Companies

CVC acquires ‘significant interest’ in CFGI

Following completion of the acquisition, CFGI will continue to act as a privately held, independent firm, run by its existing leadership team

CFGI, a US-based non-audit accounting advisory firm, has announced that funds advised by CVC Capital Partners have acquired a “significant interest” in the company.

Valuing CFGI at approximately $1.85bn, the deal sees all existing shareholders, such as global investment firm Carlyle, co-founders and co-CEOs Nick Nardone and Shane Caiazzo, and the partners of CFGI reinvest in the firm.

The transaction is set to close in the fourth quarter of 2021, subject to closing conditions and regulatory approvals.

Following completion of the acquisition, CFGI will continue to act as a privately held, independent firm, run by its existing leadership team.

Nardone and Caiazzo said that the group is “thrilled” to now be partnered with “not one, but two” global private equity firms.

Daniel Brand, senior MD and US head of business services at CVC, added: “We originally became aware of CFGI as a customer of their services and were quickly impressed with their capabilities and business model. 

“Their ability to bring national office expertise, both for transactional and operational support, is highly compelling and we believe CFGI is uniquely positioned to continue to capitalize on the underlying market trends that drive robust demand for their services.”

Back to top button