Sikich Secures $250 Million in PE Funding From Bain Capital

Sikich has locked up a $250 million minority investment from private equity firm Bain Capital to support the top 30 accounting firm’s aggressive growth strategy, focused on acquisitions and strategic partnerships.

As part of the deal, Sikich maintains majority control of the company and its existing executive and leadership teams, led by CEO Christopher Geier.

“We have watched Sikich thrive under Chris and his talented team’s leadership as they continue to set the industry standard across their leading accounting, technology and advisory solutions,” Cristian Jitianu, a partner at Bain Capital Special Situations, said in a statement. “As competition for talent and clients remains high, Sikich’s differentiated business model has enabled the company to gain share in a fragmented market. We are excited to support Sikich’s continued growth strategy with a tailored structure that maximizes value creation while allowing Sikich to retain majority control of the business.”

During Geier’s tenure as CEO, which began in 2017, the Naperville, IL-based firm has grown revenue nearly 300% and expanded its geographic reach, now serving clients in all major U.S. markets and around the world with nearly 2,000 employees.

Sikich has been very active in making acquisitions since last October, picking up technology services firm Four Leaf in California, accounting firm Thornhill Financial in Ohio, wealth management consulting firm Golden Trail Advisers in Illinois, and the federal government practice of top 10 accounting firm CliftonLarsonAllen (CLA) in Washington, D.C.

“This is an incredibly exciting time for our organization. We’ve been executing an ambitious growth and diversification strategy to capitalize on unique and favorable market conditions within an evolving professional services landscape, more than doubling in size over the last five years alone,” Geier said in a statement. “Partnering with a leading global investor like Bain Capital is a testament to our strategy and provides us with additional meaningful resources and extensive knowledge to advance our mission and deliver on our value proposition to employees and clients.”

He added that Bain Capital has already shown to be a “collaborative and solutions-oriented partner, confirming what we know to be a great cultural fit between our two organizations.”

“We’ve held firm to our vision for Sikich over the last several years and, with their support, I am confident in this next chapter of our journey and what we can accomplish,” he said.

The investment was made from funds managed by Bain Capital Special Situations and Bain Capital Credit.

PJT Park Hill acted as financial advisor and Holland & Knight LLP and Vedder Price acted as legal advisor for Sikich. Kirkland & Ellis LLP and Hunton Andrews Kurth LLP acted as legal advisors for Bain Capital.