Charly Weinstein on CNBC talking about the private equity deal.
TowerBrook Capital Partners’ infusion “reimagines the traditional accounting firm model.”
By CPA Trendlines
EisnerAmper LLP – one of the profession’s top 20 firms with more than $420 in annual billings, 200 partners, and 1,200 employees – has sold about half the firm to TowerBrook Capital Partners, a private equity fund with big investments in the financial services sector.
As a result, Eisner is splitting into two entities: The legacy EisnerAmper LLP, a licensed CPA firm, to provide attest services, and the new PE-funded Eisner Advisory Group LLC, for business advisory and non-attest services. Terms were not disclosed but TowerBrook has a reputation for taking controlling interests in the companies it funds. Audit and assurance account for about 49 percent of Eisner’s pre-deal billings, with 42 percent from tax and 9 percent in consulting.
“It will be a positive disruptor in the profession,” according to Charly Weinstein, EisnerAmper CEO. “Rather than conforming to traditional frameworks, adopting a new model of ownership facilitates the best structure for the firm to drive growth and innovative solutions to our clients. Our colleagues will be able to chart a course for success in our purpose-built practice structure.”
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