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Audax Private Equity Completes Exit of Stout

via Business Wire

The sale of Stout is one of two announced exits for the firm’s Financial Services specialization in two months.

Audax Private Equity (“Audax”), a capital partner for middle and lower middle market companies, announced today that it has completed the sale of Stout, a global advisory firm. New York-based Integrum Holdings LP acquired Stout through the transaction, the terms of which were not disclosed. The sale was completed on July 16, 2025.

Headquartered in Chicago with over 1,000 employees across North America, Asia, and Europe, Stout is a global advisory firm specializing in corporate finance, accounting and transaction advisory, valuation, financial disputes, claims, and investigations. Audax made a strategic investment in Stout in 2021.

“When we first invested in the company, we were drawn to the strength of the management team and depth of the firm’s client relationships,” noted Bill Allen, a Managing Director at Audax Private Equity and head of the firm’s Financial Services specialization. “We’re proud of the collaboration and work that went into building upon this foundation. We want to thank the entire Stout team for their partnership over the past four years.”

“Coupled with the diversity of their business and client roster, Stout proved to be a compelling platform through which to execute our ‘value agenda,’ which is Audax’ comprehensive, multi-layered approach to value creation,” added Adam Abramson, a Partner at Audax. “We are looking forward to watching Stout build on this momentum in the years to come.”

During Audax’ hold, Stout saw its employee count and top- and bottom-line performance each grow by more than two times. This was fueled by deep investments in the company’s talent and human capital, as well as 10 acquisitions that complemented organic growth initiatives and accelerated the build out of certain segments, such as Stout’s Valuation Advisory practice and its Disputes, Compliance & Investigations business line.

“Audax Private Equity clearly understands ‘people’ businesses and recognizes the importance of investing in the team and aligning interests to set the stage for accelerated growth,” noted Craige Stout, Chief Executive Officer of Stout. “Audax also demonstrated an intimate understanding of the financial services space. And beyond the extensive resources they brought to the table, the sense of partnership and focus on the future really reinforced our culture of innovation and client service.”

Over the past two months, Audax has announced or completed two exits out of its Financial Services specialization, which was launched in 2021. In addition to Stout, Audax agreed to sell CW Advisors, a transaction that’s expected to close in the third quarter. Since June of last year, Audax has agreed to or completed nine exits across its Flagship and Origins strategies.

William Blair & Company acted as financial advisor and Winston & Strawn LLP and Ropes and Gray LLP served as legal counsel to Stout.

Simpson Thacher & Bartlett LLP served as legal counsel to Integrum.

ABOUT AUDAX PRIVATE EQUITY:

Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 employees, and 100-plus investment professionals, Audax has invested in 175 platforms and more than 1,400 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

ABOUT STOUT:

Stout is a global advisory firm specializing in corporate finance, accounting and transaction advisory, valuation, and financial disputes, claims, and investigations. Stout serves a range of clients, from public corporations to privately held companies in numerous industries. Our clients and their advisors rely on our premier expertise, deep industry knowledge, and unparalleled responsiveness on complex matters. Stout is a trade name for Stout Risius Ross, LLC, Stout Advisors SA, Stout Bluepeak Asia Ltd., Stout GmbH, MB e Associati S.r.l., Stout Park Ltd, and Stout Capital, LLC, a FINRA-registered broker-dealer and SIPC member firm. Learn more at www.stout.com

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