CohnReznick secures strategic growth investment from Apax Funds

26th February 2025

• CohnReznick is among the fastest-growing professional services firms in the U.S.
• The Apax Funds will partner with CohnReznick to drive growth and strengthen its position as a market leader. 

CohnReznick LLP (“CohnReznick” or “the Firm”), one of the United States’ leading advisory, assurance, and tax firms, today announced a strategic growth investment from Funds advised by Apax Partners LLP (“Apax”). The transaction marks the first institutional investment in CohnReznick and is expected to help accelerate the Firm’s growth strategy to deliver best-in-class client solutions and create greater career opportunities for employees. 

With over 5000 global employees and 350+ partners in 29 offices across the U.S., CohnReznick has a demonstrated track record of above-market organic growth, posting $1.12B in FY25 revenues owing to its deep pool of talented advisers, industry expertise, and extensive service offering. Today, the Firm serves as a trusted adviser to clients in a wide range of industries, including real estate, financial services and financial sponsors, private client services, consumer, manufacturing, renewable energy, and government advisory. 

CohnReznick’s delivery of above-market organic growth has been driven by its deep pool of talented advisers and differentiated positioning in key sectors. The Firm holds a strong position in the competitive professional services market, offering a diverse range of services, maintaining industry-leading client satisfaction, and earning recognition as an employer of choice.

In partnership with Apax, CohnReznick intends to invest further in its talent and business to continue to drive growth. Apax will apply its operational expertise and deep experience in professional services to support CohnReznick in advancing its value creation plan, which includes expanding service lines, developing technology-centric client solutions, entering new markets, developing best-in-class talent and advancing its existing tech platform to drive further innovation and efficiency. Apax will also support the Firm in pursuing its targeted acquisitions strategy to further grow its client offering.

David Kessler, CEO of CohnReznick, said: “Our partnership with Apax is a milestone moment in CohnReznick’s history. We have consistently delivered strong growth and cemented our position in the mid-market, thanks to our best-in-class talent, industry expertise, and comprehensive service offerings. This strategic investment from the Apax Funds will help us continue on our growth trajectory, expanding our solutions and geographic presence to meet client needs while continuing to create exciting career growth for our people. We were impressed by the Apax team’s track record in the professional services sector and their experience in driving operational excellence in complex businesses like ours, while continuing to create a best-in-class experience for employees and clients.”

Ashish Karandikar, Partner at Apax Partners, said: “Over the past two years, we have built a strong relationship with the CohnReznick team and have been deeply impressed by the company’s culture, vision, and the consistent growth they have achieved. We are excited to partner with David and the firm’s leadership team to fuel the next phase of growth. Together, we aim to accelerate service line expansion, explore new geographic opportunities, and drive innovation. We look forward to what we are confident will be a highly successful and rewarding partnership."

Following the closing of the transaction, CohnReznick will operate in an alternative practice structure: CohnReznick LLP, a licensed CPA firm, will provide attest services and Kelly O’Callaghan will serve as CEO — and CohnReznick Advisory LLC (which will not be a licensed CPA firm) will provide tax, advisory, and other non-attest services, led by David Kessler as CEO.  

Apax was advised by Guggenheim Securities, LLC and CohnReznick was advised by William Blair & Company, LLC. Koltin Consulting Group served as an additional financial advisor to both Apax and CohnReznick.