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Investcorp, an alternate asset supervisor that counts Abu Dhabi’s Mubadala Funding Firm as its largest shareholder, acquired a majority stake in CrossCountry Consulting, a US-based enterprise advisory agency.
Phrases of the acquisition and financials of the deal weren’t disclosed.
Based in 2011, Virginia-headquartered CrossCountry supplies customised finance, accounting, human capital administration, threat, operations and know-how consulting providers to numerous companies.
“We’re excited to associate with the CrossCountry staff who’ve pushed sturdy natural development and profitability since inception,” stated Dave Tayeh, head of personal fairness, North America, at Investcorp.
We consider Investcorp is the best associate with whom we are able to increase our capabilities, and we stay up for a brand new, thrilling chapter of development collectively
Erik Linn, co-founder and managing associate of CrossCountry
“There are a number of macro themes driving continued alternative in accounting advisory, together with the rise of outsourcing and the evolving position of the finance operate to contain know-how as companies digitise their operations,” Mr Tayeh stated.
CrossCountry has greater than 700 professionals and at present represents purchasers within the personal fairness, monetary providers, life sciences, actual property and hospitality sectors, amongst others.
Over the previous 10 years, its footprint has grown considerably, with professionals in numerous international locations such because the US, Eire, South Africa and the Philippines.
This partnership places the corporate within the “greatest place to resolve new, complicated challenges for our purchasers”, Erik Linn, co-founder and managing associate of CrossCountry, stated.
“We consider Investcorp is the best associate with whom we are able to increase our capabilities, and we stay up for a brand new, thrilling chapter of development collectively.”
Investcorp, with $42.7 billion in complete belongings below administration as of June 30, together with these run by third-party managers, is an energetic investor in mid-market firms throughout consumption-linked sectors and within the correct enterprise. It has 13 places of work throughout the US, Europe, GCC and Asia, together with India, China and Singapore.
Established greater than 4 a long time in the past, Investcorp has grown to grow to be one of many main various asset administration firms within the area.
The corporate went on an acquisition spree throughout the Covid-19 pandemic to capitalise on decrease asset valuations and is bullish in regards to the development prospects for its portfolio.
We’re excited to associate with the CrossCountry staff who’ve pushed sturdy natural development and profitability since inception
Dave Tayeh, head of personal fairness, North America, at Investcorp
Final month, Investcorp stated it had purchased a majority stake in US-based contemporary produce distributor Dawn Produce.
The boutique accounting advisory serviceable market is estimated to be value practically $10 billion and projected to develop by double digits over the approaching years, stated Steve Miller, managing director, personal fairness – North America, at Investcorp.
“Having checked out many alternatives within the area, what attracted us most to CrossCountry is its best-in-class tradition and memorable worker engagement metrics,” he stated.
The Public Sector Pension Funding Board (PSP Investments), considered one of Canada’s largest pension funding managers with $230.5 billion of internet belongings below administration as of March 31, and RLH Fairness Companions will proceed as traders in CrossCountry.
“CrossCountry’s co-founders and administration staff have constructed a number one monetary advisory agency with a differentiated tradition over the past decade,” stated Philippe Bouchard, senior director at PSP Investments.
“We consider CrossCountry is strategically positioned in its business and we stay up for working with all shareholders to assist the corporate’s development prospects over the approaching years.”
Up to date: December 06, 2022, 6:22 PM
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