Agreement Builds on Firm's Momentum and Supports Increased Investment in Talent, Technology, and Evolving Service Capabilities while Maintaining Independence and Leadership Continuity
NEW YORK and MINNEAPOLIS, June 23, 2026 /PRNewswire/ -- Reverence Capital Partners ("Reverence Capital"), a private investment firm focused on financial services, and Eide Bailly, a leading accounting and advisory firm, today announced a definitive agreement under which funds managed by Reverence Capital would make a significant investment in Eide Bailly. The investment will provide additional resources and specialized expertise to accelerate Eide Bailly's strategy and expand innovation and client service in an increasingly complex and competitive market.
Founded in 1917, Eide Bailly has evolved from a local accounting firm to a top 20 accounting and advisory firm with over 3,500 employees, over $800 million in annual revenue and more than 50 offices across the U.S. Eide Bailly is recognized for its comprehensive tax, accounting and business advisory services, talented team of professionals, longstanding client relationships, and a workplace culture emphasizing integrity and genuine care for people. The firm has been deliberately expanding in recent years, driven by a combination of consistent organic growth and transactions that have increased client capabilities and expanded geographic reach.
Eide Bailly will continue to be led by its current leadership team, including Jeremy Hauk, Managing Partner/CEO and Andy Spillum, Chief Operating Officer. The leadership team and partnership have decades of tax, accounting, and business advisory service experience with a diverse group of clients. Reverence Capital brings deep experience supporting professional services firms as they scale, aligning with Eide Bailly's focus on strong client relationships and long-term outcomes.
"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," said Milton Berlinski, Co-Founder and Managing Partner of Reverence Capital. "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."
"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," said Jeremy Hauk, Managing Partner/CEO of Eide Bailly. "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."
The transaction, which is expected to be completed in the third quarter of 2026, is subject to customary closing conditions. Following the closing of the transaction, Eide Bailly will operate an alternative practice structure: Eide Bailly LLP will remain a licensed CPA firm and continue to provide all attest services, including audits and reviews, while Eide Bailly Advisory LLC, which will not be a licensed CPA firm, will provide business advisory and non-attest services. This structure is well established across the profession and is designed to maintain the independence and regulatory standards required for attest services while supporting continued growth.
For clients, the agreement supports consistency while enabling Eide Bailly to grow strategically. Under this new structure, partners and professionals will continue to deliver practical, business-focused guidance, adapting as client needs evolve and become more complex.
Kirkland & Ellis LLP and Vedder Price served as legal counsel to Reverence Capital. BMO Capital Markets acted as financial advisor and Hunton Andrews Kurth LLP served as legal counsel to Eide Bailly.
About Reverence Capital Partners
Reverence Capital Partners is a private investment firm focused on three complementary strategies: (i) Financial Services-Focused Private Equity, (ii) Structured Credit, and (iii) Real Estate Solutions. Today, Reverence manages in excess of $17 billion in AUM. Reverence focuses on thematic investing in leading global Financial Services businesses. The firm was founded in 2013 by Milton Berlinski, Peter Aberg and Alex Chulack, after distinguished careers advising and investing in a broad array of Financial Services businesses. The Founding Partners bring, on average, over 38 years of advisory and investing experience across a wide range of Financial Services sectors.
About Eide Bailly
Eide Bailly is a top 20 accounting and advisory firm that helps businesses work smarter — financially, operationally, and strategically. With 3,500+ professionals nationwide, the firm delivers practical, forward-thinking tax, accounting, and advisory services that help clients perform at their best and grow with confidence.
Contacts
For Reverence Capital Partners
Michael Landau / James Goldfarb, Gladstone Place Partners
212-230-5930
For Eide Bailly
Peggy H. Brown
Chief Marketing Officer
206-970-0125
SOURCE Reverence Capital Partners; Eide Bailly
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