Wipfli, a Top 20 Firm based in Milwaukee, received a minority investment of roughly 40% from New Mountain Capital, making it the latest accounting firm to score private equity funding.
It's also the latest investment from New Mountain Capital in an accounting firm, having previously
New Mountain Capital has deep pockets with approximately $55 billion in assets under management. Wipfli has some high-profile clients including two NFL teams, the Green Bay Packers and the Philadelphia Eagles. Its strategy has resulted in growing to over $600 million in annual revenue, tripling in size over this past decade while completing 34 acquisitions.
"Wipfli has been on the offensive, scaling smartly and profitably. And now, we're accelerating the course we already set with this investment," said Wipfli managing partner Kurt Gresens in a statement. "New Mountain gives us more capital and confidence to expand and deliver even greater value to our clients and our people."
The valuation for Wipfli is north of $1 billion, according to Koltin Consulting Group CEO Allan Koltin, who served as an advisor on the deal. Wipfli expects to book revenues of $700 million for the year ending May 2026 (the firm earned $621 million in the prior year). Wipfli has a three-year goal of reaching $1 billion in revenue. The firm has more than 3,000 people, including about 250 partners.
"New Mountain Capital's interest in the accounting profession began in 2011 and one could argue they had a 10-year head start over all the other PE firms entering the accounting profession," said Koltin. "Wipfli is their third (significant) CPA firm investment, and all indications are that the Wipfli investment will be as successful as the Citrin Cooperman and Grant Thornton ones have been. Andre Moura and his team at New Mountain Capital are exceptional in understanding "people" businesses and providing strategic and capital resources to firms.
"Wipfli has grown from a small firm in Wausau, Wisconsin to a Top 20 CPA and advisory firm nationally by always investing deeply in its people, technology and innovation," Koltin added. "They are blessed to have a culture (The Wipfli Way) where everyone trusts and respects each other and they are all about value added services for their clients (I should know, I'm a happy outsourced accounting and tax client!)."
The firm dates back over a century and is moving into a new phase with the PE investment. Once the transaction closes, Wipfli will operate in an alternative practice structure, as is common with PE funding of accounting firms. Wipfli LLP, a licensed CPA firm, will provide attest services — and Wipfli Advisory LLC, which will not be a licensed CPA firm, will provide business advisory and non-attest services.
The investment in Wipfli will come through New Mountain's Strategic Equity effort where New Mountain makes noncontrol investments in companies and firms.
"New Mountain continues to see strong, long-term growth tailwinds in the accounting, tax and advisory profession, a sector which is well aligned with our defensive growth investment strategy," Andre Moura, managing director at New Mountain Capital, said in a statement. "In other investments in this space, we have been proud to support initiatives that grew client satisfaction, maintained the highest quality standards, invested in people, and expanded the breadth of service and technology capabilities."
"We selected New Mountain Capital because they recognized what's special about Wipfli — the culture we've built where our approachable style creates deep relationships, leading to breakthrough results," said Kelly Fisher, chief practice officer at Wipfli, in a statement. "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."
Guggenheim Securities, LLC is serving as sole financial advisor to Wipfli. Simpson Thacher & Bartlett LLP, Godfrey & Kahn SC and Hunton Andrews Kurth LLP are serving as legal advisors to Wipfli. William Blair and Koltin Consulting Group are serving as financial advisors to New Mountain Capital. Kirkland & Ellis LLP and Vedder Price P.C. are serving as legal advisors to New Mountain Capital.
