Key Takeaways
- • KKR will make a "significant equity investment" in Crowe LLP, a Top 15 U.S. accounting firm, with the deal expected to close in the third quarter of 2026, according to a Crowe news release.
- • Under the structure, Crowe LLP remains a licensed CPA firm providing all attest services, while the newly formed Crowe Advisory LLC will hold the tax, advisory, and other nonattest businesses.
- • Baker Tilly, a Top 10 firm, plans to move its headquarters from Chicago to New York City and expects to close its acquisition of Anchin, a New York firm founded in 1923, this summer.
- • Crowe's deal adds it to a group of accounting firms that have taken private-equity capital, including Baker Tilly, Grant Thornton, CohnReznick, and EisnerAmper, per secondary coverage.
Summary
Global investment firm KKR will make a "significant equity investment" in Crowe LLP, a Top 15 accounting firm, according to a news release cited by the Journal of Accountancy. The transaction is expected to close during the third quarter of 2026. Crowe CEO Steven Strammello said the partnership is intended to help the firm stay ahead of client needs and invest further in its people, capabilities, and quality, and that the firm's culture and values will continue to guide its direction. Strammello noted Crowe has been built over 80 years.
The structure follows a common approach in private-equity deals within the profession. Crowe LLP will remain a licensed CPA firm and will continue to perform all attest services, including audits and reviews. The newly formed Crowe Advisory LLC will provide all tax, advisory, and other nonattest services, and it is the entity taking on KKR's investment. Secondary coverage notes that Crowe Advisory LLC is not a CPA firm, and one published commentary raised independence concerns about the arrangement.
Separately, Top 10 firm Baker Tilly is moving its headquarters from Chicago to New York City and expects to close this summer its acquisition of Anchin, a top 100 New York firm founded in 1923. Baker Tilly CEO Eric Miles said the Anchin deal strengthens the firm's presence in a market central to many of the industries and businesses it serves, and that establishing New York as headquarters reflects a long-term commitment to the market.
The article also notes that Baker Tilly closed a major private-equity investment in February 2024 and merged with Top 15 firm Moss Adams last year. Secondary reporting describes the Crowe investment as roughly $3 billion, and places it alongside private-equity capital taken by Baker Tilly, Grant Thornton, CohnReznick, and EisnerAmper.
The structure follows a common approach in private-equity deals within the profession. Crowe LLP will remain a licensed CPA firm and will continue to perform all attest services, including audits and reviews. The newly formed Crowe Advisory LLC will provide all tax, advisory, and other nonattest services, and it is the entity taking on KKR's investment. Secondary coverage notes that Crowe Advisory LLC is not a CPA firm, and one published commentary raised independence concerns about the arrangement.
Separately, Top 10 firm Baker Tilly is moving its headquarters from Chicago to New York City and expects to close this summer its acquisition of Anchin, a top 100 New York firm founded in 1923. Baker Tilly CEO Eric Miles said the Anchin deal strengthens the firm's presence in a market central to many of the industries and businesses it serves, and that establishing New York as headquarters reflects a long-term commitment to the market.
The article also notes that Baker Tilly closed a major private-equity investment in February 2024 and merged with Top 15 firm Moss Adams last year. Secondary reporting describes the Crowe investment as roughly $3 billion, and places it alongside private-equity capital taken by Baker Tilly, Grant Thornton, CohnReznick, and EisnerAmper.
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