Apax buys majority stake in CohnReznick
Funds advised by private equity firm Apax Partners have acquired a majority stake in CohnReznick, a top-20 accounting and consulting firm.
The transaction will enable CohnReznick to further invest in its talent and business, as well as keep pace with other mid-market accountancies that have received private equity cash infusions in recent years, such as BDO, Grant Thornton, and EisnerAmper.
Apax will also provide operational expertise to help CohnReznick advance its value creation plan, which includes targeted acquisitions, expansion of service lines, development of internal and client technology solutions, entry into new markets, and talent development.
As is typical following a private equity acquisition, CohnReznick will bifurcate into an alternative practice structure. Current CEO David Kessler will serve as CEO of CohnReznick Advisory, which will offer non-attest services, while Kelly O’Callaghan will lead CohnReznick, a licensed CPA firm and provider of attest services.
“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,” Kessler said. “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.”
CohnReznick was founded in 1919 and has over 5,000 employees and 29 offices across the US. The firm registered $1.12 billion in FY25 revenues.
“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,” said Ashish Karandikar, partner at Apax Partners.
Apax was founded in 1972 and is based in London. The firm focuses on technology, services, and internet/consumer sectors and has raised and advised on funds of nearly $80 billion.
