Top 20 Firm Eide Bailly will receive a significant investment from private equity firm Reverence Capital — continuing the wave of private equity involvement in the accounting profession.
The deal is expected to close in the third quarter of this year. Upon its completion, the firm will operate in an alternative structure, separating its attest and nonattest services into Eide Bailly LLP and Eide Bailly Advisory, respectively. The capital will be used to continue the firm's strategy, which has included expansion through both organic growth and acquisitions.
Eide Bailly will retain its current leadership team, including managing partner and CEO Jeremy Hauk and chief operating officer Andy Spillum.
"As the current stewards of a 109-year-old firm, it's important to us to leave it better for the next generation. At its core, this is about staying focused on what our people and clients need from us — today and in the future," Hauk said in a statement. "Our clients are navigating increasing complexity across technology, data and AI capabilities, and this strategic partnership will allow us to provide deeper expertise and solutions that help them move forward with confidence. We are thrilled to work with Reverence Capital and are confident they are the ideal partner to propel our next phase of growth. And importantly, they stand out as a team who shares our values."
Eide Bailly, based in Fargo, North Dakota, ranked No. 18 on
It has completed a number of deals over the past few years. Most recently, it expanded into Virginia through the acquisition of
"Eide Bailly fits all the criteria we look at when investing in a company: a client-first approach, exceptional leadership team, unique culture, and robust expansion strategy," Milton Berlinski, cofounder and managing partner of Reverence Capital, said in a statement. "We see meaningful opportunities to invest in the firm's talent, technology and infrastructure in ways that strengthen the value proposition for clients and further enhance Eide Bailly's impressive organic growth trajectory and acquisition track record. Most importantly, we share the same belief that the firm's people, culture and relationships are the foundation that everything else is built on. We are excited to work with Jeremy, Andy and the rest of Eide Bailly's leadership team as we position the firm for future success."
Founded in 2013, Reverence Capital has over $17 billion in assets under management. It specializes in financial services-focused private equity, structured credit and real estate solutions.
Kirkland & Ellis and Vedder Price served as legal counsel to Reverence Capital. BMO Capital Markets acted as financial advisor and Hunton Andrews Kurth as legal counsel to Eide Bailly.
