CHICAGO (July 28, 2014) Crowe Horwath LLP, one of the largest public accounting and consulting firms in the U.S., has announced the sale of its subsidiary, Creative Financial Staffing (CFS) to its employees through the establishment of an employee stock ownership plan (ESOP).
CFS, one of the world’s largest, privately owned accounting and financial placement companies, will have 34 offices throughout North America and the Caribbean. Based in Boston, the company has approximately 165 employees. CFS currently has more than 1,000 temporary accountants working throughout the world and last year placed 1,800 accountants in direct hire positions.
“This is great news for Crowe and CFS,” said CFS president and founder Dan Casey. “What better way to reward the people who have helped to build and will continue to build the value of CFS than to transfer ownership to them.”
Crowe CEO Chuck Allen said, “As we execute our national firm, globally branded strategy, our focus is on our core services and industries. Transferring CFS to its employees will best position the company and its employee-owners for maximum growth. I have complete confidence that CFS will continue to prosper under Dan’s leadership and with the support of his colleagues, who now will have an ownership interest in the business.” The divestiture will reduce by approximately $67 million dollars Crowe’s consolidated revenue, as previously reported to various trade associations.
The terms of the divestiture were not disclosed.
About Creative Financial Staffing Creative Financial Staffing (CFS) is one of the world’s largest, privately owned accounting and financial placement companies. Since our founding in 1994, CFS has established numerous offices in the United States and the Caribbean.
About Crowe Horwath Crowe Horwath LLP (www.crowehorwath.com) is one of the largest public accounting and consulting firms in the United States. Under its core purpose of "Building Value with Values®," Crowe uses its deep industry expertise to provide audit services to public and private entities while also helping clients reach their goals with tax, advisory, risk and performance services. Crowe and its subsidiaries have offices coast to coast with more than 3,000 personnel. The firm is recognized by many organizations as one of the country's best places to work. Crowe serves clients worldwide as an independent member of Crowe Horwath International, one of the largest global accounting networks in the world, consisting of more than 150 independent accounting and advisory services firms in more than 100 countries around the world.
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