Key Takeaways
- • Reverence Capital Partners and co-investors are acquiring a majority stake in Eide Bailly, a top 20 U.S. accounting and advisory firm, in a transaction valuing the company at $1.8 billion.
- • Eide Bailly, founded in 1917 and headquartered in Minneapolis, operates over 50 offices across the U.S. with more than 3,500 employees and generates over $800 million in annual revenue.
- • The investment will accelerate Eide Bailly's technology initiatives, including AI implementation, while the firm's current leadership team—Managing Partner/CEO Jeremy Hauk and Chief Operating Officer Andy Spillum—will remain in place to maintain operational continuity.
- • The transaction supports Reverence Capital's strategy of acquiring financial services firms, allowing Eide Bailly to expand capabilities in an increasingly complex market while maintaining its independence and leadership structure.
- • The deal reflects ongoing consolidation in the accounting and advisory sector, as mid-market professional services firms seek private equity backing to fund technology investments and geographic expansion.
Summary
Reverence Capital Partners, a New York-based private equity firm specializing in financial services, has agreed to acquire a controlling stake in Eide Bailly, one of the largest independently held accounting and advisory firms in the United States. According to The Wall Street Journal, the transaction values Eide Bailly at $1.8 billion, with Reverence Capital and co-investors taking a majority position in the Minneapolis-based firm.
Eide Bailly, established in 1917, has grown from a regional accounting practice to a nationally recognized advisory firm with significant scale. The company operates more than 50 offices across the U.S., employs over 3,500 professionals, and generates annual revenues exceeding $800 million. The firm provides comprehensive tax, audit, and advisory services to a diversified client base and has been on an expansion trajectory in recent years through organic growth and strategic acquisitions that have broadened its service offerings and geographic footprint.
The investment agreement explicitly preserves operational and governance continuity. Jeremy Hauk will continue as Managing Partner and Chief Executive Officer, while Andy Spillum remains Chief Operating Officer. The company stated that the partnership and leadership team—bringing decades of combined experience in tax, accounting, and business advisory services—will maintain control of strategic direction and client relationships. This structure is intended to support client confidence and employee retention during the transition.
Reverence Capital's investment will target accelerated implementation of artificial intelligence and advanced technology solutions, increased investment in talent acquisition and development, and expanded service capabilities to address the evolving needs of Eide Bailly's client base. The firm indicated that the capital infusion will enable competitive positioning in an increasingly complex market while preserving the firm's established culture emphasizing integrity and client service. The transaction represents a continuation of consolidation trends in the mid-market accounting and advisory sector, where professional services firms are increasingly partnering with private equity sponsors to fund transformational technology investments and pursue growth strategies.
Eide Bailly, established in 1917, has grown from a regional accounting practice to a nationally recognized advisory firm with significant scale. The company operates more than 50 offices across the U.S., employs over 3,500 professionals, and generates annual revenues exceeding $800 million. The firm provides comprehensive tax, audit, and advisory services to a diversified client base and has been on an expansion trajectory in recent years through organic growth and strategic acquisitions that have broadened its service offerings and geographic footprint.
The investment agreement explicitly preserves operational and governance continuity. Jeremy Hauk will continue as Managing Partner and Chief Executive Officer, while Andy Spillum remains Chief Operating Officer. The company stated that the partnership and leadership team—bringing decades of combined experience in tax, accounting, and business advisory services—will maintain control of strategic direction and client relationships. This structure is intended to support client confidence and employee retention during the transition.
Reverence Capital's investment will target accelerated implementation of artificial intelligence and advanced technology solutions, increased investment in talent acquisition and development, and expanded service capabilities to address the evolving needs of Eide Bailly's client base. The firm indicated that the capital infusion will enable competitive positioning in an increasingly complex market while preserving the firm's established culture emphasizing integrity and client service. The transaction represents a continuation of consolidation trends in the mid-market accounting and advisory sector, where professional services firms are increasingly partnering with private equity sponsors to fund transformational technology investments and pursue growth strategies.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.