Wayne-based accounting and consulting firm Stephano Slack has sold a majority ownership stake to Chicago private equity firm Madison Dearborn Partners, writes Jeff Blumenthal for the Philadelphia Business Journal.
CEO Mike Stephano originally said the firm had no interest in outside equity, but months of discussions with Madison Dearborn helped change his mind. The firm’s pitch was simple: keep Stephano Slack’s name, keep its executives, and use the new capital to grow its regional leadership.
The deal also includes participation from New York-based Norlantic Capital, but the terms remain undisclosed. Stephano, who founded the firm in 2004, will continue as CEO and managing partner. Former Grant Thornton COO Jim Brady, an adviser to Madison Dearborn, will join as executive chairman.
“This gives us access to capital and people,” said Stephano. “The ability to supercharge the growth is the most important thing.”
Stephano Slack has completed four acquisitions since December 2023, growing from 60 to 135 employees over the past five years and pushing annual revenue from $18.6 million in 2024 to roughly $30 million in 2025.
As part of the transaction, the firm will split into two entities under an alternative practice structure. Stephano Slack will handle functions such as audit and assurance, while a new advisory arm will manage tax, consulting, and other services.
The structure is common in private equity-backed accounting deals. It allows outside investors to own and scale the non-audit side of the business while keeping the independence that CPA firms are required to legally maintain.
Read more on the deal and Stephano Slack’s plans for future growth at the Philadelphia Business Journal.
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