Enterprise, Ala.-based IPA 100 firm Carr Riggs & Ingram (CRI) (FY23 net revenue of $455.4 million) announced its acquisition of Indianapolis-based IPA 200 firm CapinCrouse (FY23 net revenue of $35.4 million), effective Jan. 17. 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 Nov. 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. “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.”
“We are very pleased to join CRI,” said Fran Brown, MP 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 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.”
