Crowe agrees near-$3bn majority stake sale to KKR

September 2026 | DEALFRONT | PRIVATE EQUITY & VENTURE CAPITAL

Financier Worldwide Magazine

September 2026 Issue

Global investment firm KKR has agreed to acquire a majority stake in public accounting and consulting firm Crowe LLP in a transaction valued at nearly $3bn, becoming the firm’s first institutional capital partner.

Under the agreement, KKR and its co-investors will take a controlling interest in Crowe Advisory LLC, while Crowe’s existing partners will retain a minority stake. KKR is making the investment through its North America Fund XIV.

The transaction reflects KKR’s confidence in Crowe’s platform, workforce and long-term growth prospects. The additional capital is expected to accelerate Crowe’s existing strategy, which has focused on expanding its advisory capabilities, strengthening technology investments and supporting growth across its service lines.

The deal will also fund further investment in talent, innovation and digital capabilities, including emerging technologies such as artificial intelligence. Crowe said its strategic direction will remain rooted in its established culture, core values and commitment to delivering high-quality outcomes for clients.

Founded more than 80 years ago, Crowe is one of the largest accounting and consulting firms in the US. The business provides audit, tax, advisory and consulting services to public and privately held organisations, with significant expertise in sectors including financial services, manufacturing, healthcare and technology.

“At its core, this strategic partnership is about staying ahead of what our clients need and making sure we are equipped to deliver,” said Steven Strammello, chief executive of Crowe. “We have a strong strategy and real momentum, and this investment helps us take the next step. With KKR’s support, we will invest even more deeply in our people, our capabilities and the quality we are known for.”

The agreement places Crowe among a growing number of accounting firms that have accepted private equity (PE) backing. In recent years, firms across the sector have turned to external investors to help finance acquisitions, accelerate growth and support investment in technology. Increasing competition, particularly from PE-backed rivals, has also encouraged firms to seek new sources of capital.

“Crowe’s distinct culture and outstanding talent have enabled it to build trusted client relationships and a reputation as an adviser of choice,” said Chris Harrington, a partner at KKR. “We are excited to partner with the Crowe team to support its continued growth and investment in next-generation client capabilities, while staying true to its core values, independence and client service.”

As part of the transaction, Crowe will reorganise its structure before completion. Once the deal closes, the newly formed Crowe Advisory LLC will provide all tax, advisory and other non-attest services. Crowe LLP will continue as the licensed accounting practice responsible for audit and other attest services. The alternative practice structure is designed to support growth while maintaining compliance with regulatory requirements governing independence and attest work.

Industry observers view the transaction as further evidence of the continuing shift in accounting toward alternative ownership models, with firms seeking capital to expand, improve productivity through technology investment and compete more effectively globally.

The transaction is expected to close during the third quarter of 2026, subject to customary closing conditions and regulatory approvals.

Harris Williams is serving as financial adviser to Crowe, while Hunton Andrews Kurth LLP is acting as legal adviser and Mayer Brown LLP is advising Crowe’s board of directors. William Blair & Company LLC is acting as financial adviser to KKR, with Kirkland & Ellis LLP serving as legal adviser.

The deal marks another milestone in the growing convergence of PE and professional services, giving Crowe additional resources to invest in talent, technology and strategic expansion. With regulatory approval still required, both firms expect the partnership to strengthen Crowe’s competitive position and support its long-term growth ambitions.

Fraser Tennant