(Bloomberg) -- CVC Capital Partners has agreed to buy a stake in CFGI, an accounting advisory firm backed by the Carlyle Group, according to a statement reviewed by Bloomberg News. 

The deal values Boston-based CFGI at $1.85 billion. Carlyle is reinvesting in the deal along with CFGI co-founders and co-chief executive officers Nick Nardone and Shane Caiazzo. Other terms weren’t disclosed. 

CFGI helps chief financial officers with accounting support, financial planning, tax advisory and risk management services, according to the statement Wednesday.

“All CFOs need a non-audit partner to help them achieve their objectives, and this is where CFGI fits,” Nardone and Caiazzo said in the statement.

Private equity firms in recent years have brought on their rivals to invest in their portfolio companies. A new partner can provide some return on investment while also setting a new valuation on an asset. 

Bringing CVC on board as a stakeholder will enable CFGI to remain independent while continuing to grow, said John Redett, Carlyle’s head of global financial services.

“I would describe us as equal partners,” Redett said in an interview. “One of the reasons we didn’t sell our stake entirely is because we are such believers in the future of this company.”

He added that CFGI has enjoyed strong growth under Carlyle’s ownership, growing to more than 600 employees from about about 200. Carlyle first invested in the company in 2018, according to a statement at the time. 

Increased regulatory scrutiny in the accounting space has increased demand for its services, he said. It’s also been able to take market share because, unlike the big four accounting firms, it doesn’t do audits, which means fewer conflicts of interest.

The CFGI deal is expected to close in the fourth quarter. 

CVC agreed this week to buy secondary buyout specialist Glendower Capital.

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