Carr, Riggs & Ingram Secures Strategic Growth Investment from Centerbridge Partners and Bessemer Venture Partners

Carr, Riggs & Ingram Secures Strategic Growth Investment from Centerbridge Partners and Bessemer Venture Partner

Enterprise, AL / New York, NY – November 18, 2024 – Carr, Riggs & Ingram (CRI), a leading national accounting and advisory firm ranked 25th by Accounting Today, has announced a significant strategic investment from Centerbridge Partners, a global alternative investment manager with $40 billion in assets under management, and Bessemer Venture Partners, a venture capital firm managing over $18 billion. This marks CRI’s first institutional capital investment, aimed at accelerating the firm’s growth, innovation, and service capabilities.

Fueling Growth and Innovation

Founded in 1997 with just two offices, CRI has grown into one of the fastest-expanding firms in the nation, operating 36 locations and generating $455.4 million in FY23 net revenue. Over the last decade, CRI has diversified its service portfolio to include areas such as business consulting, estate and trust services, investment banking, professional athlete services, data analytics, and wealth management. The firm has also expanded its focus into key industries like healthcare, financial services, government, and public sectors.

This new investment will allow CRI to:

• Expand into new markets and service areas.
• Enhance internal infrastructure and technological capabilities.
• Attract and retain top talent.
• Strengthen its ability to deliver exceptional client service.

“Our partnership with Centerbridge and Bessemer aligns perfectly with our vision of delivering value to clients while continuing to invest in our team members and technology,” said Bill Carr, CRI Chairman. “This strategic step positions us for even greater success while preserving our commitment to exceptional service and a family-like culture.”

A Transformative Partnership

Dan Osnoss, Senior Managing Director at Centerbridge, expressed enthusiasm for the partnership, stating, “CRI’s unique combination of local firm culture and big firm capabilities makes it a standout in the industry. We are excited to support CRI as it continues to grow its footprint, expand its talent base, and elevate its service offerings.”

Brian Feinstein, Partner at Bessemer Venture Partners, highlighted the firm’s forward-thinking approach: “CRI has established itself as an industry innovator. With the advancements in AI and software technology set to transform accounting, we are eager to help CRI capitalize on these opportunities.”

Setting Industry Records

CRI’s rapid ascent is unparalleled. In just 25 years, the firm has grown from a small regional operation into the youngest Top 100 accounting firm to secure a private equity investment. Allan D. Koltin, CEO of Koltin Consulting Group and an advisor on the transaction, remarked, “CRI is the accounting profession’s feel-good story of the century. This investment positions CRI to grow substantially at a national level while maintaining its unique culture.”

Alternative Practice Structure

Under the agreement, CRI will adopt an alternative practice structure to comply with the AICPA Code of Professional Conduct and regulatory requirements. Carr, Riggs & Ingram, LLC will continue to provide assurance, attest, and audit services, while CRI Advisors, LLC will focus on tax and business consulting, operating as a separate entity.

Advisors and Financial Terms

CRI was advised by William Blair & Company, LLC and McGuireWoods LLP during the transaction. Centerbridge and Bessemer were advised by Citizens M&A Advisory, Simpson Thacher & Bartlett LLP, and Vedder Price. Financial terms of the transaction were not disclosed.