• CohnReznick is among the fastest-growing professional services firms in the U.S.
• The Apax Funds will partner with CohnReznick to drive growth and strengthen its position as a market leader.

CohnReznick LLP (“CohnReznick” or “the Firm”), one of the United States’ leading advisory, assurance, and tax firms, today announced a strategic growth investment from Funds advised by Apax Partners LLP (“Apax”). The transaction marks the first institutional investment in CohnReznick and is expected to help accelerate the Firm’s growth strategy to deliver best-in-class client solutions and create greater career opportunities for employees.

With over 5000 global employees and 350+ partners in 29 offices across the U.S., CohnReznick has a demonstrated track record of above-market organic growth, posting $1.12B in FY25 revenues owing to its deep pool of talented advisers, industry expertise, and extensive service offering. Today, the Firm serves as a trusted adviser to clients in a wide range of industries, including real estate, financial services and financial sponsors, private client services, consumer, manufacturing, renewable energy, and government advisory.

CohnReznick’s delivery of above-market organic growth has been driven by its deep pool of talented advisers and differentiated positioning in key sectors. The Firm holds a strong position in the competitive professional services market, offering a diverse range of services, maintaining industry-leading client satisfaction, and earning recognition as an employer of choice.

In partnership with Apax, CohnReznick intends to invest further in its talent and business to continue to drive growth. Apax will apply its operational expertise and deep experience in professional services to support CohnReznick in advancing its value creation plan, which includes expanding service lines, developing technology-centric client solutions, entering new markets, developing best-in-class talent and advancing its existing tech platform to drive further innovation and efficiency. Apax will also support the Firm in pursuing its targeted acquisitions strategy to further grow its client offering.

David Kessler, CEO of CohnReznick, said: “Our partnership with Apax is a milestone moment in CohnReznick’s history. We have consistently delivered strong growth and cemented our position in the mid-market, thanks to our best-in-class talent, industry expertise, and comprehensive service offerings. This strategic investment from the Apax Funds will help us continue on our growth trajectory, expanding our solutions and geographic presence to meet client needs while continuing to create exciting career growth for our people. We were impressed by the Apax team’s track record in the professional services sector and their experience in driving operational excellence in complex businesses like ours, while continuing to create a best-in-class experience for employees and clients.”

Ashish Karandikar, Partner at Apax Partners, said: “Over the past two years, we have built a strong relationship with the CohnReznick team and have been deeply impressed by the company’s culture, vision, and the consistent growth they have achieved. We are excited to partner with David and the firm’s leadership team to fuel the next phase of growth. Together, we aim to accelerate service line expansion, explore new geographic opportunities, and drive innovation. We look forward to what we are confident will be a highly successful and rewarding partnership.”

Following the closing of the transaction, CohnReznick will operate in an alternative practice structure: CohnReznick LLP, a licensed CPA firm, will provide attest services and Kelly O’Callaghan will serve as CEO — and CohnReznick Advisory LLC (which will not be a licensed CPA firm) will provide tax, advisory, and other non-attest services, led by David Kessler as CEO.

Apax was advised by Guggenheim Securities, LLC and CohnReznick was advised by William Blair & Company, LLC. Koltin Consulting Group served as an additional financial advisor to both Apax and CohnReznick.

The group is formed by Crowe Osborne, Frejs Revisorer, RSM Göteborg and Qrev – four reputable audit firms recognized for their long-term customer relationships, highly qualified employees and leading positions within their respective markets. While maintaining their local brands and leadership, the firms will jointly invest in digitalization, quality assurance and employee development. The group aims to become the leading advisor for entrepreneur-led companies and other customers in non-regulated markets in Sweden.

The demand for audit and advisory services is growing rapidly, driven by an increasingly complex regulatory environment and the rising need for tailored and qualified advisory services. At the same time, audit firms increasingly need to invest in key areas such as digitalization and employee development. In order to address these trends, four leading audit firms have formed a group focused exclusively on audit and advisory for customers in non-regulated markets.

The strategic goal is to become the most attractive employer in the audit industry, while delivering the highest levels of customer satisfaction. Emphasizing entrepreneurship and long-term customer relationships, the group will continue to operate under local brands and leadership, while leveraging joint resources to invest in critical areas such as digitalization, quality assurance, employee development and recruitment.

Svante Forsberg, with extensive experience in the audit industry, will assume the role of Chairman. He comments: ”The group will be a unique market player, targeting a segment with significant customer demand. The firms will retain their long-term customer relationships and a strong entrepreneurial culture, while benefitting from being part of a larger group – truly the best of both worlds”.

The group will have combined revenues of SEK c. 400m and more than 200 employees and is well-positioned for growth. Adelis becomes minority owner to support strategic investments and growth through acquisitions of similar audit firms.

”Adelis has followed the audit industry closely over many years and sees an interesting shift in the market with new regulations and a continuing trend towards digitalization, creating attractive opportunities for a group with greater resources. We see significant growth potential and will seek like-minded entrepreneurs to join us on this journey”, say Erik Hallert and Jakob Wedenborn at Adelis Equity Partners

The transaction is expected to close in February 2025, subject to receiving all customary regulatory approvals.

For further information:

Svante Forsberg, Chairman

Phone: +46 733 972 210

E-mail: svante@kungskroka.se

Erik Hallert, Adelis Equity Partners

Phone: +46 709 36 80 41

E-mail: erik.hallert@adelisequity.com

About Adelis Equity Partners

Adelis is a growth partner for well-positioned companies in the Nordic and DACH regions. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 44 platform investments and more than 250 add-on acquisitions. Adelis manages approximately €3.0 billion in capital. For more information, please visit www.adelisequity.com.

Mumbai, 15 Jan 2025 – Shriram Housing Finance, one of India’s leading affordable housing finance companies, announced the launch of its new brand identity – Truhome Finance (the “Company”).

The rebranding follows its acquisition by Warburg Pincus and its co-investors, including QIA, Qatar’s sovereign wealth fund. As part of the agreement, Shriram Finance Group received an investment of ₹1,225 crore, helping the Company augment its net worth to over ₹3,300 crore and marking a significant milestone in the Company’s growth journey.

Truhome Finance, the new brand identity reflects the Company’s commitment to providing the best service to its customers while fostering the aspirations and dreams of homeownership for many. The rebranding also underscores the Company’s steadfast focus on enabling affordable housing finance to the underserved population of the country. The new brand aligns with the Company’s vision of empowering individuals to achieve their homeownership dreams and ensuring financial accessibility where every individual, regardless of their socio-economic background, has access to a transparent, trustworthy, and supportive partner on their journey to owning a home. Truhome Finance also aims to create lasting value for all stakeholders.

“We are thrilled to unveil our new brand, Truhome Finance, which reflects our strategic vision and forward-thinking approach,” said Ravi Subramanian, CEO, Truhome Finance. “While our name has changed, our core mission remains the same — to make affordable home loans accessible to every individual together with our commitment to quality and customer satisfaction. This rebranding marks a new chapter in our journey and positions us for greater growth and success,” he added.

Mr. Subramanian reiterated, “Our customers will continue to enjoy the same great products and services they know and trust. The Company’s leadership team and contact information will remain unchanged, ensuring seamless continuity in all business operations. Our new brand identity represents not just a name change, but also an evolution of who we are and what we stand for. We are excited to continue serving our customers and partners under the banner of Truhome Finance, as we set our sights on the future. As an organization, we have always strived for TRUENESS in everything we do: to be TRUE to our customers, stakeholders, regulators, employees, and above all be TRUE to our conscience. The core fabric of our organization is now reflected in our brand name Truhome Finance.”

“We are thrilled to embark on this new journey with Truhome Finance, a trusted brand and leader in the affordable housing finance sector. This acquisition aligns seamlessly with our mission to drive financial inclusion and support the aspirations of underserved communities. Together, we aim to scale up operations, enhance offerings, and make homeownership a reality for countless families across India.” said Narendra Ostawal, Managing Director & Head of India Private Equity, Warburg Pincus.

About Truhome Finance Limited (Formerly Shriram Housing Finance)

Truhome Finance Limited, is a leading housing finance company in India, registered with the National Housing Bank (NHB). The Company commenced operations in December 2011. Truhome Finance Limited is amongst the fastest growing and most profitable affordable housing finance companies with a network of over 165 branches and Assets Under Management (AUM) of over INR 16000 Cr as of December 2024. The company is rated AA/Stable by CRISIL, India Ratings, and CARE. Truhome Financewas acquired by Warburg Pincus, a pioneer of private equity growth investing, from the Shriram Finance Group in December 2024.

About Warburg Pincus

Warburg Pincus LLC is the pioneer of private equity global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $86 billion in assets under management, and more than 230 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

For media inquiries or further information, please contact:

Amit Bhatia

Mobile: +91 8971900311
E-mail: amit.bhatia@shriramhousing.in

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New York, NY – January 7, 2025 – Citrin Cooperman Advisors LLC (the “Firm”), a premier tax, advisory and accounting provider for private middle market businesses and high net worth individuals, today announced a definitive agreement for a significant investment from private equity funds managed by Blackstone (“Blackstone”). As part of the transaction, Blackstone is acquiring its stake in the Firm from New Mountain Capital LLC (“New Mountain”).

Citrin Cooperman was founded in 1979 with a mission to enhance the businesses and personal lives of its clients, partners, and staff through its services, guidance and enthusiasm for building long-standing relationships. Today, the firm is a trusted advisor to more than 15,000 clients globally through its tax, advisory and accounting services.

Alan Badey, CEO of Citrin Cooperman, said: “We are excited to have reached an agreement for Blackstone to invest in Citrin Cooperman as we enter our next chapter of growth. Blackstone will help us make additional investments in expanded service offerings and technology as we deliver on our continued commitment to best-in-class firm culture and providing an exceptional client experience. We thank New Mountain for their years of partnership in helping to build and support our business.”

Eli Nagler, a Senior Managing Director at Blackstone, and Kelly Wannop, a Managing Director at Blackstone, said: “The Citrin Cooperman partners and staff have done an exceptional job making the firm a leader through an unwavering commitment to excellence and client service. We are excited to invest in the business to help it continue to provide the highest quality offerings moving forward.”

Andre Moura and Nikhil Devulapalli, Managing Directors at New Mountain, said: “We are proud of our successful partnership with Citrin Cooperman, and we thank the management team, partners and staff of Citrin Cooperman for all we have accomplished together over the last three years.  We look forward to seeing Citrin Cooperman continue to thrive for the benefit of all its clients and stakeholders.”

Terms of the transaction were not disclosed. Deutsche Bank Securities Inc. is serving as financial adviser, and Kirkland & Ellis LLP and Gibson, Dunn & Crutcher LLP are serving as legal advisers to Blackstone. Guggenheim Securities, LLC is serving as lead financial advisor to New Mountain and Citrin Cooperman, with Koltin Consulting Group serving as an additional financial adviser to both parties. Simpson Thacher & Bartlett LLP, Zukerman Gore Brandeis & Crossman, LLP, and Hunton Andrews Kurth LLP are serving as legal advisers to New Mountain and Citrin Cooperman.

About Citrin Cooperman
Citrin Cooperman, recently named #18 on the “Top 100 Firms” list by Accounting Today, is one of the nation’s largest professional services firms. Built on the values of close relationships, integrity, and a genuine passion for client service, Citrin Cooperman combines deep industry expertise, diversified service portfolio and national reach with a down-to-earth people-first approach in servicing clients. “Citrin Cooperman” is the brand under which Citrin Cooperman & Company, LLP, and Citrin Cooperman Advisors LLC serve clients’ business needs in an alternative practice structure in accordance with the AICPA’s Code of Professional Conduct and applicable law, regulations, and professional standards. Citrin Cooperman & Company, LLP, a licensed independent CPA firm, provides attest services and Citrin Cooperman Advisors LLC provides business advisory and nonattest services. The entities include more than 450 partners and 2,800 total professionals. Learn more about Citrin Cooperman at www.citrincooperman.com.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1.1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease investment strategies with approximately $55 billion in assets under management. New Mountain Capital seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com.

Contacts

Citrin Cooperman
Dan Ginsburg
dginsburg@citrincooperman.com
332-278-3553

Blackstone
Matt Anderson
matthew.anderson@blackstone.com
518-248-7310

New Mountain Capital
Dana Gorman
dana.gorman@h-advisors.global
212-371-5999