Rivean Capital buys Dutch accountancy firm Crowe Foederer at €167.9M valuation
What's the deal? Private equity investor Rivean CapitalDealroom has a profile for this one. Try Dealroom → acquired a majority stake in Dutch accountancy firm Crowe Foederer — now Crowe Nederland — at a valuation of €167.9 million in January 2025. The figures come from the firm's newly filed annual accounts. For the deal, a new entity, Crowe Foederer Bidco BV, was created to buy all shares in the former holding company.
How was it structured? The purchase was financed by the new majority shareholder and reinvesting partners, who together paid €111.6 million for the shares. The new shareholders also lent €14.2 million to the firm "ter versterking van het weerstandsvermogen" — to strengthen its financial buffer.
Follow-on move: In October 2025, Crowe acquired the activities of tax advisory firm TaxperienceDealroom has a profile for this one. Try Dealroom → for €20.8 million, adding €20 million in goodwill. The 25-employee firm contributed €2 million to revenue in its final two months of the year.
The numbers: Crowe reported total revenue of €100.9 million for the year, up from €91.6 million in 2024. Total goodwill on the balance sheet reached €159.2 million after depreciation. The firm also holds the right to draw a further €30 million from lenders for future acquisitions and investments.
How does it compare? The valuation implies a revenue multiple of 1.8, based on €91.6 million in 2024 revenue. That is higher than de Jong & Laan, which sold for €85.8 million on €77.9 million of 2021 revenue — a 1.1 multiple. Audit-only firm Qconcepts and the practices forming Unia Groep fetched steeper multiples of 4.6 and 3 respectively.
The signal: Private equity continues to consolidate the Dutch accountancy market, with Rivean's war chest signalling further roll-up ambitions. The premium multiple points to rising investor appetite for professional services firms with recurring revenue.
Read more: accountant.nl
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