• joint venture

CFGI Acquires Leading German CFO Advisory Firm PAS Financial Advisory AG

PRNewswire May 3, 2024

BOSTON and STUTTGART, Germany, May 3, 2024 /PRNewswire/ — CFGI, a leading global accounting and business advisory firm and a portfolio company of Carlyle and CVC Capital Partners, today announced that it has signed an agreement to acquire PAS Financial Advisory AG, a major German non-audit accounting advisory firm with a robust presence spanning nine offices across Germany and more than 100 employees. 

PAS Financial Advisory AG serves public and private clients, offering a comprehensive suite of accounting, reporting, process, and valuation advisory services tailored to address the evolving needs of organizations across the business lifecycle. Comprising professionals with extensive corporate and Big Four experience, PAS delivers unparalleled expertise without the constraints of auditor independence, providing clients with agile solutions to complex challenges.

CFGI continues its strategic international growth trajectory with this latest acquisition, further solidifying its position as an industry leader in the provision of integrated financial and non-financial reporting advice, technical accounting, risk advisory, and transaction services.

“We are thrilled to welcome PAS Financial Advisory AG to the CFGI family,” commented CFGI Co-CEO Nick Nardone. “This partnership marks a significant milestone in our continued commitment to expanding our global footprint and enhancing our service offerings to meet the evolving needs of our clients.”

Shane Caiazzo, CFGI Co-CEO, added: “CFGI is building on its position as a world-class independent accounting and business advisor to CFOs everywhere, supporting their most important regulatory compliance and business improvement initiatives. The addition of PAS gains us both a leadership position within the German market and a great team sharing the same mindset regarding our approach to the market, client service, and product offerings.”

“I’m extremely excited about the future and what this combination will offer both our employees and our clients,” said Markus Groß, CEO of PAS Financial Advisory AG. “Joining forces with CFGI strengthens our abilities to serve our clients in increasingly complex regulatory environments. The resulting partnership maintains our commitment to cultivating top talent and delivering outstanding client service while expanding our ability to serve clients as a global advisory partner. We thank our clients for their trust in us and the unique partnerships this has created.”

The combined business serves a diverse customer base across industries, including life sciences, manufacturing and distribution, private equity, technology, software, energy, and financial services.

For media inquiries, please contact:

CFGI Media Contact:
Rachel Tucker Bobbitt, Regional Support Manager

PAS Financial Advisory AG Media Contact
Markus Groß CEO

About CFGI
CFGI, a Carlyle and CVC Capital Partners portfolio company, is a leading global accounting and business advisory firm. We partner with our clients on their most important regulatory, transaction, and business improvement initiatives. Our team of over 1,000 former Big 4 professionals brings expertise across technical accounting, capital markets, tax, valuation, ESG, transaction advisory, restructuring, and technology solutions — all delivered with an independent and roll-up-the-sleeves approach. CFGI was founded in 2000 and serves thousands of global clients across 19 offices throughout the Americas, Europe, and the Asia Pacific regions.

Learn more at www.cfgi.com.

About PAS Financial Advisory AG
PAS Financial Advisory has become one of the largest and most renowned German non-audit financial advisory firms specializing in the delivery of best-in-class advisory services along the CFO agenda. With a dedicated team of experts, PAS Financial Advisory works closely with its clients to develop customized solutions for their individual needs – from DAX40 and mid-sized companies to innovative start-ups, as well as private equity investors and their portfolio companies. 



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