Key Takeaways
- • KKR and co-investors will acquire a majority stake in Chicago-based Crowe in a transaction valued at nearly $3 billion, with Crowe partners retaining a minority stake; the deal is expected to close in Q3 2026 subject to regulatory approvals.
- • Crowe, ranked among the top 15 U.S. accounting firms by revenue with nearly $1.28 billion in recent fiscal-year U.S. revenue, becomes one of the largest accounting firms in the country to secure private equity backing.
- • The investment will fund accelerated expansion in talent acquisition, technology infrastructure, and innovation capabilities, with CEO Steven Strammello emphasizing continued focus on culture and client service delivery.
- • Crowe joins Baker Tilly, Grant Thornton, CohnReznick, and EisnerAmper—all top 15 accounting firms—in receiving private equity capital, signaling a consolidation trend across the professional services sector.
- • KKR, a New York-based global investment firm managing alternative assets and capital markets solutions, expands its professional services footprint through this majority equity acquisition.
Summary
Chicago-based Crowe announced on June 11, 2026, that it has agreed to sell a majority stake to KKR and co-investors in a transaction valued at nearly $3 billion. The Wall Street Journal first reported the deal, which positions Crowe among the largest U.S. accounting firms to date to secure private equity financing. Crowe partners will retain a minority stake in the firm. The transaction is expected to close in the third calendar quarter of 2026, pending customary closing conditions and required regulatory approvals.
Crowe generates nearly $1.28 billion in U.S. revenue according to its most recent fiscal year and ranks among the top 15 accounting firms nationally. The firm will use KKR's capital injection to accelerate its existing business strategy and deepen investments in three critical areas: talent recruitment and retention, technology infrastructure (including artificial intelligence adoption), and innovation capabilities. CEO Steven Strammello stated in a prepared comment that the partnership enables Crowe to "take the next step" in serving evolving client needs while maintaining the firm's 80-year cultural foundation and values framework that define its operational approach.
The transaction reflects a broader consolidation trend within the professional services sector. Crowe joins several peer firms that have already secured private equity backing, including Baker Tilly, Grant Thornton, CohnReznick, and EisnerAmper—all ranked within the top 15 accounting firms. KKR, headquartered in New York, manages alternative assets and provides capital markets and insurance solutions across its global investment platform. The deal represents a significant institutional capital deployment into the accounting and advisory services sector, signaling investor confidence in the sector's growth potential and technological transformation requirements.
Crowe generates nearly $1.28 billion in U.S. revenue according to its most recent fiscal year and ranks among the top 15 accounting firms nationally. The firm will use KKR's capital injection to accelerate its existing business strategy and deepen investments in three critical areas: talent recruitment and retention, technology infrastructure (including artificial intelligence adoption), and innovation capabilities. CEO Steven Strammello stated in a prepared comment that the partnership enables Crowe to "take the next step" in serving evolving client needs while maintaining the firm's 80-year cultural foundation and values framework that define its operational approach.
The transaction reflects a broader consolidation trend within the professional services sector. Crowe joins several peer firms that have already secured private equity backing, including Baker Tilly, Grant Thornton, CohnReznick, and EisnerAmper—all ranked within the top 15 accounting firms. KKR, headquartered in New York, manages alternative assets and provides capital markets and insurance solutions across its global investment platform. The deal represents a significant institutional capital deployment into the accounting and advisory services sector, signaling investor confidence in the sector's growth potential and technological transformation requirements.
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