US-based accounting and advisory practice Eide Bailly is set to receive a “significant investment” from funds managed by private investment firm Reverence Capital Partners.
Financial terms of the transaction were not disclosed.
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The Wall Street Journal (WSJ) reported that Reverence Capital and co-investors will together acquire a controlling interest in Eide Bailly, valuing the company at around $1.8bn.
The capital is intended to support Eide Bailly’s strategic plans, including service expansion and technology investment.
Reverence Capital co-founder and managing partner Milton Berlinski said: “Eide Bailly fits all the criteria we look at when investing in a company: a client-first approach, exceptional leadership team, unique culture and robust expansion strategy.
“We see meaningful opportunities to invest in the firm’s talent, technology and infrastructure in ways that strengthen the value proposition for clients and further enhance Eide Bailly’s impressive organic growth trajectory and acquisition track record.”
Established in 1917, Eide Bailly employs more than 3,500 people and runs in excess of 50 offices across the US.
The existing leadership team of Eide Bailly, including managing partner and CEO Jeremy Hauk and chief operating officer Andy Spillum, will remain in their roles after the deal.
Completion of the deal is expected in the third quarter of 2026, subject to standard regulatory and closing conditions.
Post-transaction, Eide Bailly will adopt an alternative practice structure.
Eide Bailly LLP will continue as a licenced certified public accountant (CPA) practice providing attest services including audits and reviews.
Eide Bailly Advisory, which will not be a licensed CPA company, will focus on business advisory and other non-attest services.
Hauk said: “We are thrilled to work with Reverence Capital and are confident they are the ideal partner to propel our next phase of growth. And importantly, they stand out as a team who shares our values.”
Recently, another US-based professional services company, Crowe, also secured investment.
KKR, via its North America Fund XIV, invested in Crowe Advisory, becoming its first institutional capital partner.
