CFGI LLC (CFGI or the Company) a leading non-audit accounting advisory firm in the United States announced today that funds advised by CVC Capital Partners (CVC) have agreed to acquire a significant interest in the Company valuing CFGI at approximately $185 billion All existing shareholders are reinvesting in the transaction in partnership with CVC including funds managed by global investment firm Carlyle (NASDAQ: CG) Co-Founders and Co-CEOs Nick Nardone and Shane Caiazzo and the partners of CFGI Additional terms of the transaction were not disclosed

Founded in 2000 and headquartered in Boston Massachusetts CFGI serves the Office of the CFO as an independent advisor to assist with complex accounting and process improvement needs This includes technical accounting support financial planning & analysis capital markets and transaction advisory business process transformation risk management valuation and tax advisory services for clients from a wide range of sectors including healthcare technology financial services energy and manufacturing Operating without the restrictions created by auditor independence regulations the Company serves over 2500 clients nationally with a team of over 650 professionals across 12 offices

All CFOs need a non-audit partner to help them achieve their objectives and this is where CFGI fits in We bring all the skills that CFOs need to succeed both for regulatory compliance and long-term value creation Staffed by a team of former SEC reviewers Big 4 accountants PE professionals and operational business advisors we are there for CFOs on all of their most important objectives – whether it's IPO or audit readiness implementation of a new accounting standard transaction support building a road map for digital transformation risk management valuation tax or process improvement Our clients benefit from our national office expertise without the hassle of auditor independence said Co-CEOs Nick Nardone and Shane Caiazzo We are thrilled to be partnered with not one but two of the world's largest private equity firms as we continue into our next phase of growth

We originally became aware of CFGI as a customer of their services and were quickly impressed with their capabilities and business model Their ability to bring national office expertise both for transactional and operational support is highly compelling and we believe CFGI is uniquely positioned to continue to capitalize on the underlying market trends that drive robust demand for their services said Daniel Brand Senior Managing Director and US Co-Head of Business Services at CVC We look forward to working closely with their world-class management team as well as Carlyle to accelerate the already compelling growth opportunities while continuing to focus on delivering best-in-class services to the Company's Fortune 1000 and private clients

We are proud of CFGI's tremendous growth over the past three years of our partnership and the work that Nick Shane and the team have done to build the nation's leading non-audit accounting advisory firm said John Redett Managing Director and Head of Global Financial Services at Carlyle Given the strong industry tailwinds and CFGI's clear value proposition we have great confidence in the Company's continued success and we are thrilled to partner with CVC to support CFGI in its next chapter

Going forward CFGI will continue to be a privately held independent firm under its existing leadership team and with ongoing dedication to delivering superior services to its clients Upon completion of the transaction members of the management team and employees will continue to hold meaningful equity stakes in the firm reflecting a strong alignment of interests across CFGI's capital base executives partners and their clients

The transaction is expected to close in the fourth quarter of 2021 subject to customary closing conditions and receipt of required regulatory approvals Nelson Mullins Riley & Scarborough served as legal advisor for CFGI Wachtell Lipton Rosen & Katz acted as legal advisor for Carlyle Weil Gotshal & Manges LLP acted as legal advisor for CVC

About CFGI

CFGI is the leading non-audit accounting and finance advisory firm to the Office of the CFO Since its founding over 20 years ago CFGI has become the nation's leading independent advisor assisting companies with effective compliance and continuous operational improvement  CFGI's team of over 650 professionals serves thousands of clients across its 12 offices leveraging their expertise in capital markets accounting and tax advisory technology risk management valuation and business process transformation  To learn more visit wwwcfgicom

About CVC

CVC is a leading private equity and investment advisory firm with a network of 25 offices throughout Europe Asia and the US with approximately US$125 billion of assets under management Since its founding in 1981 CVC has secured commitments in excess of US$165 billion from some of the world's leading institutional investors across its private equity and credit strategies Funds managed or advised by CVC are invested in 90 companies worldwide which have combined annual sales of over US$100 billion and employ more than 440000 people For further information about CVC please visit:  wwwcvccom

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity Global Credit and Investment Solutions With $276 billion of assets under management as of June 30 2021 Carlyle's purpose is to invest wisely and create value on behalf of its investors portfolio companies and the communities in which we live and invest Carlyle employs nearly 1800 people in 27 offices across five continents Further information is available at carlylecom Follow Carlyle on Twitter @OneCarlyle

For CVC:

Nick Board +44 (0)20 7420 4200 [email protected] 

For Carlyle:

Brittany Berliner +1 (212) 813-4839 [email protected]