Nearly two weeks after top 20 accounting firm Crowe said it was selling a stake to global investment firm KKR, another firm in the top 20 announced Tuesday that it too will be getting an infusion of outside capital.
Eide Bailly is selling a stake to Reverence Capital Partners, a New York City-based private equity firm focused on financial services. Financial terms of the deal weren’t disclosed, but the Wall Street Journal reported that Reverence Capital and co-investors will collectively take a majority stake in the Minneapolis-based accounting and advisory firm. The deal is reportedly valued at about $1.8 billion.
The transaction is expected to be completed in the third quarter of 2026, subject to customary closing conditions.
Eide Bailly adds to the list of INSIDE Public Accounting top 20 firms that have received private equity backing, including Crowe, Baker Tilly, Grant Thornton, CohnReznick, EisnerAmper, Citrin Cooperman, Armanino, and Cherry Bekaert.
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Eide Bailly said in a media release on June 23 that the investment will provide additional resources and specialized expertise to accelerate its strategy and expand innovation and client service in an increasingly complex and competitive market.
Founded in 1917, Eide Bailly has more than 3,500 employees, over $800 million in annual revenue, and more than 50 offices across the U.S.
The firm said Tuesday that its current leadership team, including Jeremy Hauk, managing partner and CEO, and Andy Spillum, chief operating officer, will remain intact.
“As the current stewards of a 109-year-old firm, it’s important to us to leave it better for the next generation. At its core, this is about staying focused on what our people and clients need from us—today and in the future,” Hauk said in a statement. “Our clients are navigating increasing complexity across technology, data, and AI capabilities, and this strategic partnership will allow us to provide deeper expertise and solutions that help them move forward with confidence. 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.”
Founded in 2013, Reverence Capital currently has total assets under management of approximately $17 billion.
“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,” Milton Berlinski, co-founder and managing partner of Reverence Capital, said in a statement. “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. Most importantly, we share the same belief that the firm’s people, culture, and relationships are the foundation that everything else is built on. We are excited to work with Jeremy, Andy, and the rest of Eide Bailly’s leadership team as we position the firm for future success.”
Following the closing of the transaction, Eide Bailly will operate an alternative practice structure: Eide Bailly LLP will remain a licensed CPA firm and continue to provide all attest services, including audits and reviews, while Eide Bailly Advisory LLC, which will not be a licensed CPA firm, will provide business advisory and non-attest services.
Kirkland & Ellis LLP and Vedder Price served as legal counsel to Reverence Capital. BMO Capital Markets acted as financial advisor and Hunton Andrews Kurth LLP served as legal counsel to Eide Bailly.
Photo credit: Bill Garcia/LinkedIn
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