Reverence Capital Partners has agreed to invest in Fargo‑based CPA firm Eide Bailly, marking one of the few private‑equity stakes in a mid‑market accounting practice. The capital infusion will add resources and specialized expertise to accelerate the firm’s growth strategy, enhance innovation and deepen client service offerings. The partnership also gives Reverence a foothold in the fast‑growing accounting sector, where digital transformation drives demand.

Eide Bailly operates more than 50 offices nationwide and generates roughly $800 million in annual revenue. Current leadership—managing partner and CEO Jeremy Hauk and COO Andy Spillum—will remain in place, preserving continuity while the new partner capital supports expansion. The cash will fund technology upgrades and hires to broaden advisory capabilities regionally. The transaction is slated for completion in the third quarter of 2026.

The deal signals growing private‑equity interest in professional services firms that combine scale with a fragmented market. By backing a firm with a national footprint, investors aim to capture steady fee‑based cash flow and position the practice for future consolidation. Analysts predict higher profit margins as the firm expands advisory and technology services.