Apax Partners, a private equity firm, has acquired a majority stake in CohnReznick, a prominent accounting and consulting firm ranked among the top 20 in the industry. This acquisition aims to bolster CohnReznick's investments in talent and business development, allowing it to compete effectively with other mid-market firms that have recently received private equity funding, such as BDO and Grant Thornton.

The partnership with Apax will provide CohnReznick with operational expertise to enhance its value creation strategy. This strategy includes targeted acquisitions, expanding service lines, developing technology solutions for both internal and client use, entering new markets, and fostering talent development.

Following the acquisition, CohnReznick will adopt a bifurcated practice structure. Current CEO David Kessler will lead CohnReznick Advisory, focusing on non-attest services, while Kelly O’Callaghan will head the licensed CPA firm that provides attest services. Kessler expressed confidence in the firm’s growth trajectory, emphasizing the importance of the investment from Apax in expanding their solutions and geographic reach.

Founded in 1919, CohnReznick employs over 5,000 people across 29 offices in the United States, reporting revenues of $1.12 billion for FY25. Kessler highlighted the firm’s strong growth and commitment to delivering comprehensive services, which have solidified its position in the mid-market.

Ashish Karandikar, a partner at Apax Partners, noted the strong relationship built with CohnReznick over the past two years. He praised the firm’s culture and vision, expressing excitement about partnering with its leadership to drive further growth.

Apax Partners, established in 1972 and headquartered in London, specializes in the technology, services, and internet/consumer sectors. The firm has raised and advised on nearly $80 billion in funds, positioning itself as a significant player in the private equity landscape.