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Wipfli secures investment from New Mountain Capital
Wipfli, a provider of accounting, tax, and advisory services focused on the middle market, has finalised a definitive agreement for a minority investment from New Mountain Capital. The firm anticipates that this investment will enhance its growth trajectory, foster innovation, and improve client solutions. New Mountain Capital's investment will be executed through New Mountain's Strategic Equity initiative, which targets non-control investments in established companies. Wipfli chief practice officer Kelly Fisher said: 'We selected New Mountain Capital because they recognised what's special about Wipfli—the culture we've built where our approachable style creates deep relationships, leading to breakthrough results. 'We were intentional about finding a partner who values that, so we're positioned to expand our impact, while preserving what makes us who we are.' The specifics of the financial arrangement have not been made public, and the deal is pending regulatory approval and other customary closing conditions. Over the past decade, Wipfli has expanded significantly, achieving annual revenues exceeding $600m, tripling its size, and completing 34 acquisitions. After the transaction is completed, Wipfli will continue to be majority-owned and led by its partners. The firm will adopt a new operational structure, with Wipfli LLP providing licensed CPA attest services and Wipfli Advisory offering business advisory and non-attest services without CPA licensure. New Mountain Capital managing director Nikhil Devulapalli said: 'We have been highly impressed by Wipfli's culture, strong growth track record and its deep commitment to client service and employee success. 'We are excited to partner with Kurt and the firm's leadership team to further accelerate growth, including supporting investments in talent, technology, and acquisitions.' In this transaction, Guggenheim Securities is acting as the financial advisor for Wipfli, while legal counsel is being provided by Simpson Thacher & Bartlett, Godfrey & Kahn SC, and Hunton Andrews Kurth. William Blair and Koltin Consulting Group are the financial advisors for New Mountain Capital, with Kirkland & Ellis and Vedder Price P.C. serving as their legal advisors. "Wipfli secures investment from New Mountain Capital" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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Big Tech's AI Spend Could Reach $400 Billion
Microsoft (NASDAQ:MSFT) and Meta (NASDAQ:META) are pushing Big Tech's AI infrastructure spend toward an estimated $400 billion, with public filings already showing $344 billion this year. The increase is funding data centers, AI ready servers and model training as Morgan Stanley sees the surge adding up to 0.5% to U.S. GDP in 2025 and 2026 and projects $2.9 trillion in related investment from 2025 to 2028. Warning! GuruFocus has detected 7 Warning Sign with MSFT. Microsoft set a record with $24.2 billion in capex last quarter and plans more than $30 billion this quarter, while Amazon (NASDAQ:AMZN) logged $31.4 billion, and Alphabet raised its full year capex forecast to $85 billion. Meta raised the low end of 2025 guidance and is expanding its internal AI unit, signaling further planned Street has reacted unevenly: Microsoft and Meta shares climbed, with Microsoft hitting a $4 trillion value and Meta up more than 8%, while Amazon slid 8% after weak cloud results. Apple remains an outlier with $9.47 billion invested over nine months, up 45% year over year, prioritizing efficiency. This article first appeared on GuruFocus. Sign in to access your portfolio
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Elme offloads $1.6 billion in assets to Cortland Partners, plans sale of rest
(Reuters) -Real estate investment trust Elme Communities on Monday agreed to sell a 19-asset portfolio to Cortland Partners for $1.6 billion in cash, and said it also intends to sell its remaining assets in the next one year. Shares of the company rose 9% in premarket trading. Elme, which operates apartment homes in the Washington, DC, metro and the Atlanta metro regions, estimated its shareholders would receive between $14.50 and $14.82 per share from the deal with Cortland. It also estimated an additional $2.90 and $3.50 apiece from the sale of its ten remaining assets, including the Watergate 600, a 12-floor office building in Washington DC. "Our agreement with Cortland and concurrent decision to move forward with a voluntary liquidation is the culmination of a thoughtful and deliberate review process," said Benjamin Butcher, Lead Independent Trustee at Elme's board. In view of the deal, Elme also withdrew its 2025 financial forecast and is expected to post second-quarter results and renewed full-year expectations on Tuesday. The deal is expected to close in the fourth quarter of 2025. Sign in to access your portfolio
