New York-based PE shop Integrum Holdings’ acquisition of Stout from Audax Private Equity caps a period of rapid expansion for the global advisory firm. Stout started as a two-person team in a living room in Detroit. Now based in Chicago, with offices in North America, Europe and Asia, Stout has clients in more than 80 countries.
Growth Under Audax
Headquartered in Boston, Audax acquired a stake in Stout in 2021 and oversaw a period of significant expansion. During the hold period, Stout completed 10 acquisitions and grew its workforce to more than 1,100 employees worldwide, nearly doubling the firm’s headcount. Audax drove the accelerated growth of Stout’s valuation advisory practice and its disputes, compliance and investigations business line, leveraging organic growth to supplement the added expertise and resources offered by its acquisitions and diversify bottom-line revenue.
After more than four years, both Audax and Stout determined the partnership had reached a natural conclusion, paving the way for a transition to a new investment partner.
Sale Process
Stout and Audax began exploring a potential sale in December 2024, when the companies first engaged advisors to evaluate strategic options and gauge market interest. The deal closed the following July. The sale process drew attention from a range of financial and strategic buyers before Integrum Holdings emerged as the acquirer. Integrum invests in technology-enabled services companies in the financial and business services sectors.
Management Stays Put
Under the terms of the agreement, Stout’s leadership team remained in place. Employees with considerable equity stakes in the company kept their positions.
The transaction is expected to support continued global expansion under Integrum’s ownership.
For more Deals of the Year coverage, see Mergers & Acquisitions Selects 12 Transactions as 2026 Middle-Market Deals of the Year.
