Accounting firm Eide Bailly has agreed to sell a majority stake to Reverence Capital Partners and co-investors in a deal valuing the Minneapolis-based firm at about $1.8 billion, The Wall Street Journal reported. The transaction is expected to close in the third quarter and aims to accelerate the adoption of artificial intelligence for the firm and its clients. Chief Operating Officer Andy Spillum said he expects revenue to double in the next three to four years, with the firm reporting about $840 million in revenue for the year ended in April, up from $780 million a year earlier. Eide Bailly hired BMO Capital Markets late last year to explore outside investment, joining a wave of structural overhauls among top U.S. accounting firms outside the Big Four, following Crowe's recent agreement to sell a stake to KKR in a nearly $3 billion deal.
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KKR & Co. Inc.