Sikich receives $250 million minority investment from Bain Capital

23 May 2024 Consulting.us 2 min. read

Sikich LLP, a Chicago-headquartered accounting and consulting firm, has received a $250 million minority investment from private equity firm Bain Capital.

In contrast to other private equity (PE) deals in the accounting industry, Sikich will maintain control of the company and retain its existing leadership teams. Recent majority PE deals include New Mountain Capital’s acquisition of Grant Thornton and Valeas’ acquisition of Baker Tilly.

Since CEO Christopher Geier assumed leadership of Sikich in 2017, the firm has seen revenue growth of nearly 300% and expanded its geographic reach to all major US markets with a headcount of nearly 2,000 people.

The Bain investment will enable Sikich to continue its growth trajectory, the firm said in a press release.

Sikich receives $250 million minority investment from Bain Capital

“We’ve been executing an ambitious growth and diversification strategy to capitalize on unique and favorable market conditions within an evolving professional services landscape, more than doubling in size over the last five years alone,” said Geier. “Partnering with a leading global investor like Bain Capital is a testament to our strategy and provides us with additional meaningful resources and extensive knowledge to advance our mission and deliver on our value proposition to employees and clients.”

Bain, which has approximately $185 billion in assets under management, in November announced a deal to acquire consulting firm Guidehouse for $5.3 billion. The deal, which saw Veritas Capital exit its stake in the government and regulated industries specialist, closed in December.

Commenting on the Sikich investment, Bain Capital partner Cristian Jitianu said, “As competition for talent and clients remains high, Sikich’s differentiated business model has enabled the company to gain share in a fragmented market. We are excited to support Sikich’s continued growth strategy, focused on acquisitions and strategic partnerships, with a tailored structure that maximizes value creation while allowing Sikich to retain majority control of the business."