Private Equity-Backed Consulting Acquisitions

Southfield Capital has made a strategic growth investment in The Perfect Franchise (TPF), a franchise advisory and consulting firm, to support the company's expansion and enhance its advisory platform. TPF will remain under current leadership with founder and CEO Mark Schnurman continuing to run day-to-day operations while Southfield provides capital, operational support, and strategic resources.

Audax Private Equity has acquired a majority stake in Keystone, purchasing the global technology and advisory services practice from RLH Equity Partners in a recapitalization that closed January 2, 2026. Concurrently, Keystone spun out its Core AI business as an independent B2B AI SaaS company (Keystone.AI) with RLH retaining a minority stake; Jeff Marowits was named CEO and Greg Richards will remain as a senior strategic advisor.

Heidrick & Struggles has been taken private in a approximately $1.3 billion transaction led by Advent International and Corvex Private Equity with participation from a global network of strategic investors including Salem Capital Management, Mousse Partners, TF Cornerstone, HighSage Ventures and Barcliff Partners. The deal, which includes a substantial co-investment from Heidrick & Struggles leaders and partners, will support the company's multi-year growth strategy and investments in new technologies and capabilities while the business continues operating under its current brand.

YA Group, a Nashville-based building consulting and forensic engineering firm, has acquired J.M. Reagan Consulting (JMR), a Houston-based property damage and construction claims consulting business. The add-on strengthens YA's presence in Texas and expands its construction consulting capabilities for insurance-sector clients; the deal was finalized December 8, 2025.

L Squared Capital Partners has made a significant growth investment in Ergo, a New York–headquartered geopolitical and strategic intelligence firm. The capital will support Ergo's organic growth, expand its go-to-market initiatives (including the Flashpoints Forum membership), and enable strategic acquisitions while Ergo's management retains a significant ownership stake.

Guideboat Capital Partners, a Dallas-based private equity firm, acquired P3 Cost Analysts Franchise, LLC, a Fayetteville, Arkansas cost-reduction consulting firm, with the transaction closing on October 22, 2025. P3 provides shared-savings cost reduction services across utilities, telecommunications, waste management and other overhead categories; Guideboat intends to partner with the founder-led team to support growth and long-term value creation.

Consertus, a new platform backed by Round Table Capital (RTC) Partners, announced its launch and the integration/acquisitions of ten AEC and capital-program advisory firms — including Kal Krishnan Consulting Services (KKCS) and The Wells Partnership (TWP). The moves create a single, technology-forward capital program management and advisory platform (Consertus) with more than 800 professionals and expanded geographic and capability coverage.

Grant Thornton Advisors LLC has acquired Stax, a global strategy consulting firm specializing in commercial due diligence, value creation and exit-planning services. The deal (supported by New Mountain Capital) adds approximately 300 Stax professionals to Grant Thornton Advisors' multinational transaction advisory platform; Blue Point Capital Partners exited the investment.

Shore Capital Partners has completed a partnership with Optis Consulting, a Vancouver-based source-to-pay (S2P) consulting and implementation firm. Shore will support Optis's growth by joining the board, investing in organic growth, expanding service offerings, and selectively evaluating acquisitions to scale the platform.

Epiq has acquired Inflection IT, a specialist consultancy for Intapp platform implementations, and will integrate its consultants into Fireman, an Epiq advisory business focused on law firms. The acquisition expands Epiq's Intapp and legal-technology implementation capabilities to better serve law firms and corporate legal departments.

Parthenon Capital has made a strategic growth investment in Embark, a Dallas-based management and financial consulting firm, to accelerate the company's organic growth and M&A strategy while expanding its technology and AI capabilities. Founder Paul Allen will remain Chairman and retain a significant ownership stake as Embark pursues investments in automation, AI, talent, and expanded advisory services.

Lightcast has acquired UK-based consultancy Skill Collective to combine Skill Collective's workforce transformation consulting with Lightcast's global skills intelligence and data platform. Skill Collective will operate as "Skill Collective – a Lightcast Company," continuing consulting engagements while gaining access to Lightcast's taxonomy, labor-market insight, and infrastructure to scale skills transformation for enterprise clients.

Argano, a global specialist consultancy and portfolio company of Trinity Hunt Partners, has acquired HyBridge Solutions, a cloud-focused consulting firm specializing in workforce management (WFM), human capital management (HCM) and cloud ERP implementations. The add-on expands Argano's healthcare expertise and performance consulting capabilities while bolstering its UKG and Infor platform offerings and managed services.

Trivest Partners has made a growth investment in Applied Value Group, a New York–headquartered management consulting firm specializing in cost and capital efficiency improvements. The capital will be used to scale Applied Value's offerings, broaden capabilities, expand its reach (notably in North America and the Nordics), pursue targeted add-on acquisitions, and attract talent; terms were not disclosed.

European private equity firm Waterland has entered a strategic minority investment partnership with Chemservice, a regulatory compliance and regulatory affairs consultancy serving the chemical industry. The founders will retain a significant minority stake and remain in management as Waterland supports Chemservice’s organic expansion and targeted M&A to accelerate international growth and broaden its service offering.

2X, the subscription-based go-to-market services leader, has acquired Outbound Funnel, a revenue operations consultancy specializing in AI-powered sales engagement and revenue intelligence platform implementations. The acquisition expands 2X's RevOps and GTM technology capabilities, adding deep platform implementation, migration, and managed services expertise to its subscription-managed services portfolio.

Monument Advocacy, backed by private equity partner Everlane Equity Partners, has merged with/acquired Horizon Government Affairs to bolster its health care lobbying capabilities. The add-on expands Monument's platform to capitalize on overlaps between technology and health care policy (including cybersecurity and AI) and strengthens its public affairs and food & agriculture practices.

Sia, a global management consulting group, has acquired Precedence, a Netherlands-based consulting firm focused on process, technology, data & AI, and people change. The deal expands Sia's Dutch footprint (adding offices in Maastricht and Utrecht), strengthens its data & AI capabilities, and brings Precedence's founders into Sia as partners.

Funds managed by TorQuest Partners purchased GlassRatner (B. Riley’s advisory services business) from B. Riley Financial for $117.8 million. B. Riley expects to record a gain of approximately $66 million on the sale; TorQuest plans to invest in GlassRatner as a platform to support growth and expand its advisory capabilities.

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.

Compliance Risk Concepts (CRC), a New York-based enterprise risk and compliance consulting firm, has acquired Oyster Consulting, LLC, a Glen Allen, Virginia strategic consulting and operations partner for financial services. The deal — completed June 20, 2025 — creates the combined CRC-Oyster platform to expand capabilities, regulatory technology offerings and professional capacity for financial services clients; CRC is PE-backed following a January 2024 growth investment from MidOcean Partners.

SolomonEdwards has acquired Pencek Advisors and launched a dedicated Private Equity Services platform to support lower- to middle-market PE firms and their portfolio companies. The acquisition formalizes an existing partnership and brings Matt Pencek into SolomonEdwards to lead the new service offering; Renovus Capital Partners is the majority investor in SolomonEdwards.

Oakley Capital Origin II has agreed to acquire a majority stake in Join Business Management Consulting (JBMC), an Italian management and IT consultancy headquartered in Siena focused on the Financial Services sector. Oakley will support JBMC's growth through investment in business origination, capability development and buy-and-build activity, with OCI (Oakley Capital Investments Limited) providing an indirect contribution of approximately £8 million.

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.

Crosslake Technologies, a data-driven technology advisory firm backed by Falfurrias Management Partners, has acquired Lucen Partners, a boutique product and software advisory firm. Lucen co-founders Manoj Narayanan and Cynthia Williamson join Crosslake as managing directors to expand Crosslake's product and software value-creation capabilities; terms were not disclosed.

Argano, a Plano, Texas-based digital services consultancy, has acquired Anavate Partners, a Phoenix-based Anaplan-focused planning and forecasting specialist, as part of Argano's accelerated 2025 acquisition program. The deal expands Argano's enterprise planning, forecasting and automation capabilities across finance, sales, marketing and supply chain and represents the company's fourth acquisition in 2025 and twentieth since founding.

Ducker Carlisle, a Boathouse Capital–backed U.S. market research and strategy consulting firm, has merged with Munich Strategy, a German consultancy focused on the building, construction and industrial sectors. The combination more than doubles Ducker Carlisle’s footprint in Europe, creates a 200+ person global team and gives Munich Strategy’s clients access to Ducker Carlisle’s U.S. consulting resources.

E Source, a utilities-focused research, data science and consulting company, has acquired ILLUME Advising, a boutique research and program-evaluation consultancy for the energy and utility sector. The deal, executed by E Source (which is backed by Align Capital Partners), is an add-on intended to expand E Source's program evaluation, human-centered research and customer-insight capabilities for utility clients across North America.

Gyrus Capital, a European investment firm, will acquire a majority stake in ACBC (Anything Can Be Changed), a Milan-based B Corp specializing in sustainable fashion R&D, product innovation and circular solutions. The investment will support ACBC's international expansion, service diversification and targeted acquisitions while the co-founders and management reinvest and remain involved.

Aperture, LLC, a Genstar-backed provider of forensic expertise and litigation support, has acquired QSI Consulting, Inc., a St. Louis-based forensic economics and expert witness firm. The acquisition expands Aperture's service capabilities in telecommunications economic analysis and litigation support.

Northern Commerce, a digital transformation consultancy backed by Beringer Capital, has acquired Freedom Marketing, a Virginia-based digital asset management (DAM) and content supply chain consultancy, and Project 3 Consulting, a Wisconsin-based data and marketing technology consultancy specializing in analytics and customer data platforms (CDP). The add-on acquisitions expand Northern's capabilities across content supply chain, DAM, analytics and CDP implementations and deepen partnerships with technology providers including Adobe, Google, and Tealium as part of a broader North American growth strategy.

TowerBrook Capital Partners has made a majority equity investment in Berkeley Research Group (BRG), a Washington, D.C.-based expert services and consulting firm. As part of the transaction, existing investor Endeavour Capital will exit, BRG's management team will remain in place under CEO Tri MacDonald, and a syndicate led by Royal Bank of Canada will provide committed financing.

Ankura Consulting Group has acquired Red Flag Global, a strategic communications and public affairs agency founded in 2013 with offices in Dublin, Brussels, London, Washington, DC, and Cape Town. The acquisition brings Red Flag's campaign, public affairs, and strategic communications capabilities into Ankura's Global Strategic Advisory practice to expand Ankura's client-facing capabilities in policy, regulatory, trade, and reputational matters.

HR Path has acquired Talent at Work GmbH, a German leadership training, coaching and consulting firm, to strengthen its presence in Germany and broaden its leadership development capabilities. The move integrates Talent at Work's expertise into HR Path's global HR consulting and HRIS services, supporting the firm’s expansion across Europe.

Full Spectrum Franchise Consulting, a portfolio company of L2 Capital, has acquired FranDevCo, a franchise development and sales organization headquartered in Cornelius, North Carolina. The acquisition expands Full Spectrum's franchise consulting, development, marketing and lead-generation capabilities and brings experienced franchising leaders Rob Weddle and J. Patrick Galleher onto the board of Full Spectrum.

OutSolve, a Metairie, Louisiana-based provider of employment compliance solutions, has acquired North Carolina-based AAP Consultants LLC, a firm specializing in affirmative action planning and OFCCP audit support. The deal expands OutSolve’s compliance capabilities and client offerings as the company integrates AAP Consultants’ services into its suite of HR compliance solutions.

Coalesce Capital completed a majority recapitalization investment in Pearl Meyer & Partners, with Main Street Capital Corporation exiting its debt and equity investments. Pearl Meyer, a Wellesley, Massachusetts-based leader in executive compensation and leadership consulting, will partner with Coalesce to support the firm's next phase of growth.

Coalesce Capital has completed a majority growth recapitalization of executive compensation and leadership consultancy Pearl Meyer, with Pearl Meyer's management retaining a meaningful stake. The investment will support Pearl Meyer's next phase of growth through talent development, the addition of complementary capabilities and service areas, and investments to enhance client service capabilities; existing minority institutional investors have exited.

Rivean Capital will acquire a majority stake in Valcon, the Utrecht-based digital transformation consultancy, subject to ACM approval and consultation with Valcon's Dutch works council. Waterland will be replaced as majority investor but will remain a minority shareholder; the investment is intended to accelerate Valcon's organic and acquisitive growth, expand capabilities (including AI and data services) and strengthen its position across Northwestern Europe.

Funds managed by Blackstone's private equity strategy will make a minority investment of up to €250 million in Sia Partners. Founder and CEO Matthieu Courtecuisse retains a significant majority stake and will continue to lead the firm; the capital will support Sia's U.S. expansion, capability development (notably in AI), and strategic M&A.

RLH Equity Partners has made a growth investment in The Asia Group (TAG), a Washington, D.C.-based geopolitical consulting firm that combines AI and human intelligence to advise corporations and investors operating across the Indo-Pacific. The partnership will support TAG's investments in talent, geographic expansion across Asia, and enhancement of its technology and functional capabilities.

Growth Catalyst Partners, a U.S. middle-market private equity firm, has acquired U.K.-based InspiredMinds!, a global AI strategy group and events community. Growth Catalyst will integrate InspiredMinds! into its Data Society Group platform while the business continues to operate independently and plans to launch its festival-style AI summits in the United States in 2025.

Tyto Athene, a Herndon, Virginia-based federal systems integrator and portfolio company of Arlington Capital Partners, has acquired Key Solutions, Inc. (KSI), a Washington, D.C.-area bid and proposal development consulting firm. The add-on strengthens Tyto's Proposal Center of Excellence and capture/proposal capabilities to accelerate growth in the government contracting market.

OutSolve, a portfolio company of The Riverside Company, has acquired Labor Law Center to expand its suite of labor and employment compliance solutions. Kian Capital Partners will continue as a meaningful minority investor in the combined business, creating a larger, integrated compliance platform serving employers nationwide.

HR Path, a global HR consulting firm, has acquired IN-RGY, a Quebec-based HR digital transformation and HRIS consulting firm, to strengthen its presence in Canada and North America. The deal follows HR Path’s €500 million fundraising from Ardian and will see IN-RGY operate as "IN-RGY, an HR Path Company," with its leadership and teams remaining in place.

VSS Capital Partners completed a platform investment in Treya Partners, a San Francisco–based procurement and strategic sourcing consulting firm serving mid-market private equity-backed companies. Financial terms were not disclosed; Treya will partner with VSS to expand product offerings and pursue strategic M&A as part of a buy-and-build growth plan.

Dark Horse Consulting Group (DHC), a WestView Capital Partners–backed consulting platform, has acquired BioTechLogic, Inc., a CMC, manufacturing, quality and regulatory consulting firm serving biopharma and advanced therapies. The deal combines BioTechLogic's hands-on technical operations expertise with DHC's strategic CGT capabilities to expand service offerings across biologics, vaccines and cell & gene therapy clients.

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.

Riveron, a Kohlberg & Company–backed business advisory firm, has acquired Effectus Group, a San Jose–based accounting advisory and financial operations firm. The deal expands Riveron's West Coast presence and strengthens its technical accounting, capital markets, and managed accounting capabilities for high-growth technology and life sciences clients.

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.