Bahrain-based Investcorp, a leading global alternative investment firm, has announced its acquisition of a majority stake in CrossCountry Consulting, a leading independent provider of specialised financial and accounting advisory services in the US.
Investcorp has a long history of investing in professional services firms in the US with notable investments including AlixPartners, ICR, Resultant and United Talent Agency.
Investcorp is spearheading a consortium of global institutional investors alongside the Company’s founders and existing financial sponsor.
Founded in 2011, CrossCountry provides accounting, finance, risk, operations, cybersecurity, and technology-enabled transformation solutions for the Offices of Chief Financial Officers in public and private organizations.
It has over 700 professionals and currently represents clients across a wide variety of industries including private equity, financial services, life sciences, real estate and hospitality.
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.
Ali Alrahma, Private Equity Specialist for Investcorp’s Private Wealth, said: "In an environment of increasingly complex financial and accounting standards and increased market uncertainty, there is a growing trend of outsourcing financial and accounting services to specialist advisory firms such as CrossCountry.In this fast-growing environment, we believe CrossCountry is well-positioned to continue to grow rapidly and gain market shares."
"We look forward to leveraging our expertise investing and creating value in professional services firms to help CrossCountry in its next phase of growth," he noted.
Mohammed Al Sada, Head of Bahrain and Kuwait for Investcorp’s Private Wealth, said this acquisition illustrates its focus on backing and investing in sector-leading businesses with strong fundamentals.
"CrossCountry is another innovative, founder-led business that has thrived thanks to the talent and vision of a strong team that understands how to help CFOs navigate the increasing digitization of the finance function. Our experience can help the CrossCountry team move to the next stage and achieve its long-term goals," he noted.
Erik Linn, Co-Founder and Managing Partner of 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," he added.-TradeArabia News Service