Ryan Announces Minority Investment from Neuberger Berman Capital Solutions

Joins Company Shareholders and Strategic Long-Term Partners, Onex Partners and Ares

Ryan, LLC ("Ryan" or the "Company"), a leading global tax services and software provider, announced today Neuberger Berman Capital Solutions, along with funds managed by Neuberger Berman Private Markets (collectively, "Neuberger"), has committed to acquiring a significant minority equity interest in Ryan.

Neuberger will become a key shareholder aligned in supporting Ryan's strategic vision and growth plans alongside existing Company shareholders and long-term partners Onex Partners and Ares Private Equity Funds ("Ares"). This combined partnership reinforces a shared commitment to Ryan's strategy of investing in its people, expanding into new markets, and advancing its consulting, software, and technology capabilities to deliver sustainable value creation. Ryan will continue to be led by its founder, Chairman, and Chief Executive Officer, G. Brint Ryan, along with its existing leadership team who will continue to manage all operating activities.

"Ryan has built a powerful foundation as a clear market leader in tax, and this strategic partnership further strengthens our competitive advantage as we enter our next phase of growth," said G. Brint Ryan, Chairman and CEO of Ryan. "We were deliberate in choosing a partner who aligns with our mission, values what this team has built, and believes strongly in our long-term vision. Together with Neuberger, Onex Partners, and Ares, we are well positioned to expand our reach, deliver even greater value to clients, and unlock the next chapter of our global growth."

"We are thrilled to partner with Brint and the Ryan team, as well as Onex Partners and Ares, and we look forward to helping Ryan achieve its goal of becoming the global leader in tax," said David Lyon, Head of Neuberger Berman Capital Solutions. "Ryan is a differentiated platform sitting at the intersection of tax expertise, technology, and client service. We believe the Company is exceptionally well positioned to benefit from long-term secular trends in tax regulation, compliance, and digital transformation."

"Ryan has built a category-leading platform with deep industry expertise, a strong culture, and exceptional leadership, and we are excited to welcome Neuberger as a strategic capital partner alongside Ares and management," said Amir Motamedi, Managing Director of Onex Partners.

"Over the last three years, the Ares team has seen firsthand the strength and innovation of the Ryan organization, and we are excited to continue our valued partnership alongside Onex Partners and Neuberger Berman in support of the Company's growth and long-term value creation strategy," said Matt Cwiertnia, Head of Ares Private Equity.

Completion of the transaction is expected in the first half of 2026, following receipt of required regulatory approvals and customary closing conditions.

BofA Securities and J.P. Morgan Securities LLC served as financial advisors, and Kirkland & Ellis LLP served as legal advisor to Ryan. RBC Capital Markets and Goldman Sachs & Co. LLC served as financial advisors, and Latham & Watkins LLP served as legal advisor to Neuberger.

About Ryan

Ryan, an award-winning global tax services and software provider, is the largest Firm in the world dedicated exclusively to business taxes. With global headquarters in Plano, Texas, the Firm provides an integrated suite of federal, state, local, and international tax services on a multijurisdictional basis, including tax recovery, consulting, advocacy, compliance, and technology services. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multidisciplinary team of more than 7,100 professionals and associates serves over 74,000 clients in more than 80 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at ryan.com.

About Neuberger Berman Private Markets

Neuberger Berman Private Markets is a division of Neuberger Berman and has been an active and successful private markets investor since 1987. Neuberger Berman Private Markets invests across strategies, asset classes, and geographies for a large number of sophisticated and renowned institutions and individuals globally. As of September 30, 2025, Neuberger Berman Private Markets manages over $150 billion of investor commitments across primaries, co-investments, secondaries, private credit, and specialty strategies. Neuberger Berman Private Markets has an experienced and diverse team of over 470 professionals with a global presence in 16 offices globally.

Neuberger Berman Capital Solutions, a part of Neuberger Berman Private Markets, provides bespoke capital solutions to private equity-owned companies, enabling sponsors and management teams to achieve long-term strategic objectives. Neuberger Berman Capital Solutions manages ~$12 billion in AUM and has made investments in over 90 companies across its three funds. Over time, the global team has evolved to work in a cohesive and integrated manner across GP-centric strategies. For more information, please visit www.nbcapitalsolutions.com.

About Onex Partners

Onex Partners is Onex Corporation's (TSX:ONEX) upper middle market buyout strategy group focused on control equity investments in North America and Europe in specific industry verticals in which it enjoys longstanding networks and informational advantages. Onex Partners has invested over $20 billion across six funds and, to date, has acquired over 50 operating company platforms and completed more than 560 add-on acquisitions, while offering approximately $6 billion of co-investment capital across 22 co-investment opportunities since inception.

About Ares Management Corporation

Ares Management Corporation (NYSE:ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2025, Ares Management Corporation's global platform had over $595 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

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Media Contacts:

For Ryan:

Melodie Elliott

Director, Public Relations

[email protected]

For Neuberger Berman:

Soogyung Jordan

[email protected]

For Onex Partners:

Jill Homenuk

[email protected]

For Ares Management Corporation:

Jacob Silber | Brennan O'Toole

[email protected]