CFGI announces investment from CVC Capital Partners Fund VIII to continue its growth
NEW YORK, September 15, 2021 / PRNewswire / – CFGI, LLC (“CFGI” or “the Company”), a leading non-audit accounting consultancy in the United States, today announced that funds advised by CVC Capital Partners (“CVC”) have agreed to acquire a significant stake 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 CFGI partners. Additional terms of the transaction were not disclosed.
Founded in 2000 and based in Boston, Massachusetts, CFGI serves the office of the CFO as an independent advisor to address complex accounting and process improvement needs. This includes technical support in accounting, financial planning and analysis, capital markets and transaction advice, business process transformation, risk management, valuation and tax advisory services for clients from 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 nationwide with a team of over 650 professionals in 12 offices.
“Every CFO needs a non-audit partner to help them achieve their goals, and that’s where CFGI fits in. We bring all the skills CFOs need to be successful, both for regulatory compliance and long-term value creation. from former SEC auditors, great accountants, PE professionals and operational business advisers, we’re here for CFOs on all of their most important goals – whether it’s an IPO or ” preparation for the audit, the implementation of a new accounting standard, transaction assistance, the development of a roadmap for digital transformation, risk management, assessment , taxation or process improvement. Our clients benefit from the expertise of our country office, without the hassle of auditor independence, ”said the co-CEOs Nick nardone and Shane Caiazzo. “We are delighted to partner with not one, but two of the world’s largest private equity firms as we continue our next phase of growth.”
“We initially realized that CFGI was a client of their services and were quickly impressed with their capabilities and business model. Their ability to bring in the expertise of the country office, both for transactional and operational support, is very compelling and we believe CFGI is uniquely positioned to continue to capitalize on the underlying market trends that are driving strong demand. for their services, ”said Daniel Marque, Senior Managing Director and Co-Head of US Commercial Services at CVC. “We look forward to working closely with their world-class management team, as well as with Carlyle, to accelerate already exciting growth opportunities while continuing to focus on delivering top-notch services to Fortune 1000 clients. and deprived of society. “
“We are proud of CFGI’s tremendous growth over the past three years of our partnership and the work Nick, Shane and the team have done to build the nation’s leading non-audit accounting consultancy firm,” said declared John redett, Managing Director and Head of Global Financial Services at Carlyle. “Given the favorable industry winds and CFGI’s clear value proposition, we have great confidence in the continued success of the company, and we are delighted to partner with CVC to support CFGI in its next chapter. “
Going forward, CFGI will continue to be an independent private company, under the direction of its current management team and with an ongoing commitment to providing superior service to its clients. Upon completion of the transaction, members of the management team and employees will continue to hold significant stakes in the company, reflecting a strong alignment of interests within the capital base, executives, partners and their stakeholders. CFGI 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 acted as legal counsel for CFGI. Wachtell, Lipton, Rosen & Katz acted as legal counsel to Carlyle. Weil, Gotshal & Manges LLP acted as legal counsel for CVC.
CFGI is the premier accounting and non-audit finance consultancy of the Office of the Chief Financial Officer. Since its founding over 20 years ago, CFGI has grown to become the nation’s leading independent advisor, helping businesses comply effectively and continuously improve their operations. CFGI’s team of more than 650 professionals serve thousands of clients in its 12 offices, leveraging its expertise in capital markets, accounting and tax advice, technology, risk management, valuation and the transformation of business processes. To learn more, visit www.cfgi.com.
CVC is a leading private equity and investment advisory firm with a network of 25 offices across Europe, Asia and the United States, with approximately US $ 125 billion assets under management. Since its creation in 1981, CVC has obtained commitments exceeding 165 billion US dollars from some of the world’s largest institutional investors through its private equity and lending strategies. The funds managed or advised by CVC are invested in 90 companies around the world, which have accumulated annual sales of more than $ 100 billion and employs over 440,000 people. For more information on HVAC, please visit: www.cvc.com.
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital in three business segments: Global Private Equity, Global Credit and Investment Solutions. With $ 276 billion of assets under management June 30, 2021, Carlyle’s goal is to invest wisely and create value on behalf of its investors, the companies in its portfolio and the communities in which we live and invest. Carlyle employs nearly 1,800 people in 27 offices across five continents. More information is available at carlyle.com. Follow Carlyle on Twitter @OneCarlyle
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