On Aug. 1, middle market provider of accounting, tax and advisory services Wipfli LLP said that it entered into a definitive agreement for a significant minority investment from New Mountain Capital, an investment firm with roughly $55 billion in assets under management.
The partnership is expected to accelerate Wipfli’s growth, expand its talent and technology investments, and fuel innovation to deepen its impact on clients and people.
“Wipfli has been on the offensive, scaling smartly and profitably. And now, we’re accelerating the course we already set with this investment,” stated Managing Partner Kurt Gresens. "New Mountain gives us more capital and confidence to expand and deliver even greater value to our clients and our people.”
Chief Practice Officer Kelly Fisher at Wipfli said: “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. 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 terms of the transaction were not disclosed and it is subject to regulatory approval and other standard closing conditions.
After the transaction's closing, Wipfli will operate in an alternative practice structure. Wipfli LLP, a licensed CPA firm, will provide attest services. Meanwhile, Wipfli Advisory LLC, which will not be a licensed CPA firm, will offer business advisory and non-attest services.
According to Journal of Accountancy, Grant Thornton LLP and New Mountain Capital announced a similar deal in 2024, which was followed by another transaction in early 2025 when New Mountain sold the majority stake it had made in 2022 with Citrin Cooperman to another private-equity firm Blackstone.
The Trusted Professional reported that this trend of private equity investment mirrors what happened in adjacent sectors like insurance and consulting, where private equity capital has been flipping firms for years. Today, accounting firms are catching up, and splintering into two main models: large “mothership” firms that acquire others using private equity funding, and “roll-ups” that give smaller firms autonomy under a shared platform.