Crowe LLP sells employee stock ownership plan services to Blue Ridge ESOP Associates

Crowe ESOP services and certain tax-related 401(k) plan services will transition to Blue Ridge

CHICAGO (August 11, 2022) - Crowe LLP, a leading public accounting, consulting and technology firm in the U.S. with offices around the world, today announced it has divested of its employee stock ownership plan (ESOP) services and certain tax-related 401(k) plan services to Blue Ridge ESOP Associates, the largest independent ESOP and 401(k) third party administration and recordkeeping firm.

“At Crowe, we take great pride in our ability to identify client needs and build services and solutions to address those needs,” said Niki Bencik, Crowe Tax managing partner. “We have incubated and grown this suite of services, and view this as a good moment in time to sell this business to a leading firm that specializes in this space. This is a win-win-win deal: a win for our clients, a win for our people, and a win for both organizations.”

As a result of the transaction, most of the Crowe professionals who are 100% dedicated to these services will transition to Blue Ridge. The financial terms of the deal will not be disclosed.

“We look forward to transitioning Crowe clients to Blue Ridge, where they can expect to receive the same exceptional service to which they’ve become accustomed,” said Peter Shuler, managing director and vice president–senior consultant at Blue Ridge and former Crowe partner who transitioned as part of the transaction. “Given the nature of our complementary businesses, clients will benefit from the expertise provided by both Blue Ridge and Crowe.”

Bill Yoerger, CEO of Blue Ridge said, “We’re excited to integrate the Crowe ESOP business and its people with Blue Ridge. It’s a great fit for our organization, as Crowe’s technical expertise and client-centric culture mirrors ours.”

Tom Roback, president of Blue Ridge, added, “Crowe’s administration practice offers true expertise in ESOP and retirement plan services. Together we form a powerful combination of thought leadership, high quality, technological innovation and customer service.”

About Crowe
Crowe LLP is a leading public accounting, consulting and technology firm with offices around the world. Crowe uses its deep industry expertise to provide audit services to public and private entities. The firm and its subsidiaries also help clients make smart decisions that lead to lasting value with its tax, advisory and consulting services. Crowe is recognized by many organizations as one of the best places to work in the U.S. As an independent member of Crowe Global, one of the largest global accounting networks in the world, Crowe serves clients worldwide. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.

About Blue Ridge ESOP Associates
Founded in 1988, Blue Ridge ESOP Associates is the largest independent ESOP and 401(k) Third Party Administration and Recordkeeping firm. Blue Ridge provides high quality, technically proficient independent plan administration and repurchase obligation forecasting. Blue Ridge administers over 1,200 ESOP company clients and thousands of 401(k) plans. The Blue Ridge family of companies employs over 165 talented professionals and is headquartered in Charlottesville, Virginia.

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