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Business Advisory M&A: Investcorp Acquires CrossCountry Consulting

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Global alternative investment firm Investcorp has acquired a majority stake in CrossCountry Consulting, a business advisory firm, for an undisclosed amount.

This is technology M&A deal number 1,026 that ChannelE2E has covered so far in 2022. See more than 2,000 technology M&A deals involving MSPs, MSSPs & IT service providers listed here.

Investcorp Acquires CrossCountry Consulting

Investcorp, founded in 1982, is based in Manama, Bahrain. The company has 652 employees listed on LinkedIn. InvestCorp’s areas of expertise include Alternative Investments, Private Equity, Real Estate Investment, Global Hedge Funds, Credit Management, Strategic Capital, GP Staking, CLOs, Direct Lending, Infrastructure, and Senior Secured Loans.

CrossCountry Consulting, founded in 2011, is based in McLean, Virginia. The company has 652 employees listed on LinkedIn. CrossCountry’s areas of expertise include Accounting, Risk & Compliance Advisory Services, Business Transformation, Technology, Cyber, Intelligent Automation, Private Equity, Corporate Transactions, Financial Services, Biotech, Healthcare, Coupa, Sage Intacct, and ESG.

CrossCountry represents clients in the private equity, financial services, life sciences, real estate, and hospitality sectors, among others. Its footprint has grown significantly over the past 10 years with professionals located across the United States and globally in Ireland, South Africa, and the Philippines.

For its part, Investcorp has offices in the United States, United Kingdom, Saudi Arabia, Qatar, United Arab Emirates, India, China, and Singapore. The firm has invested in tech-enabled services in the past, including AlixPartners, ICR, PRO Unlimited (now Magnit), Resultant, and United Talent Agency.

Investcorp Acquires CrossCountry Consulting: Leadership Insight

Dave Tayeh, Head of Private Equity – North America, Investcorp
Dave Tayeh, head of private equity – North America, Investcorp

Dave Tayeh, head of private equity – North America, Investcorp, commented:

"We are excited to partner with the CrossCountry team who have driven strong organic growth and profitability since inception. CrossCountry's relentless focus on exceptional client service has enabled this sustained track record of growth. There are several macro themes driving continued opportunity in accounting advisory, including the rise of outsourcing and the evolving role of the finance function to involve technology as businesses digitize their operations. We believe that our long history of working with professional services companies, and the potential synergies across our current portfolio in this space, will help CrossCountry achieve its next phase of growth."

Erik Linn, co-founder and managing partner, CrossCountry Consulting, said:

"As we continue to expand our reach, our partnership with Investcorp puts us in the best position to solve new, complex challenges for our clients, while growing our exceptional team. We owe much of our success over the years to our incredible clients and employees; we believe Investcorp is the right partner with whom we can expand our capabilities, and we look forward to a new, exciting chapter of growth together."

Philippe Bouchard, senior director, PSP Investments, said:

"CrossCountry's co-founders and management team have built a leading financial advisory firm with a differentiated culture over the last decade. As a provider of long-term strategic capital, PSP Investments is pleased to back this transaction alongside Investcorp. We believe CrossCountry is strategically positioned in its industry and we look forward to working with all shareholders to support the company's growth prospects over the coming years."

Steve Miller, managing director, private equity – North America, Investcorp, added:

"The boutique accounting advisory serviceable market is estimated to be nearly $10 billion and projected to grow double digits over the coming years. Having looked at many opportunities in the space, what attracted us most to CrossCountry is its best-in-class culture and remarkable employee engagement metrics. We believe that bodes well for their ability to continue to recruit and retain the best talent in the industry and grow above market.”

Guggenheim Securities acted as the financial advisor to CrossCountry Consulting, Clearsight Advisors advised RLH Equity Partners, and Houlihan Lokey acted as the advisor to Investcorp and PSP Investments.