The accounting firm expects the investment to strengthen its balance sheet and provides flexibility for investing in technology and new service lines. Credit: Volha_R/Shutterstock.

US-based accounting, tax, and advisory firm PKF O’Connor Davies (PKF) has secured growth investment from Bahrain-based private equity group Investcorp and Canadian firm Public Sector Pension Investment Board (PSP Investments).

Financial terms of the transaction were undisclosed.

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The proceeds will be used by the firm to expand its service offerings and improve the client experience.

The accounting firm expects the investment to strengthen its balance sheet and provides flexibility for investing in technology and new service lines, as well as for increased M&A activity.

PKF O’Connor Davies executive chairman Kevin Keane said: “Investcorp and PSP Investments have a long history of backing profitable, industry-leading companies with demonstratable growth avenues and were impressed by PKFOD and the culture that we have built.”

PKF O’Connor Davies is the brand name for two independently owned entities, PKF O’Connor Davies LLP and PKF O’Connor Davies Advisory LLC.

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PKF O’Connor Davies LLP, a licensed CPA firm, will continue to offer attest services, while PKF O’Connor Davies Advisory LLC and its subsidiaries will provide tax and advisory services.

The transaction is subject to customary closing conditions.

Investcorp North America private equity co-head Steve Miller said: “Together with PSP Investments, with whom we have a strong investment track record in the professional services sector, and more than 200 PKFOD partners, we are excited to build upon the Organisation’s decades of success.”

Capstone Partners acted as the exclusive financial advisor for PKF O’Connor Davies, with Levenfeld Pearlstein providing legal counsel.

Investcorp’s legal advice was provided by Gibson Dunn, and PSP Investments was advised legally by Weil, Gotshal & Manges, with McDermott Will & Emery offering regulatory counsel.