Tracked deals
27
27 tracked deals across 2018-2026.
Consulting Buyers & Acquisitions in Illinois
Buyer mix
Strategic-led
22 strategic · 10 pe
Top trend
Volume peaked in 2022
7 tracked deals announced in 2022.
Primary Insight
What Stands Out
- Chicago-based targets appear across multiple sub-areas, including M&A advisory, HCM/ERP systems integration, executive coaching, and legal-industry consulting/technology.
- Buyers frequently extend capabilities by combining domain advisory with delivery execution (e.g., digital transformation, managed services, HCM implementation, and intelligent automation).
- Several transactions describe added bench strength or service expansion: operator-led consultants (Accordion’s acquisition of FCM), coach networks (ZRG’s acquisition of Bravanti), and specialized legal services expertise (Harbor’s acquisition from Stout).
- Recent deals include both acquisitions and strategic growth investments (e.g., Parthenon Capital’s investment in AArete and BayPine LP’s majority investment in Harbor Global, LLC), with terms often not disclosed.
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Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| J.S. Held | 2 | Global consulting firm providing technical, scientific, f... | Strategic |
| APCO Worldwide | 1 | Global advisory and advocacy consultancy specializing in ... | Strategic |
| Accenture | 1 | Global professional services and consulting firm offering... | Strategic |
| Accordion | 1 | AI- and data-powered financial consulting firm focused on... | Strategic |
| Bain & Company | 1 | Global management consulting firm providing strategic, op... | Strategic |
| BayPine LP | 1 | Private investment firm focused on driving digital transf... | PE |
| Charles River Associates (CRA) | 1 | Global economic, financial, and management consulting fir... | Strategic |
| Ernst & Young LLP | 1 | Global professional services firm providing assurance, ta... | Strategic |
| Genpact | 1 | Global professional services firm delivering digital-led ... | Strategic |
| Gryphon Investors | 1 | Middle-market private equity firm focused on building and... | PE |
Acquisition Volume in Consulting in Illinois by Year
Last 9 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
April 1, 2026
- Buyer
- Resultant, Investcorp (mentioned as Resultant’s parent/owner via board member quote)
- Target
- Liberty Advisor Group
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Buyout
Resultant acquired Liberty Advisor Group, a Chicago-based consulting firm specializing in M&A advisory for private equity firms and large enterprises. The deal combines Liberty’s transaction advisory and deal-lifecycle expertise with Resultant’s data, AI, cybersecurity, and digital transformation execution capabilities.
-
January 8, 2026
- Buyer
- Accordion
- Target
- FCM
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Buyout
Accordion, a New York–based, AI- and data-powered financial consulting firm focused on private equity, has acquired operator-led performance improvement firm FCM. The deal adds about 50 operator-led consultants to Accordion’s capabilities, broadening its performance improvement and operational-diligence offerings to better serve private equity sponsors and their portfolio companies; financial terms were not disclosed.
-
September 10, 2025
- Buyer
- HR Path
- Target
- Next Generation, Inc.
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Buyout
HR Path, a global HR consulting and HRIS solutions provider, has acquired Next Generation, Inc. (NGI), a Chicago-based HCM/ERP consulting and systems-integration firm. The acquisition expands HR Path’s presence in North America and strengthens its workforce management and HCM implementation capabilities.
-
July 9, 2025
- Buyer
- J.S. Held
- Target
- MorrisAnderson
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Buyout
Global consulting firm J.S. Held has acquired MorrisAnderson, a Chicago-based turnaround and restructuring specialist. The acquisition expands J.S. Held’s restructuring, bankruptcy, transaction, and dispute advisory capabilities and gives MorrisAnderson access to J.S. Held’s broader global resources and network of experts.
-
June 24, 2025
- Buyer
- Parthenon Capital
- Target
- AArete
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Growth capital
Parthenon Capital has made a strategic growth investment in AArete, a Chicago-based management and technology consulting firm specializing in profitability improvement and digital transformation for healthcare payers, financial services and the public sector. The capital will be used to accelerate growth initiatives, broaden AArete’s service offerings, and support acquisitions while existing employees and leaders remain significant shareholders.
-
- Buyer
- BayPine LP
- Target
- Harbor Global, LLC
- Seller
- Renovus Capital Partners
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Recapitalization
BayPine LP has made a majority investment in Harbor Global, a Chicago-based provider of consulting and technology services to the legal industry. Renovus Capital Partners, Harbor's initial private equity sponsor, will remain a significant investor alongside Harbor's management team; terms were not disclosed.
-
September 18, 2024
- Buyer
- ZRG
- Target
- Bravanti
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Addon
ZRG, a global talent advisory firm backed by RFE Investment Partners, has acquired Bravanti, a Chicago-based advisory firm specializing in executive coaching, leadership development, and outplacement/career transition services. The acquisition expands ZRG's Consulting & Advisory Services capabilities and brings Bravanti's global cadre of coaches into ZRG while Bravanti's leadership team will continue to operate the business; financial terms were not disclosed.
-
September 16, 2024
- Buyer
- Richardson Sales Performance, Truelink Capital
- Target
- Challenger
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Addon
Richardson Sales Performance, backed by Truelink Capital, has acquired Challenger, the firm behind the Challenger selling methodology. The deal combines Richardson's role-based sales capability offerings with Challenger's research-driven approach and technology to expand the combined company's training, analytics and learning solutions for B2B sales organizations.
-
February 20, 2024
- Buyer
- The Center for Sales Strategy
- Target
- Robertson Lowstuter
- Seller
- Carolyn Lowstuter, Clyde Lowstuter
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Buyout
The Center for Sales Strategy (CSS) has acquired Robertson Lowstuter (R|L), a global executive coaching and leadership development consultancy. R|L will operate as a wholly-owned subsidiary of CSS, with founder leadership supporting a 12-month transition as CSS expands its executive coaching and leadership development capabilities.
-
October 17, 2023
- Buyer
- Harbor
- Target
- Stout Legal Management Consulting practice
- Seller
- Stout
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Divestiture
Harbor has acquired the Legal Management Consulting practice from Stout to expand its advisory and managed-service capabilities in e-discovery, legal hold, data preservation, enterprise legal management (ELM) and contract lifecycle management (CLM). The former Stout team—recognized for advising corporate law departments and having served 125 Fortune 500 law departments—will enable Harbor to deliver expanded advisory and managed services to corporate legal departments and law firms.
-
July 13, 2023
- Buyer
- The Vertex Companies, LLC, Wind Point Partners
- Target
- Breakwater Forensics, LLC
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Addon
The Vertex Companies, a portfolio company of Wind Point Partners, has acquired Breakwater Forensics, LLC, a Chicago-based expert witness and business consulting firm. The deal expands Vertex's forensics and expert testimony capabilities and strengthens its North American professional services bench.
-
- Buyer
- Bain & Company
- Target
- Ashling Partners
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Growth capital
Bain & Company has formed a strategic alliance and made a direct investment in Ashling Partners, a Chicago-based intelligent automation consulting and implementation firm backed by THL. The move deepens collaboration within Bain's Vector digital practices to scale automation and managed-services capabilities for enterprise clients across industries.
-
March 16, 2023
- Buyer
- APCO Worldwide
- Target
- Gagen MacDonald
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Buyout
APCO Worldwide, a global advisory and advocacy consultancy, has acquired Gagen MacDonald, a human-centered transformation and employee engagement consultancy. Gagen MacDonald will operate as a wholly owned subsidiary led by Founder and CEO Maril MacDonald and its team will integrate with APCO’s global advisory capabilities to strengthen change, culture and employee-engagement services.
-
December 7, 2022
- Buyer
- Ryan
- Target
- Kane, McKenna and Associates, Inc.
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Buyout
Ryan, a global tax services and software provider, has acquired Kane, McKenna and Associates, Inc. (KMA), a Chicago-based economic development and public finance advisory firm. The acquisition adds eight professionals, including founding partner Phil McKenna, and strengthens Ryan's Credits and Incentives practice by expanding its tax increment financing (TIF) capabilities and footprint in Illinois.
-
November 29, 2022
- Buyer
- Charles River Associates (CRA)
- Target
- bioStrategies Group, Inc.
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Buyout
Charles River Associates (CRA) acquired substantially all assets of bioStrategies Group, a Chicago-based life sciences commercial strategy consulting firm, and retained 17 employees. The deal expands CRA's Life Sciences Practice capabilities and geographic presence by adding experienced consultants including Mike Kaestle and Chris Schneider.
-
November 15, 2022
- Buyer
- Renovus Capital Partners
- Target
- HBR Consulting (Advisory business)
- Seller
- HBR Consulting (legacy company)
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Growth capital
Private equity firm Renovus Capital partnered to acquire HBR Consulting's Advisory business, effective November 10, 2022. The transaction separates the Advisory unit to operate independently with leadership led by Matt Sunderman and provides growth capital to accelerate expansion in the legal consulting market.
-
November 2, 2022
- Buyer
- McKinsey & Company
- Target
- SCM Connections
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Buyout
McKinsey & Company has acquired SCM Connections, a Chicago-based consultancy specializing in advanced, technology-enabled supply chain planning and Advanced Planning and Scheduling (APS) implementations. The acquisition expands McKinsey’s supply chain and McKinsey Digital capabilities to deliver end-to-end, technology-enabled supply chain planning transformations for clients across manufacturing and other industries.
-
October 1, 2022
- Buyer
- Stout
- Target
- The Claro Group, LLC
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Addon
Stout acquired The Claro Group, LLC, a financial, economic, and management consulting firm, adding a team of 92 professionals and expanded capabilities in insurance claims, economic consulting, and restructuring. The transaction became effective October 1, 2022 and represents Stout's fourth acquisition since Audax Private Equity invested in the firm.
-
June 30, 2022
- Buyer
- Riveron Consulting, LLC, H.I.G. Capital
- Target
- Clermont Partners
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Addon
Riveron, a national business advisory firm and portfolio company of H.I.G. Capital, has acquired Clermont Partners, a women‑owned ESG, investor relations, and strategic communications consultancy. The acquisition (terms not disclosed) adds a 35‑person team across Chicago and Washington, D.C., and expands Riveron's ESG and investor relations capabilities by creating a new ESG and Strategic Communications practice.
-
March 30, 2022
- Buyer
- J.S. Held
- Target
- Ocean Tomo LLC
- Seller
- Bow River Capital, Sinofaith IP Group
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Buyout
J.S. Held, a global consulting firm, has acquired Ocean Tomo LLC, an intellectual property and intangible-asset advisory specialist headquartered in Chicago. The deal brings more than 80 Ocean Tomo professionals into J.S. Held and provides an exit for Ocean Tomo institutional investors Bow River Capital and Sinofaith IP Group.
-
December 9, 2021
- Buyer
- The Planet Group, Odyssey Investment Partners
- Target
- Strive Consulting
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Addon
The Planet Group, a portfolio company of Odyssey Investment Partners, has entered into an agreement to acquire Strive Consulting, a full-service technology consulting firm headquartered in Chicago. The acquisition expands Planet's technology consulting, advisory, and staffing capabilities by adding Strive's ~400 professionals and offices across several U.S. cities.
-
August 3, 2021
- Buyer
- New Mountain Capital
- Target
- Bounteous
- Seller
- Mountaingate Capital
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Buyout
New Mountain Capital has made a strategic investment in Bounteous, a Chicago-based digital experience consultancy, acquiring the company from Mountaingate Capital. The partnership will support investments in talent, new service offerings, and Bounteous' Co-Innovation methods while the existing management team remains in place.
-
July 27, 2021
- Buyer
- Accenture
- Target
- HRC Retail Advisory
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Buyout
Accenture has entered into an agreement to acquire HRC Retail Advisory, a retail-focused strategy consultancy whose team of more than 30 people across North America will join Accenture's Retail Strategy group. The deal, which expands Accenture's retail strategy, analytics and performance-improvement capabilities, is subject to customary closing conditions; financial terms were not disclosed.
-
- Buyer
- WestView Capital Partners
- Target
- The Shelby Group, LLC
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Growth capital
Boston-based private equity firm WestView Capital Partners has completed a growth investment in The Shelby Group, a Schaumburg, Illinois–based e-procurement transformation and optimization consultancy. The Shelby Group's leadership (CEO John Dreyer and EVP Jim Kandilas) will remain in place and retain significant ownership as the company uses the capital to scale service delivery capabilities and advance its proprietary digital procurement solutions.
-
October 15, 2019
- Buyer
- Genpact
- Target
- Rightpoint
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Buyout
Genpact has signed a definitive agreement to acquire Chicago-based digital consultancy Rightpoint to combine experience innovation with Genpact's process and digital capabilities. Rightpoint will continue to be led by co-founder Ross Freedman as CEO and will expand its offerings and global reach through Genpact's client base and platform.
-
April 19, 2019
- Buyer
- Jensen Hughes, Gryphon Investors
- Target
- Hillard Heintze
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Addon
Jensen Hughes, a portfolio company of Gryphon Investors, has acquired Hillard Heintze, a market leader in strategic security risk management and investigations. The add-on expands Jensen Hughes' security and emergency management capabilities and integrates Hillard Heintze's services for Fortune-ranked enterprises, sports leagues, law enforcement agencies, and private clients.
-
March 22, 2018
- Buyer
- Ernst & Young LLP (EY)
- Target
- Sonoma Partners
- Industry
- Consulting
- Location
- Illinois, United States
- Type
- Buyout
Ernst & Young LLP (EY) has acquired Chicago-based Sonoma Partners, a consulting firm specializing in Microsoft Dynamics CRM and Salesforce CRM solutions. The deal brings more than 100 Sonoma practitioners into EY's U.S. Digital, Data and Analytics practice to expand EY's CRM and digital transformation delivery capabilities.
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Frequently Asked Questions
Which consulting subsectors are most represented in Illinois deals?
The page shows activity across M&A advisory, HR/HCM and systems integration, legal-industry consulting and technology, restructuring/turnaround and expert services, coaching and career transition, and sales training/analytics, along with intelligent automation and managed services.
Are these Illinois consulting transactions focused on Chicago?
Many listed deals involve Illinois, United States, and several targets are described as Chicago-based (for example, Liberty Advisor Group, Next Generation, Inc. (NGI), MorrisAnderson, Bravanti, and Breakwater Forensics, LLC).
Do buyers typically add implementation capabilities, not just advisory services?
Yes. Several deal summaries emphasize combining advisory depth with execution capabilities—such as digital transformation delivery, HCM/ERP implementation, intelligent automation implementation, and managed services for legal teams.
Are deal terms (financial details) disclosed for all transactions?
No. Several entries explicitly note that financial terms were not disclosed.
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