Crowe Horwath LLP and CFS Announce Divestiture

Chicago-based Crowe Horwath LLP (FY14 net revenue of $670.2 million) announced the sale of its subsidiary, Creative Financial Staffing (CFS) to its employees through the establishment of an employee stock ownership plan (ESOP).

CFS will have 34 offices throughout North America and the Caribbean. Based in Boston, the company has approximately 165 employees. CFS 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,” says Dan Casey, CFS president and founder. “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 says, “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.”