KKR Buys Into Crowe’s Next Chapter

KKR has made an equity investment in Crowe Advisory LLC, the advisory subsidiary of public accounting and consulting firm Crowe.

The investment from KKR restructures how Crowe delivers its services. With the transaction complete, Crowe Advisory LLC provides tax, advisory, and other non-attest services, while Crowe LLP remains a licensed CPA firm handling attest work, including audits and reviews.

The transaction structure, used by accounting firms to take on outside capital, lets Crowe accept private equity investment without compromising the independence rules that govern its audit practice.

Crowe is a public accounting and consulting firm that audits companies’ financial statements and advises them on taxes, technology, risk, and operations. It was founded in 1942 as Crowe Chizek in South Bend, Indiana, by Fred Crowe Sr. and Cletus Chizek, and is now headquartered in Chicago and led by CEO Steven Strammello.

In FY2024, the firm reported roughly $1.3 billion in revenue for the year and employs more than 5,000 people across some 40 offices. It is a member of the Crowe Global network, a group of more than 300 independent accounting and advisory firms operating in over 150 countries.

“Crowe’s existing business strategy is driving momentum across our service lines, and we have bold ambitions to significantly grow the platform for the benefit of clients and team members alike,” said Mr. Strammello. “Our strategic partnership with KKR empowers Crowe to make even more investments in talent, technology and innovation, resulting in a firm with greater reach and broader capabilities. Our unique values and focus on quality have defined Crowe throughout its history and will continue to underpin our success. The only thing that changes is our capacity to do even more for our clients, bringing more of the firm to them.”

“Crowe has built an outstanding business, with deep industry expertise, trusted client relationships and a clear strategy for continued growth,” said Chris Harrington, a partner at KKR. “Our investment reflects confidence in the Crowe team and the many compelling opportunities ahead.”

The transaction lands in the middle of a rapid reordering of the US accounting profession. The wave began in August 2021, when TowerBrook Capital Partners took a stake in EisnerAmper — the first private equity investment in a top-20 US firm, and the transaction that established the two-entity template Crowe is now following. A cascade followed: New Mountain Capital bought a majority of Citrin Cooperman in 2022, Parthenon Capital backed Cherry Bekaert the same year, Hellman & Friedman and Valeas Capital Partners put roughly $1 billion into Baker Tilly in early 2024, and New Mountain returned weeks later to invest in Grant Thornton. The wave has kept reaching beyond the giants: as recently as July 2026, the century-old, Cleveland-based Meaden & Moore took on its first institutional investor as Unity Partners carved out the firm’s advisory arm on the same model.

By CPA Trendlines’ count the accounting sector recorded roughly 81 transactions in 2025 alone — close to a deal a day through parts of the year — and private equity has now channeled an estimated $10 billion or more into tax and accounting firms. Some industry projections suggest more than half of the top 30 US firms could carry private equity ownership.

Private equity’s interest in the accounting sector is led by its fragmentation, recurring and predictable revenue, a deepening talent shortage, and pressure to invest in technology that traditional partnerships have struggled to fund.

KKR (NYSE: KKR) invests in private equity, fixed income, and other companies in North America, Europe, Asia, and the Middle East. Founded in 1976, KKR has offices in 19 cities worldwide in addition to its headquarters in New York City.

Harris Williams was the financial adviser to Crowe. William Blair was the financial adviser to KKR.