Eide Bailly announced that it has entered into a definitive agreement for funds managed by Reverence Capital Partners to make a significant investment in the firm.
The agreement is intended to support Eide Bailly’s growth strategy and client service capabilities while maintaining leadership continuity and independence for its attest business.
Founded in 1917, Eide Bailly is a top 20 accounting and advisory firm with more than 3,500 employees, over $800 million in annual revenue, and more than 50 offices across the U.S.
The firm provides tax, accounting, audit, and business advisory services. Eide Bailly has expanded in recent years through organic growth and transactions that have broadened its capabilities and geographic reach.
Eide Bailly will continue to be led by its current leadership team, including Managing Partner and CEO Jeremy Hauk and Chief Operating Officer Andy Spillum.
Reverence Capital is a private investment firm focused on financial services and manages more than $17 billion in assets under management.
The investment is expected to provide Eide Bailly with additional resources and expertise to accelerate investment in talent, technology, infrastructure, and evolving service capabilities.
The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions.
After closing, Eide Bailly will operate under an alternative practice structure. Eide Bailly LLP will remain a licensed CPA firm and continue providing attest services, including audits and reviews. Eide Bailly Advisory LLC, which will not be a licensed CPA firm, will provide business advisory and non-attest services.
The firms said the structure is designed to maintain independence and regulatory standards for attest services while supporting continued growth.
Kirkland & Ellis and Vedder Price served as legal counsel to Reverence Capital. BMO Capital Markets acted as financial advisor to Eide Bailly, and Hunton Andrews Kurth served as legal counsel.
KEY QUOTES:
“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. 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.”
Milton Berlinski, Co-Founder and Managing Partner of Reverence Capital
“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. 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.”
Jeremy Hauk, Managing Partner and CEO of Eide Bailly
