Wipfli Announces Strategic Investment from New Mountain Capital to Fuel Growth and Innovation
Wipfli's partnership with New Mountain Capital marks a significant step towards accelerating its growth, enhancing technology investments, and deepening client impact in the accounting and advisory services sector.
Wipfli, a prominent middle market provider of accounting, tax, and advisory services, has entered into a definitive agreement with New Mountain Capital for a significant minority investment. This partnership is set to propel Wipfli's growth trajectory, enabling further investments in talent, technology, and innovation to better serve its clients and people. With New Mountain Capital's investment, Wipfli aims to scale its operations with purpose, maintaining its culture and independence while exploring new strategic opportunities.
The collaboration between Wipfli and New Mountain Capital is rooted in shared values and a mutual commitment to long-term growth. New Mountain Capital, with approximately $55 billion in assets under management, brings to the table its expertise in scaling firms within the accounting sector and a disciplined approach to growth. This investment is part of New Mountain's Strategic Equity effort, focusing on non-control investments in leading companies to foster value creation.
Wipfli's journey from a Midwest-founded firm to a national powerhouse is a testament to its strategic focus on balancing deep client relationships with bold investments in its people and services. Over the past decade, Wipfli has tripled in size, achieving over $600 million in annual revenue and completing 34 acquisitions. Advisory services now account for nearly half of its total revenue, highlighting the firm's integrated approach to addressing complex business challenges.
Kurt Gresens, Managing Partner of Wipfli, emphasized the significance of this partnership, stating, 'New Mountain gives us more capital and confidence to expand and deliver even greater value to our clients and our people.' Kelly Fisher, chief practice officer at Wipfli, added that New Mountain Capital was chosen for its recognition of Wipfli's unique culture and approachable style, which fosters deep client relationships and breakthrough results.
Nikhil Devulapalli and Andre Moura, managing directors at New Mountain Capital, expressed their admiration for Wipfli's culture, growth track record, and commitment to client service and employee success. They highlighted the accounting, tax, and advisory profession's strong growth potential, aligning with New Mountain's defensive growth investment strategy.
Following the transaction's closure, Wipfli will operate under an alternative practice structure to ensure the highest level of client service and quality. The firm will remain majority-owned and partner-led, preserving its independence and culture. For more information on New Mountain Capital, visit https://www.newmountaincapital.com.