Milwaukee-based IPA 100 firm Wipfli (FY25 net revenue of $612.2 million) announced entry into a definitive agreement for a significant minority investment from New Mountain Capital, a leading growth-oriented investment firm. This values-aligned partnership will accelerate Wipfli’s growth, expand its investments in talent and technology, and fuel innovation to deepen its impact where it matters most: clients and people.
“Wipfli has been on the offensive, scaling smartly and profitably. And now, we’re accelerating the course we already set with this investment,” said Kurt Gresens, MP of Wipfli. “New Mountain gives us more capital and confidence to expand and deliver even greater value to our clients and our people.”
Kelly Fisher, chief practice officer at Wipfli, said, “We selected New Mountain Capital because they recognized what’s special about Wipfli—the culture we’ve built where our approachable style creates deep relationships, leading to breakthrough results. We were intentional about finding a partner who values that, so we’re positioned to expand our impact, while preserving what makes us who we are.”
Andre Moura, managing director at New Mountain Capital, said, “New Mountain continues to see strong, long-term growth tailwinds in the accounting, tax and advisory profession, a sector which is well aligned with our defensive growth investment strategy. In other investments in this space, we have been proud to support initiatives that grew client satisfaction, maintained the highest quality standards, invested in people and expanded the breadth of service and technology capabilities.”
Allan D. Koltin, CEO of Koltin Consulting Group, who served as an advisor on the deal commented, “New Mountain Capital’s interest in the accounting profession began in 2011 and one could argue they had a 10-year head start over all the other PE firms entering the accounting profession. Wiplfi is their third (significant) CPA firm investment, and all indications are that the Wipfli investment will be as successful as the Citrin Cooperman and Grant Thornton ones have been. Andre Moura and his team (at New Mountain Capital) are exceptional in understanding “people” businesses and providing strategic and capital resources to firms. Wipfli has grown from a small firm in Wausau, Wisconsin to a Top 20 CPA and Advisory firm nationally by always investing deeply in its people, technology and innovation. They are blessed to have a culture (The Wipfli Way) where everyone trusts and respects each other and they are all about value added services for their clients (I should know, I’m a happy outsourced accounting and tax client!).”
