Atlanta-based Aprio is the latest top 100 accounting firm to jump on the private equity gravy train, announcing on Thursday that Boston-based investment firm Charlesbank Capital Partners has agreed to buy a stake in the firm.

Financial terms of the deal, which is expected to close later this summer, weren’t disclosed. The transaction is subject to regulatory approval and other standard closing conditions.

Aprio said in a media release that the infusion of private equity funding will be used “to accelerate innovation and growth of the business.” Charlesbank is a middle-market private investment firm with more than $18 billion of capital raised since its inception in 1998. This is Charlesbank’s first foray into the accounting profession.

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Aprio has grown by leaps and bounds over the past three years. The accounting firm, among the 30 biggest in terms of revenue in the U.S., has added 15 new locations globally and bolstered capabilities across several high-growth industries, including manufacturing and distribution; real estate; restaurant, franchise, and hospitality; not-for-profit and education; high-net-worth and family office; and technology.

In addition, Aprio has completed 28 business combinations since 2016.

Charlesbank’s investment in Aprio is expected to accelerate the firm’s growth and allow it to further invest in talent, technology, and corporate infrastructure. The private equity funding will also enable Aprio to continue its geographic expansion and growth within strategic service capabilities and markets, the firm said.

Richard Kopelman

“As our profession continues to rapidly evolve, our partnership with Charlesbank is an important leap forward in our ability to bring state-of-the-art solutions to top business leaders while making investments that will benefit our team, clients, and communities. We are building the business advisory firm of the future, and Charlesbank shares our vision and commitment,” Aprio CEO Richard Kopelman said in a statement. “Aprio is poised to advance to the next level, and we are excited about the opportunity to best serve our clients and fast-track our growth with a widely respected partner.”

Once the deal is finalized, Aprio said it will operate as an alternative practice structure. Aprio LLP, a licensed CPA firm, will provide attest services, while Aprio Advisory Group LLC will provide business advisory, tax, and other non-attest services. Aprio LLP will operate as a separate legal entity.

The separation of audit and non-audit services through the deal allows Aprio to comply with securities laws prohibiting conflicts of interest that could impair the objectivity of the firms’ auditors.

The Financial Times reported in June that the Aprio deal was in the works. Charlesbank evaluated seven firms in the accounting sector, but Aprio emerged as the top target, Michael Choe, managing director and CEO at Charlesbank, said on Thursday, according to Washington Business Journal.

“Aprio’s deep commitment to client service and innovation over its 72-year history has made it a stand-out player in the accounting and business advisory space, and we have been thoroughly impressed by the focused leadership Richard and the partnership have demonstrated in achieving robust growth and building an unmistakable culture of excellence,” Choe said in a statement. “We look forward to leveraging our deep professional services expertise to work closely with Aprio in fueling further innovation and building a truly exceptional integrated professional services platform.”

Aprio joins Grant Thornton, Baker Tilly, Sikich, Citrin Cooperman, EisnerAmper, and Cherry Bekaert, which all have inked deals with private equity firms within the past three years.