The private equity train may have slowed a bit in accounting but it’s still choo-chooing along with another big deal coming on the heels of Crowe’s $3 billion deal with KKR revealed by WSJ on June 11. WSJ is coming in hot with fresh scoop again, this time it’s #17 Eide Bailly making the handshakes:
Accounting firm Eide Bailly agreed to sell a stake to Reverence Capital Partners, a move to implement artificial intelligence at a faster pace for itself and its clients.
Reverence and co-investors will collectively take a majority stake in the Minneapolis-based firm, in a deal valuing it at about $1.8 billion, people familiar with the matter said.
Eide Bailly and Reverence said they expect the deal to close in the third quarter.
Andy Spillum, Eide Bailly’s chief operating officer, said he expects the firm’s revenue to double in the next three or four years as it expands its capabilities and operations. The firm said it reported about $840 million in revenue for the year ended in April, up from $780 million a year earlier.
Meanwhile, let’s check in with the man on the street and see what he has to say about this development:
Skepticism and cynicism, as expected.
When do the sales start in earnest? Private equity is still buying but when do they start selling?
