Private equity firm New Mountain Capital is nearing a deal to acquire a significant minority stake in accounting and advisory firm Wipfli, valuing the Milwaukee-based firm at over $1bn, according to a report by the Wall Street Journal citing unnamed people familiar with the matter.
The transaction, which would see New Mountain take a roughly 40% stake, is expected to close by the end of September. Wipfli’s existing partners will retain a majority interest in the firm, which has a workforce of over 3,000, including approximately 250 partners. Wipfli is best known for serving middle-market businesses and counts the NFL’s Philadelphia Eagles and Green Bay Packers among its audit clients.
This move marks the latest in a wave of private equity investments targeting the accounting and professional services sector, which has attracted significant interest for its predictable recurring revenue and expansion potential. Since 2021, more than two dozen of the top 100 US accounting firms have sold equity stakes to private investors.
With New Mountain’s backing, Wipfli aims to accelerate growth primarily through M&A, targeting expansion in the Southern and Southwestern US. The firm is projecting $700m in revenue for the fiscal year ending May 2026 and has set its sights on reaching $1bn in annual revenue within three years.
As part of the deal, managing partner Kurt Gresens will transition to CEO of Wipfli’s advisory business, aligning with the firm’s ambitions to scale its non-audit services.
New Mountain Capital, which manages approximately $55bn in assets, is already a prolific player in this space. The firm acquired a majority stake in Citrin Cooperman in 2021, later selling it to Blackstone, and led a group that took control of Grant Thornton’s US unit in 2023, building out a multinational advisory platform through a series of strategic acquisitions.
