Private equity giant KKR and co-investors have agreed to acquire a majority stake in accounting firm Crowe in a transaction valued at nearly $3 billion, marking a significant shift for the firm that has long resisted outside ownership.

The deal represents one of the largest private equity investments in the accounting sector and comes as professional services firms increasingly turn to external capital to fund growth and expansion. Crowe, which has maintained independence throughout its history, will see KKR and its investment partners take controlling interest in the firm.

The transaction highlights the growing appetite among private equity firms for professional services businesses, which often generate steady cash flows and have opportunities for consolidation and international expansion. Accounting firms have traditionally operated as partnerships, making this type of external investment relatively uncommon in the sector.

Details of the ownership structure following the transaction and the timeline for completion were not immediately disclosed. The deal is expected to provide Crowe with additional resources to compete with larger rivals and expand its service offerings in an increasingly competitive market for accounting and advisory services.