E78 Partners, a fast-growing provider of finance, accounting and technology solutions to the private capital industry, announced today that funds advised by Further Global Capital Management, a private equity firm focused on financial services businesses, have made an investment in the company. The partnership with Further Global will provide E78 with the capital and resources to accelerate growth and expand the company’s service offering and geographic footprint. Following the transaction, members of the E78 management team and its employees will continue to hold meaningful equity stakes in the company. Additional terms of the transaction were not disclosed.
E78 Partners provides private equity firms, portfolio companies and corporate clients with a comprehensive suite of services and technology-enabled solutions designed for the office of the CFO. The company was founded by two former private equity professionals in Chicago in 2016, CEO John Signa and CFO Adam East, who have overseen the company’s strategic expansion into eight additional markets: Austin, Dallas, Charlotte, New York City, Los Angeles, San Francisco, Seattle and Portland. Today, the firm serves as an extension of its clients’ teams representing over 100 alternative investment fund managers, including private equity, venture capital, hedge and real estate funds. As an outsourced provider of CFO and fund administration services to the alternative investment industry, E78 is responsible for more than $30 billion in assets under administration. Additionally, E78 works with hundreds of private equity and venture capital-backed portfolio companies providing a range of finance, accounting and technology solutions that support value creation initiatives and operational efficiency across the office of the CFO. The company has a team of more than 250 professionals across 8 offices.
E78 recently completed a series of strategic acquisitions that have positioned the company as one of the leading providers of professional solutions to the private capital industry. Over the past year, E78 has acquired four companies: Agile Fund Solutions, a provider of institutional-quality outsourced CFO, COO and CCO consulting services to the alternative investment industry; NextLevel, a provider of C-suite financial and operational management consulting services; 9Gauge Partners, a firm specializing in serving the needs of venture capital- and private equity-backed portfolio companies; and Stride Accounting Solutions, a finance-as-a-service firm that delivers institutionally backed, high-growth organizations a range of managed accounting and finance services. E78 plans to leverage the partnership with Further Global to continue its M&A strategy, focusing on firms that further enrich and expand the service offering.
John Signa, CEO and founder of E78 Partners, said, “Over the years, we’ve been highly selective when it comes to the partners we choose to work with – all of our relationships are built on a common vision of value-directed growth and an appreciation for our core principles of expertise, entrepreneurial drive, collaborative effort and mutual respect. That’s what makes Further Global such an ideal fit for us; they share our culture and ambition in every regard, and we feel privileged to move forward with them. Our exceptional team has achieved great success in the past few years, and with Further Global as our partner, we are better positioned than ever to introduce our unique business model to the broader private equity industry and accelerate our growth through M&A.”
Max Baumrin, a partner at Further Global Capital Management, said, “We have been following the success story at E78 for a long time and are thrilled to be partnered with John and the management team for the next phase of the company’s growth. Over the past five years, the E78 team has built an impressive platform that delivers value-added services to the private equity industry, where we see significant tailwinds. We look forward to supporting E78’s continued expansion both organically and through acquisitions.”
E78 Partners was advised by Houlihan Lokey as financial advisor and Katten as legal counsel. Further Global was advised by Kirkland & Ellis as legal counsel. Debt financing for the transaction was provided by Churchill Asset Management.
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