A Tale of Two Theses: Two of the world’s biggest investors place opposing bets.
KKR takes Crowe. Baker Tilly lands Anchin. Smith+Howard flips. Cherry Baekert ropes Calvetti Ferguson.
By CPA Trendlines Research
KKR, the global investment firm synonymous with “leveraged buyout,” is taking a majority stake in Crowe, 12th on the top 100 lists, for $2.5 billion to $3 billion, including $1 billion in debt.
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Meanwhile, the Tampa-based platform Crete Professionals Alliance is renaming itself Current and confirming that backer Thrive Holdings is earmarking up to $1 billion to roll up dozens of small and midsize local firms.
Each set of investors is deploying $1 billion or more, but with very different theses. The fact that the market is supporting both suggests the market hasn’t decided which is the better strategy.
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