EisnerAmper (#15 on the INSIDE Public Accounting Top 100 with $1.023 billion in revenue) and TowerBrook Capital announced yesterday that they’ve completed a continuation vehicle transaction which basically means TowerBrook won’t be looking to ditch the relationship any time soon. Since EisnerAmper and TowerBrook are the big firm/PE firm pair who started the whole private equity trend in accounting five years ago, we expect other firms will be interested in such relationships with their PE firms in the future as well. Monkey see, monkey do.
Here’s the press release:
The completion of this transaction enables the firm to accelerate its growth, with a continued focus on investing in talent, broadening the firm’s services and solutions, and rapidly advancing its investments in technology and AI initiatives—all directed at further enhancing our value to our clients.
“Our partnership with TowerBrook has been transformational in helping us add many talented colleagues to our firm and broaden the services and solutions we deliver to clients. As we look ahead, with TowerBrook’s continued support, we’re focused on continuing to evolve our firm by investing in our people, enhancing our capabilities, and leveraging innovation to meet the increasingly complex needs of our clients,” said Charly Weinstein, CEO of Eisner Advisory Group.
“We’re excited about the progress achieved alongside Charly and the management team and remain confident about the opportunity ahead as we continue to support EisnerAmper as it enters its next chapter,” commented Jonathan Bilzin, Managing Partner, Co-CEO at TowerBrook.
Walter Weil, Managing Director at TowerBrook, added: “While we’ve accomplished much in our first four-plus years, the long-term opportunity continues to be as robust as ever, and we’re excited to continue our partnership with EisnerAmper as we build toward our goal of creating an end-to-end conduit of professional services for our valued clients.”
For further reading on continuation vehicles here’s a Grant Thornton explanation.
