Good gosh that’s a firm handshake.
Bain Capital’s PR people announced this morning that BC is putting $250 million into Top 30 firm Sikich (which we always want to type out as Sickish), an investment only slightly less than the Naperville, Illinois firm’s last reported revenue of $316,397,417 (per the IPA Top 500). That’s quite the growth bet.
Sikich will maintain majority control.
The press release is everything you’d expect it to be and more:
Founded in 1982, Sikich has been on a path of rapid growth under the leadership of [CEO Christopher] Geier, who assumed the CEO role in 2017. During this time, Sikich 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.
“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,” said Mr. Geier. “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.”
Bain Capital Special Situations partner Cristian Jitianu had nice things to say, too. Particularly about the firm’s supreme leader. “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,” he said. “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, focused on acquisitions and strategic partnerships, with a tailored structure that maximizes value creation while allowing Sikich to retain majority control of the business.”
Oh my God, it keeps going.
“Bain Capital has already proven to be a collaborative and solutions-oriented partner, confirming what we know to be a great cultural fit between our two organizations,” added Mr. Geier. “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.”
Sickish Sikich has been on quite the acquisition spree in recent years. Just a few highlights from their press releases:
Sikich acquires human resources technology consulting business – Sikich LLP
Sikich grows Chicago-area presence with acquisition of accounting practice – Sikich LLP
Sikich expands accounting, tax and audit team with acquisition – Sikich LLP
Sikich expands into Washington, D.C., area with acquisition – Sikich LLP
Sikich expands presence in Milwaukee market with acquisition – Sikich LLP
Sikich boosts advisory services with acquistion – Sikich LLP
Sikich expands in St. Louis with acquisition of Hochschild, Bloom & Company – Sikich LLP
Sikich expands central Illinois presence with acquisition of Heinold Banwart – Sikich LLP
Sikich expands digital transformation services with acquisition of quality management and insurtech consultancy – Sikich LLP
Sikich adds to accounting practice with Stanfield – Sikich LLP
Sikich LLP expands into Southern California – Sikich LLP
The most recent for them appears to be buying up CliftonLarsonAllen’s federal government practice in DC. The whole thing including 70 employees and four principals. They first elbowed their way into Washington in 2019 when they bought Halt, Buzas & Powell. Three years later, they acquired Cotton & Company.
Sikich fed government partner Steven Koons gives them 5 stars.
Time for Sikich to snag themselves a big fish instead of these firms no one’s heard of. We’re watching with great interest, so much so we’re adding a “Sikich” tag for the first time in the 15 years since this website was founded. Don’t let us down.
Technology-Enabled Professional Services Firm Sikich Secures $250 Million Minority Growth Investment from Bain Capital [Bain Capital]
