New Mountain Capital invests in Wipfli

The New York-based investment firm New Mountain Capital agrees to acquire a significant minority stake of approximately 40 percent in the accounting and advisory firm Wipfli LLP, concluding a strategic transaction that establishes an implied enterprise value of $1.1bn. This definitive equity partnership explicitly avoids a traditional control buyout, enabling the target to remain a majority-owned and partner-led enterprise. The incoming institutional sponsor executes this capital deployment directly through its dedicated Strategic Equity vehicle, providing a highly stabilized financial foundation. At the time of this capitalization shift, the acquired professional services platform reported a robust net revenue of $450–900M for the financial year ending in May 2025, translating to a forward transaction multiple of approximately 1.7x EV/Sales. The strategic rationale articulated by the acquiring board centers on capitalizing upon the structural, long-term growth tailwinds currently reshaping the accounting, tax, and advisory profession. By securing this fresh institutional backing, the target immediately unlocks the financial capacity to aggressively accelerate its inorganic consolidation trajectory—having already completed 34 historical acquisitions over the preceding decade—while funding substantial internal investments in talent acquisition and technological modernization. This capital injection ensures that the professional services firm can scale its integrated problem-solving capabilities without sacrificing its deeply embedded cultural independence. To orchestrate this complex multijurisdictional ownership transition, the targeted entity mandated Guggenheim Securities, LLC to act as its exclusive financial advisor. The sell-side legal perimeters were comprehensively managed by a consortium comprising Simpson Thacher & Bartlett LLP, Godfrey & Kahn SC, and Hunton Andrews Kurth LLP. Conversely, the acquiring financial sponsor retained William Blair alongside the Koltin Consulting Group to provide specialized financial advisory services and industry-specific commercial due diligence. The buy-side legal and regulatory structuring was exclusively steered by Kirkland & Ellis LLP and Vedder Price P.C. Subject strictly to the fulfillment of customary closing conditions and mandatory regulatory approvals, this minority recapitalization permanently reshapes the target's operational runway.