UPDATE 1: KKR Close to Buying Crowe for $2.5B-$3B

Fri Apr 24, 2026 09:15 PM ET: KKR is in advanced talks to acquire accounting and consulting firm Crowe LLP for $2.5 billion to $3 billion, according to sources.

The private equity firm has entered into an exclusivity period to buy the company, which generates about $225 million in EBITDA, Octus reported yesterday, April 23. The sponsor is in discussions with several private lenders to raise about $1 billion in debt financing to support the acquisition, as reported.

Talks with lenders are in early stages, and the price talk is around SOFR+550 bps, sources said.

Chicago-based Crowe provides audit, tax, advisory and consulting services to public and private entities in several industries, including banking, private equity, financial services, healthcare and life sciences. The firm has a substantial private equity business with more than 500 clients totaling over $250 billion in assets under management, according to its website.

KKR declined to comment, and Crowe did not immediately respond to a request for comment.

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Original Story 6:09 p.m. UTC on April 23, 2026

KKR Nears Deal to Acquire Crowe LLP for $2B-2.5B; Private Lenders in Talks for $1B Debt Financing

Private equity firm KKR has entered into an exclusivity period to buy public accounting and consulting firm Crowe LLP for a purchase price of $2 billion to $2.5 billion, according to sources.

Crowe, which generates around $225 million in EBITDA, is an independent member of global accounting services network Crowe Global.

KKR is in discussions with several private lenders to raise about $1 billion in debt financing to support the acquisition, sources said. Talks with lenders are in early stages, one source added, noting that a leading lender has not yet been picked. Price talk is around SOFR+550 bps, sources said.

Sources cautioned that a deal for Crowe is not guaranteed.

Chicago-based Crowe provides audit, tax, advisory and consulting services to public and private entities in several industries, including banking, private equity, financial services, healthcare and life sciences, among others. The firm has a substantial private equity business with more than 500 clients totaling over $250 billion in assets under management, according to its website.

Crowe LLP reported $1.3 billion in revenue for the year ended December 2024, according to the website. The firm and its affiliates have more that 5,000 employees in 40 offices under the leadership of CEO Steven Strammello. Just recently the company expanded in India, making a strategic investment in Crowe Advisory Services India LLP, according to an announcement.

Private equity firm TPG in 2023 acquired a majority stake in Crowe Healthcare Consulting, a unit of the accounting firm. The healthcare arm was established as an independent entity, according to the press release announcement.

In October 2025, third-party press reported that the accounting and consulting firm hired investment bank Harris Williams for a potential sale of a stake.

In the same sector, Baker Tilly and Moss Adams announced in April 2025 their merger to create the sixth-largest advisory certified public accountant firm in the United States, valued at roughly $7 billion. Blackstone led a group of lenders to provide a $1.455 billion incremental debt financing package to back the merger, Octus reported at the time of the merger. Previously, in 2024, private equity firm New Mountain Capital bought a majority stake in accounting firm Grant Thornton in 2024, according to an announcement.

For the first-quarter 2026, the average pricing for private credit loans financing the buyouts for financials firms in North America was SOFR+492 bps, according to Octus’ Private Credit Analytics.

KKR declined to comment. Crowe LLP did not respond to requests for comment.