Crowe LLP, the Chicago-based accounting and consulting firm, is cashing in on its fast-growing advisory arm, agreeing to sell a majority stake in that business to private equity giant KKR in a deal industry reports peg at nearly $3 billion. The plan is to supercharge Crowe's tech and talent investments while keeping the firm's traditional audit work walled off under its CPA license.
In a press release, Crowe said funds managed by KKR will take a significant equity stake in a newly created Crowe Advisory LLC that will handle tax, advisory and other non-attest services. Crowe LLP will remain the licensed CPA firm focused on attest work. The firm said the partnership is designed to “facilitate investments in talent, technology, and innovation,” and CEO Steven Strammello framed the move as a client-driven play, saying, “At its core, this strategic partnership is about staying ahead of what our clients need.” Crowe said it expects the transaction to close in the third calendar quarter of 2026, pending standard closing conditions and regulatory approvals.
The nearly $3 billion valuation was reported by Crain's Chicago Business. Neither Crowe nor KKR put a price tag in their official statements, and public filings with the financial details have not yet surfaced. For now, specifics on how equity and governance will be divided are still mostly under wraps.
What This Means For Crowe And Chicago
Crowe, which ranked No. 12 on Accounting Today's Top 100 list and reported about $1.4 billion in revenue with more than 5,600 employees across 37 offices, says the new capital will go straight into scaling its advisory offerings and speeding up product development. Bloomberg Law noted that the deal fits a broader pattern of private equity money flowing into professional services, with investors betting that software, automation and packaged advisory work can fatten margins and spin up fresh revenue streams.
For Chicago, the move puts a spotlight on a homegrown player that is suddenly flush with institutional capital. If Crowe follows through on its own talking points, that could mean more local hiring in technology roles and client-facing specialties, though how aggressive that growth becomes will not be clear until the new advisory structure is fully in place.
Next Steps
According to the Crowe announcement, the firms are targeting a closing in the third quarter of 2026, subject to routine regulatory sign-offs. Crowe tapped Harris Williams as financial adviser and Hunton Andrews Kurth LLP as legal counsel, while KKR brought in William Blair and Kirkland & Ellis.
Mayer Brown separately disclosed that it advised Crowe's board of directors, underscoring the level of legal scrutiny around a private equity deal in a regulated profession. Analysts and clients will be watching to see how Crowe manages the balance between outside capital and professional standards, and whether the new ownership structure nudges pricing, product mix or both in its advisory lines.
