H.I.G. Capital backs 76-year-old accounting firm HBK in first institutional deal
What's the deal? H.I.G. CapitalDealroom has a profile for this one. Try Dealroom →, a global alternative investment firm with $75 billion under management, is making a strategic growth investment in HBKDealroom has a profile for this one. Try Dealroom →, one of the largest integrated US accounting, tax, audit, consulting, and wealth management firms. The deal makes H.I.G. HBK's first institutional partner. It is expected to close in the fourth quarter of 2026, subject to regulatory approvals.
What does HBK do? Founded in 1949, HBK spans two complementary arms: HBK CPAs & ConsultantsDealroom has a profile for this one. Try Dealroom →, a Top 50 US CPA firm, and HBKS Wealth AdvisorsDealroom has a profile for this one. Try Dealroom →, a Barron's Top 75 RIA honoree. It runs 27 offices across seven states and India, serving tens of thousands of clients.
What's the endgame? HBK's partners will keep leading the firm, preserving its culture while gaining resources to invest in people, technology, and client service. The capital supports growth across HBK CPAs & Consultants, HBKS Wealth Advisors, and technology advisory practice VertilocityDealroom has a profile for this one. Try Dealroom →.
Why H.I.G.? The firm brings scale to a sector where accounting and wealth management increasingly overlap. "HBK is one of the most respected firms in accounting and wealth management, with more than 75 years of technical excellence," said Chris Byrne, managing director at H.I.G.
How it stays compliant: Before closing, HBK will adopt an alternative practice structure, now common across the accounting profession. It preserves CPA ownership of attest services while allowing outside investment in other lines. Audits and reviews will remain with its licensed CPA firm, Hill, Barth & King LLCDealroom has a profile for this one. Try Dealroom →, controlled by CPA partners.
What clients get: Existing clients continue with the same teams. "HBKS clients will continue to work with the same advisors, in the same offices, under the same standard of care," said Chris Allegretti, chief executive officer of HBKS Wealth Advisors.
The signal: Private capital is pushing deeper into accounting, drawn by recurring revenue and steady demand. The alternative practice structure has become the standard route for private equity into a profession long closed to outside owners — and deals like this show the model spreading to mid-market, multi-line firms.
Image credit: Generated with Gemini
