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The U.S. member firm of Baker Tilly, the world’s ninth largest accounting network by revenue, has secured an investment from H&F and Valeas Capital Partners.

The companies didn’t disclose the value of the investment. However, they did reveal it’s the largest on record to have been made by private equity firms in an American accounting firm.

Baker Tilly’s U.S. affiliate, Baker Tilly US, will use the fresh cash infusion to continue growing its headcount. The consultancy has doubled its workforce over the past five years to keep up with client orders. Baker Tilly US is also setting aside some of the new capital for acquisitions, which should further expand its workforce in the long term.

H&F partner Blake Kleinman commented that “our investment in Baker Tilly builds on H&F’s long history of successful partnerships in the professional services sector. Baker Tilly has built a remarkable firm with an empowering culture, tremendously talented workforce, and impressive track record of growth through outstanding client service and smart acquisitions.”

The growth strategy upgrades Baker Tilly US plans to implement is set to be accompanied by an even more significant change: it will split into two separate firms. The first firm will absorb Baker Tilly US’ attestation services group, while the second is set to take over the remaining units including the business consulting practice.

The new attestation services firm will be headed up by Jere Shawver, Baker Tilly US’s managing partner for risk and assurance. Baker US Tilly CEO Jeff Ferro will take the reins at the second firm that will emerge from the planned corporate split. 

“We are extremely proud to join forces with H&F and Valeas, blue-chip and growth-oriented private equity investors, who support our vision, recognize the value we’ve already created and see our vast future potential,” Ferro remarked in a prepared statement. “With this transaction, the firm will be in an even stronger position to grow and invest in our business to create new opportunities for our talented team members and valued clients.”

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