Top 20 firm CohnReznick executes the latest private-equity deal

Another top 20 accounting firm has partnered with private equity.

CohnReznick LLP, a U.S. leader in advisory, assurance, and tax, has announced a strategic growth investment from Apax Partners LLP.

According to a news release, CohnReznick will operate in an alternative practice structure following the closing of the transaction. CohnReznick LLP, a licensed CPA firm, will provide attest services, and CohnReznick Advisory LLC (which will not be a licensed CPA firm) will provide tax, advisory, and other nonattest services.

The Apax investment “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,” said current CohnReznick CEO David Kessler, who will serve in the same role for CohnReznick Advisory LLC. Kelly O’Callaghan, current IT audit practice leader, will serve as CEO of CohnReznick LLP.

According to the news release, CohnReznick has more than 5,000 global employees and 350-plus partners in 29 offices across the United States, posting $1.12 billion of revenue in FY25.

Kessler called it a “milestone moment,” and it’s the latest in a long line of recent mergers and acquisitions among the nation’s largest accounting firms, most of them involving private equity.

— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.