EisnerAmper said Wednesday it has completed a continuation vehicle transaction with TowerBrook Capital Partners, the private equity firm that has provided outside capital to the top 15 accounting firm since 2021.
Global private equity investor Carlyle AlpInvest led the transaction with funds managed by private markets investment firm Hamilton Lane, which is serving as co-lead alongside participation from syndicate investors.
According to international law firm Mayer Brown, continuation vehicles are “a tool to allow a sponsor to transfer one or more portfolio assets from an existing fund to a new, sponsor‑affiliated vehicle to extend ownership and pursue additional value creation, often with a reset of economics and infusion of new capital.”
Continuation vehicles have exploded in recent years, as the dollar value of continuation vehicles was expected to total $100 billion or more by the end of 2025, up from about $35 billion in 2019, according to the investment bank Evercore, the New York Times reported last December.
TowerBrook’s purchase of an ownership stake in EisnerAmper in 2021 marked the first private equity deal with a top 20 accounting firm. EisnerAmper has since grown to become one of the 15 largest accounting firms in the U.S., with more than $1.2 billion in revenue, 475 partners, and 4,700 professionals. The firm has 43 offices across the U.S and a presence in nine countries around the world. EisnerAmper has completed 27 M&A deals over that time.
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EisnerAmper says the completion of this transaction enables the firm to accelerate its growth, with a continued focus on investing in talent, broadening the firm’s services and solutions, and rapidly advancing its investments in technology and AI initiatives—all directed at further enhancing its value to clients.
“Our partnership with TowerBrook has been transformational in helping us add many talented colleagues to our firm and broaden the services and solutions we deliver to clients,” Eisner Advisory Group CEO Charly Weinstein said in a statement. “As we look ahead, with TowerBrook’s continued support, we’re focused on continuing to evolve our firm by investing in our people, enhancing our capabilities, and leveraging innovation to meet the increasingly complex needs of our clients.”
“We’re excited about the progress achieved alongside Charly and the management team and remain confident about the opportunity ahead as we continue to support EisnerAmper as it enters its next chapter,” Jonathan Bilzin, managing partner and co-CEO at TowerBrook, said in a statement.
Walter Weil, managing director at TowerBrook, added, “While we’ve accomplished much in our first four-plus years, the long-term opportunity continues to be as robust as ever, and we’re excited to continue our partnership with EisnerAmper as we build toward our goal of creating an end-to-end conduit of professional services for our valued clients.”
Moelis served as lead financial advisor, and Deutsche Bank served as co-lead financial advisor on the transaction. Kirkland & Ellis LLP served as legal advisor to TowerBrook. Dechert LLP served as legal advisor to EisnerAmper.
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