Alabama-based accounting firm Carr, Riggs & Ingram (CRI) has acquired CapinCrouse, a CPA and consulting firm headquartered in Indiana.

Financial details about the transaction were not revealed.

The merger with CapinCrouse is being touted as the largest deal in CRI’s history and bolsters its capabilities within the nonprofit sector. It expands CRI’s network to more than 50 markets.    

As part of the deal, 40 partners and 185 professionals from CapinCrouse have joined CRI.

The acquisition also added 15 offices to CRI’s network, with CapinCrouse retaining its brand.

CRI Advisors chairman Bill Carr said in a statement: “We have previously invested in firms that specialise in serving faith-based organisations and private colleges. With the addition of CapinCrouse, CRI is now positioned to become the leading national provider in these vital markets.

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“By combining our strengths, we will enhance the value we offer and greatly expand our national geographical presence. We are proud to welcome CapinCrouse to the CRI family.”

Established in 1972, CapinCrouse is dedicated solely to serving nonprofit entities, including faith-based organisations and private colleges.

Its client list includes domestic and international outreach groups, universities, foundations, and churches.

The latest deal follows Centerbridge Partners and Bessemer Venture Partners’ growth investment in CRI last November. This infusion will be used to support improvements in infrastructure and technology as well as for recruitment and market expansion.

Koltin Consulting Group CEO and deal advisor to both firms Allan D. Koltin said: “It is interesting to note that this is CRI’s biggest M&A deal in its history, and it comes on the heels of their private equity deal with Centerbridge Partners and Bessemer Venture Partners. CapinCrouse, a top 125 firm nationally, is viewed by many as the preeminent firm in the country when it comes to the audit and related advisory services of nonprofits and religious organisations. My intuition suggests that going forward, we will see CRI expanding its geographic reach nationally by combining with more top 200 firms.”