NEW YORK, Sept. 15, 2021 /PRNewswire/ -- CFGI, LLC
("CFGI" or "the Company"), a leading non-audit accounting advisory
firm in the United States,
announced today that funds advised by CVC Capital Partners ("CVC")
have agreed to acquire a significant interest in the Company,
valuing CFGI at approximately $1.85
billion. All existing shareholders are reinvesting in the
transaction in partnership with CVC, including funds managed by
global investment firm Carlyle (NASDAQ: CG), Co-Founders and
Co-CEOs Nick Nardone and
Shane Caiazzo, and the partners of
CFGI. Additional terms of the transaction were not disclosed.
Founded in 2000 and headquartered in Boston, Massachusetts, CFGI serves the Office
of the CFO as an independent advisor to assist with complex
accounting and process improvement needs. This includes technical
accounting support, financial planning & analysis, capital
markets and transaction advisory, business process transformation,
risk management, valuation, and tax advisory services for clients
from a wide range of sectors including healthcare, technology,
financial services, energy and manufacturing. Operating without the
restrictions created by auditor independence regulations, the
Company serves over 2,500 clients nationally with a team of over
650 professionals across 12 offices.
"All CFOs need a non-audit partner to help them achieve their
objectives, and this is where CFGI fits in. We bring all the skills
that CFOs need to succeed, both for regulatory compliance and
long-term value creation. Staffed by a team of former SEC
reviewers, Big 4 accountants, PE professionals and operational
business advisors, we are there for CFOs on all of their most
important objectives – whether it's IPO or audit readiness,
implementation of a new accounting standard, transaction support,
building a road map for digital transformation, risk management,
valuation, tax or process improvement. Our clients benefit from our
national office expertise, without the hassle of auditor
independence," said Co-CEOs Nick
Nardone and Shane Caiazzo.
"We are thrilled to be partnered with not one, but two of the
world's largest private equity firms as we continue into our next
phase of growth."
"We originally became aware of CFGI as a customer of their
services and were quickly impressed with their capabilities and
business model. Their ability to bring national office expertise,
both for transactional and operational support, is highly
compelling and we believe CFGI is uniquely positioned to continue
to capitalize on the underlying market trends that drive robust
demand for their services," said Daniel
Brand, Senior Managing Director and U.S. Co-Head of Business
Services at CVC. "We look forward to working closely with their
world-class management team, as well as Carlyle, to accelerate the
already compelling growth opportunities while continuing to focus
on delivering best-in-class services to the Company's Fortune 1000
and private clients."
"We are proud of CFGI's tremendous growth over the past three
years of our partnership and the work that Nick, Shane and the team
have done to build the nation's leading non-audit accounting
advisory firm," said John Redett,
Managing Director and Head of Global Financial Services at Carlyle.
"Given the strong industry tailwinds and CFGI's clear value
proposition, we have great confidence in the Company's continued
success, and we are thrilled to partner with CVC to support CFGI in
its next chapter."
Going forward, CFGI will continue to be a privately held,
independent firm, under its existing leadership team and with
ongoing dedication to delivering superior services to its clients.
Upon completion of the transaction, members of the management team
and employees will continue to hold meaningful equity stakes in the
firm, reflecting a strong alignment of interests across CFGI's
capital base, executives, partners and their clients.
The transaction is expected to close in the fourth quarter of
2021, subject to customary closing conditions and receipt of
required regulatory approvals. Nelson
Mullins Riley & Scarborough served as legal advisor for
CFGI. Wachtell, Lipton, Rosen & Katz acted as legal advisor for
Carlyle. Weil, Gotshal & Manges LLP acted as legal advisor for
CVC.
About CFGI
CFGI is the leading non-audit accounting and finance advisory
firm to the Office of the CFO. Since its founding over 20 years
ago, CFGI has become the nation's leading independent advisor,
assisting companies with effective compliance and continuous
operational improvement. CFGI's team of over 650
professionals serves thousands of clients across its 12 offices,
leveraging their expertise in capital markets, accounting and tax
advisory, technology, risk management, valuation and business
process transformation. To learn more, visit
www.cfgi.com.
About CVC
CVC is a leading private equity and investment advisory firm
with a network of 25 offices throughout Europe, Asia
and the US, with approximately US$125
billion of assets under management. Since its founding in
1981, CVC has secured commitments in excess of US$165 billion from some of the world's leading
institutional investors across its private equity and credit
strategies. Funds managed or advised by CVC are invested in 90
companies worldwide, which have combined annual sales of over
US$100 billion and employ more than
440,000 people. For further information about CVC please
visit: www.cvc.com.
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep
industry expertise that deploys private capital across three
business segments: Global Private Equity, Global Credit and
Investment Solutions. With $276
billion of assets under management as of June 30, 2021, Carlyle's purpose is to invest
wisely and create value on behalf of its investors, portfolio
companies and the communities in which we live and invest. Carlyle
employs nearly 1,800 people in 27 offices across five continents.
Further information is available at carlyle.com. Follow Carlyle on
Twitter @OneCarlyle
Media Contacts:
For CVC:
Nick Board, +44 (0)20 7420 4200,
nboard@cvc.com
For Carlyle:
Brittany Berliner, +1 (212)
813-4839, brittany.berliner@carlyle.com
View original
content:https://www.prnewswire.com/news-releases/cfgi-announces-investment-from-cvc-capital-partners-fund-viii-to-drive-continued-growth-301377184.html
SOURCE CVC