Key Takeaways
- • HBK CPAs & Consultants, a Top 50 accounting firm ranked No. 49 on Accounting Today's 2026 list, is receiving a strategic investment from H.I.G. Capital, a Miami-based alternative investment firm with $75 billion in assets under management, with closing expected in Q4 2026.
- • HBK reported $184 million in revenue, operates 27 offices with 110 partners and over 770 staff members, and this marks the firm's first institutional capital partner since its founding in 1949.
- • The transaction will implement an alternative practice structure separating attest services (audits and reviews) into Hill, Barth & King LLC—which remains CPA-owned and regulated—while non-attest services transfer to HBK Advisory Group LLC, with wealth management continuing under HBKS Wealth Advisors.
- • H.I.G. Capital's investment enables HBK to scale operations, expand technology infrastructure, and invest in talent while maintaining the firm's cultural identity and existing client relationships across all service lines.
- • The deal structure preserves CPA ownership and oversight of audit and attestation services—the regulated practice—while allowing outside investment in advisory and wealth management operations, a common approach in accounting firm consolidation.
Summary
HBK CPAs & Consultants has secured outside institutional investment from H.I.G. Capital in a strategic transaction expected to close in the fourth quarter of 2026, marking a significant milestone for the 77-year-old accounting firm. H.I.G. Capital, based in Miami, manages $75 billion in assets and specializes in alternative investments. This partnership represents HBK's first institutional capital partner since the firm's establishment in 1949, and reflects broader industry consolidation trends among mid-market professional services firms seeking growth capital and operational scale.
HBK operates as a substantial regional player in the accounting and consulting space. The firm generated $184 million in revenue and maintains a network spanning 27 offices with 110 partners and over 770 staff members. Its ranking at No. 49 on Accounting Today's 2026 Top 100 Firms list positions it among the nation's leading mid-market accounting practices. The firm is headquartered in Canfield, Ohio, and provides integrated services across audit, tax, advisory, and wealth management.
To accommodate the outside investment while maintaining regulatory compliance, HBK will adopt an alternative practice structure prior to closing. Under this structure, the firm's attest services—comprising audits and reviews that require CPA licensure and regulation—will be housed in Hill, Barth & King LLC, which remains under CPA ownership. Non-attest services will operate through HBK Advisory Group LLC, with wealth management continuing as HBKS Wealth Advisors. This separation is standard practice in the industry, preserving the regulatory independence of audit and attestation functions while enabling outside investors to participate in higher-margin advisory and wealth management operations.
HBK leadership emphasized that the partnership preserves the firm's operational identity and client relationships. CEO Tom Angelo stated that the firm identified in H.I.G. "a partner that shares our values and our long-term vision," and that the capital will support investment in technology, personnel, and client service capabilities while maintaining the culture established since 1949. Similarly, HBKS Wealth Advisors CEO Chris Allegretti noted that wealth management clients will continue working with existing advisors in current offices under the same service standards, with H.I.G.'s resources enabling investment in professionals and technology to enhance client outcomes.
HBK operates as a substantial regional player in the accounting and consulting space. The firm generated $184 million in revenue and maintains a network spanning 27 offices with 110 partners and over 770 staff members. Its ranking at No. 49 on Accounting Today's 2026 Top 100 Firms list positions it among the nation's leading mid-market accounting practices. The firm is headquartered in Canfield, Ohio, and provides integrated services across audit, tax, advisory, and wealth management.
To accommodate the outside investment while maintaining regulatory compliance, HBK will adopt an alternative practice structure prior to closing. Under this structure, the firm's attest services—comprising audits and reviews that require CPA licensure and regulation—will be housed in Hill, Barth & King LLC, which remains under CPA ownership. Non-attest services will operate through HBK Advisory Group LLC, with wealth management continuing as HBKS Wealth Advisors. This separation is standard practice in the industry, preserving the regulatory independence of audit and attestation functions while enabling outside investors to participate in higher-margin advisory and wealth management operations.
HBK leadership emphasized that the partnership preserves the firm's operational identity and client relationships. CEO Tom Angelo stated that the firm identified in H.I.G. "a partner that shares our values and our long-term vision," and that the capital will support investment in technology, personnel, and client service capabilities while maintaining the culture established since 1949. Similarly, HBKS Wealth Advisors CEO Chris Allegretti noted that wealth management clients will continue working with existing advisors in current offices under the same service standards, with H.I.G.'s resources enabling investment in professionals and technology to enhance client outcomes.
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