Private Equity's Accounting Wave | The Consolidation Story & Its Financing

Private equity has spent four years buying its way into the accounting profession. In a single fortnight in June, two more of the largest US firms outside the Big Four agreed to sell: Crowe to KKR in a deal valuing it near $3 billion, and Eide Bailly to Reverence Capital at about $1.8 billion. Both are reported as equity stories — a sponsor takes majority control, partners monetise, the firm gets capital for technology and acquisitions. That framing is correct but incomplete. The mechanism that lets the wave continue, and the channel that ultimately funds it, sit one layer below the headline. This note maps both: why the profession is being consolidated, and how the consolidation is paid for.

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