since inception. Charlesbank focuses on management-led buyouts, growth capital financings, opportunistic credit, and technology investments. The firm seeks to invest in companies with sustainable competitive advantage and excellent prospects for growth. For more information, please visit www.charlesbank.com

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