Top 25* Accounting and Advisory Firm CRI Announces Acquisition of CapinCrouse LLP

Strategic Combination Helps Strengthen CRI's National Presence and Nonprofit Industry Expertise

Enterprise, AL, and Indianapolis, IN – Top 25* accounting and advisory firm CRI announces its acquisition of top 125 firm, CapinCrouse LLP, effective January 17, 2025. This move marks the largest merger deal in CRI's firm history and comes after the firm's first strategic growth investment from Centerbridge Partners and Bessemer Venture Partners in November 2024.

"This merger represents an exciting milestone in our firm's history and a significant advancement for both CRI and CapinCrouse," stated Bill Carr, Chairman of CRI Advisors, LLC. "We have previously invested in firms that specialize in serving faith-based organizations and private colleges. With the addition of CapinCrouse, CRI is now positioned to become the leading national provider in these vital markets. By combining our strengths, we will enhance the value we offer and greatly expand our national geographical presence. We are proud to welcome CapinCrouse to the CRI family."

CapinCrouse is the largest firm exclusively serving nonprofits, such as faith-based organizations and private colleges, in the United States. The combination will add 40 partners, 185 professionals, and 15 offices to CRI's team of advisors and robust national presence.

"We are very pleased to join CRI," said Fran Brown, Managing Partner of CapinCrouse. "For over 50 years, our focus has been on providing innovative service to nonprofit organizations whose outcomes are measured in lives changed. CRI's commitment to client service, respect, and integrity is an excellent fit with our mission and firm culture. We will continue to operate under the CapinCrouse brand and are excited to now have access to more offerings and resources to further drive exceptional client service."

Allan D. Koltin, CEO of Koltin Consulting Group, who advised both firms on the combination, commented, "It is interesting to note that this is CRI's biggest M&A deal in its history, and it comes on the heels of their private equity deal with Centerbridge Partners and Bessemer Venture Partners. CapinCrouse, a top 125 firm nationally, is viewed by many as the preeminent firm in the country when it comes to the audit and related advisory services of nonprofits and religious organizations. My intuition suggests that going forward, we will see CRI expanding its geographic reach nationally by combining with more top 200 firms."

CRI is one of the fastest growing and forward-thinking accounting and advisory firms in the nation, now operating in more than 50 markets, with the addition of CapinCrouse to their locations. In addition to providing full-service accounting services such as accounting and auditing*, tax, advisory, and client accounting services, the firm operates nine portfolio companies—Auditwerx* (SOC reporting and IT audits), CRI Advanced Analytics (data analytics), CRI M&A Advisors (investment banking), CRI Simple Numbers (business consulting), CRI TPA Services (retirement plan administration), Level Four Advisory Services (wealth management), Paywerx (payroll management), ProSport Accountants (professional athlete tax services), and The Preferred Legacy Trust Company (trusts and estates).

CRI has financial tools and accounting resources available on its website at CRIadv.com. To learn more about CapinCrouse and view its resources, please visit capincrouse.com.