pe deal tracker: 147 deals build $200 billion in new value - 卡塔尔世界杯常规比赛时间

100 deals a year: the new normal?

by 卡塔尔世界杯常规比赛时间 research
cornerstone report

private equity-backed and pe-adjacent deals start the new year on a roll, with dozens of new combinations racing to year-end closes, driven by some of the biggest rollup platforms.

卡塔尔世界杯常规比赛时间 research is adding 29 newly captured deals to the tracker, lifting the total to 147 deals since 2020 with more than $10 billion in new funding. the continuation of transactions into early 2026 suggests that 2025 was not a peak but a new normal, with deal flow stabilizing at a higher level than in the pre-2020 period.

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卡塔尔世界杯常规比赛时间 estimates that today’s private-equity-driven revenue multiples imply an aggregate enterprise value of more than $400 billion for the top 500 cpa firm sector as a whole — a valuation reset of more than $200 billion.

meanwhile, standard-setters are newly focused on the implications of ownership and independence. the aicpa sought feedback on proposed independence-rule updates in response to private equity investment, and nasba’s private equity task force released a white paper on private equity investment in cpa firms.

accounting industry situation report

the u.s. accounting industry enters 2026 with modest revenue growth, flat employment, and rising implied productivity—a combination that underscores the growing pressure on firms to do more with fewer people.

revenue for the broad accounting, cpa, tax preparation, bookkeeping, and payroll services sector reached $55.74 billion in the third quarter of 2025, according to the u.s. census bureau’s quarterly services survey. on an annualized basis, that translates to a $223.0 billion run rate and a 2.5% yearly growth rate. the gain reflects steady top-line growth despite a tight labor market and continued consolidation across the profession. signs show growth accelerated modestly as the year progressed.

employment, however, tells a different story. payrolls in accounting and related services stand at 1.16 million workers, unchanged from a year ago. the divergence between rising revenue and stagnant employment translates into higher implied productivity, with annual revenue per employee reaching $193,000 in 2025, a 2.65% increase from the previous year. while the metric indicates that firms are generating more revenue without expanding payrolls, they are instead relying on pricing increases, shifts in advisory mix, technology investments, outsourcing, and workflow automation.

the labor backdrop remains challenging. the bls projects employment of accountants and auditors to grow 5% from 2024 to 2034, roughly in line with the national average, but replacement needs remain high. the agency estimates approximately 124,000 job openings per year, largely driven by retirements and turnover, with pay rates that trail those of many competitive industries, such as banking and finance.

for cpa firms, especially those navigating private equity investment, succession pressures, and technology adoption, growth is coming less from adding people and more from extracting greater value from each one.

large-firm and platform transactions

baker tilly and moss adams completed one of the most consequential transactions of the year, merging to form a combined firm with more than $3 billion in annual revenue and approximately 11,500 employees. the transaction reshaped the upper tier of the u.s. accounting market and underscored the growing importance of scale in competing for national and multinational clients.

cohnreznick entered into a strategic growth investment with apax partners in february 2025, adopting an alternative practice structure that preserves audit independence while enabling external capital to support advisory expansion. the deal placed cohnreznick among a growing group of large firms using private equity to fund growth, technology investments, and talent strategies.

wipfli secured a significant minority investment from new mountain capital in august 2025, marking one of the most prominent private equity transactions involving a top-25 firm during the year. the firm cited accelerated growth, innovation, and expanded service capabilities as central objectives of the partnership.

regional consolidation and add-on acquisitions

beyond marquee transactions, 2025 featured sustained regional consolidation, particularly among private equity-backed platforms executing multi-deal rollup strategies.

doeren mayhew continued its expansion with the acquisition of tbk cpa, effective november 2025, adding scale in texas and strengthening its national footprint.

sorren, a private-capital-backed accounting platform, completed a series of combinations during the year, including its december 2025 merger with rto & company, which expanded its advisory and compliance capabilities.

brown plus group says the acquisition of ross buehler falk & co. was completed late in 2025, with the transaction effective as of jan. 1, 2026. while legally closing in early 2026, the deal was negotiated as part of the 2025 deal flow and reflects year-end momentum carrying into the new year.

the billion-dollar deals

only a handful of accounting firms are large enough to generate over $1 billion in annual revenue. in 2025, just two of them were involved in transactions significant enough to reshape the upper tier of the profession. together, those deals underscored how consolidation and private equity have moved from the margins of the accounting industry to its very center.

the largest transaction of the year was the merger of baker tilly and moss adams, a combination that created one of the largest accounting firms in the united states. both firms entered the deal with annual revenues exceeding $1 billion, and together they now generate more than $3 billion annually, employ roughly 11,500 people, and operate across dozens of offices nationwide.

the merger altered the competitive landscape among the largest u.s. accounting firms, elevating the combined organization into the top tier of the profession by revenue. it also reflected a growing recognition that scale matters, not only for serving multinational clients but also for investing in technology, talent development and advisory capabilities that smaller firms struggle to fund on their own.

the second billion-dollar firm to strike a major deal in 2025 was cohnreznick. in february, the firm says it made a strategic growth investment from private equity firm apax partners. with revenue of approximately $1.2 billion, cohnreznick became one of the largest cpa firms to align with private capital formally.

the transaction was structured using an alternative practice structure, which preserves audit independence while allowing outside investment to support the firm’s advisory, tax, and consulting operations. the deal highlighted how private equity has adapted its approach to the accounting profession, tailoring investment models to accommodate regulatory requirements while still providing firms with growth capital.

notably, no other cpa firm with annual revenue exceeding $1 billion closed a merger or private equity transaction during 2025. several high-profile deals involving large regional firms drew attention during the year; however, these firms generally reported annual revenue well below the billion-dollar mark.

that concentration at the very top of the market is telling. while private equity-backed platforms continued to roll up midsize and regional firms throughout 2025, the largest firms moved more cautiously, pursuing fewer but far more consequential transactions. when billion-dollar firms do act, the impact reverberates across the profession.

taken together, the baker tilly–moss adams merger and the cohnreznick–apax investment illustrate how the accounting industry’s most powerful players are positioning themselves for the next phase of competition. rather than incremental expansion, these firms are making structural bets on scale, capital access, and long-term growth — bets that are likely to influence dealmaking strategies across the profession in the years to come.

why most billion-dollar firms sat out 2025

the absence of deal activity among most billion-dollar cpa firms in 2025 was not a sign of retreat, but of strategic restraint. many of the largest firms entered the year with strong balance sheets, stable partner groups and no immediate succession pressure, reducing the urgency to pursue transformative transactions.

for firms already operating at a national scale, mergers carry significant execution risk. integrating large partner groups, reconciling compensation systems and aligning governance structures can distract from client service and internal investment priorities. as a result, many mega-firms opted to focus on organic growth, targeted lateral hiring and internal technology investment rather than large-scale mergers.

in addition, some billion-dollar firms remain cautious about private equity partnerships, citing concerns over governance control, long-term cultural fit and regulatory complexity. while alternative practice structures have become more common, they remain a strategic choice rather than a default solution at the very top of the market.

mega-firm strategy vs. pe-backed midmarket rollups

the contrast between mega-firm strategy and private-equity-backed midmarket rollups became more pronounced in 2025. billion-dollar firms pursued fewer transactions, but those they did consider were transformative in scope, aiming to reshape their competitive position rather than incrementally adding revenue.

by contrast, private-equity-backed platforms focused on volume. midmarket firms pursued serial acquisitions of regional and niche practices, building scale through add-on deals that could be integrated quickly and financed efficiently. these rollups emphasized standardized processes, centralized operations and rapid expansion across geographies.

the divergence reflects fundamentally different objectives. mega-firms prioritize long-term brand equity, partner cohesion and regulatory stability. pe-backed platforms prioritize growth velocity, margin expansion and exit optionality. both strategies reshaped the accounting landscape in 2025, but they did so on very different timelines and risk profiles.

together, these dynamics suggest that consolidation in the accounting profession is not a single trend, but rather two parallel ones: deliberate, high-stakes moves at the top of the market and fast-paced aggregation in the middle. how those paths converge will define the next phase of industry dealmaking.

noteworthy accounting industry deals in full-year 2025

private equity investment and strategic consolidation across the accounting profession remained elevated throughout calendar year 2025, reinforcing a multiyear shift toward larger, capital-backed platforms and fewer standalone firms.

across the full year, dozens of transactions were announced or completed involving regional and national cpa firms, including minority investments, platform acquisitions, and strategic mergers. while deal sizes varied widely, the dominant themes were scale, succession planning, technology investment, and expansion into advisory services.

large-firm and platform transactions

regional consolidation and add-on acquisitions

beyond marquee transactions, 2025 featured sustained regional consolidation, particularly among private-equity-backed platforms executing multi-deal roll-up strategies.

doeren mayhew continued its expansion with the acquisition of tbk cpa, effective november 2025, adding scale in texas and strengthening its national footprint.

brown plus group announced the acquisition of ross buehler falk & co. in late 2025, with the transaction effective as of january 1, 2026. while legally closing in early 2026, the deal was negotiated as part of the 2025 deal flow and reflects year-end momentum carrying into the new year.

deal volume and market signal

taken together, full-year 2025 deal activity confirmed that private equity and strategic buyers remained deeply engaged in the accounting sector, even as broader mergers and acquisitions markets slowed in other industries.

industry trackers estimate that 2025 included several dozen announced or completed cpa firm transactions, with private equity involved in a substantial share of the largest and most complex deals. capital deployment remained focused on firms with strong advisory mixes, scalable operating models, and clear succession challenges.

the pe deal tracker

2026

january 2026

january 2026 — doeren mayhew (audax-backed) acquired lancaster & reed (key biscayne, fla.); effective dec. 17, 2025; doeren mayhew fy2024 net revenue $170.37m.
january 2026 — aprio (charlesbank-backed) merged in delap llp and hoffman, stewart & schmidt pc (ore.); effective jan. 1, 2026; disclosed fy2024 net revenue: aprio $520m, delap $33.46m, hoffman stewart & schmidt $5.9m.
january 2026 — uhy combined with manley garvin (columbia, s.c.); adds 12 employees (including 2 partners); establishes uhy’s first south carolina office.
january 2026 — cohnreznick acquired smith schafer & associates; effective jan. 1, 2026; fy2024 net revenue: cohnreznick $1.12b, smith schafer $88.84m.
january 2026 — ascend (alpine investors-backed) acquired gollob morgan peddy (boise, idaho), adding nine partners and 100 staff; the firm was founded in 1947.
january 2026 — nichols cauley + partners, risk services, and jgh consulting formed an integrated platform with investment from madison dearborn partners.

2025

december 2025

december 2025 — ascend (alpine investors-backed) acquired sweeney conrad (seattle), adding 14 partners and 117 staff. the firm adopts an alternative practice structure, splitting attest from non-attest services.
december 2025 — springline advisory (trinity hunt-backed) acquired actuarial resources corp. (overland park, kan.); springline launched in january 2024 with trinity hunt backing; terms not disclosed.
december 2025 — brown plus acquired ross buehler falk & co. (lancaster, pa.); effective jan. 1, 2026 (per cpa practice advisor m&a archive item).
december 2025 — sorren (dfw capital partners-backed) combined with rto & company (lake oswego, ore.); sorren fy2024 net revenue $115m.
december 2025 — doeren mayhew (audax-backed) acquired tbk cpa pllc (houston); effective nov. 17, 2025; doeren mayhew fy2024 net revenue $170.37; adds nearly 35 employees.
december 2025 — baker tilly (hellman & friedman investor, via aps) says planned acquisition of berkowitz pollack brant advisors + cpas (miami); fy2024 net revenue: baker tilly $2.09b, bpb $49.17m.
december 2025 — prosperity partners (unity partners equity investor) added farkouh, furman & faccio (new york city); adds 7 partners and 38 employees; establishes nyc flagship office.
december 2025 — cri (centerbridge + bessemer investment previously says) added dk partners (austin, texas); cited as cri’s fifth merger since nov. 2024 funding.
december 2025 — brown edwards acquired shelton & co. cpas (lynchburg, va.); adds 8 people; brown edwards has 56 partners and 465 staff.
december 2025 — eide bailly merged with wall, einhorn & chernitzer (norfolk, va.); effective dec. 8, 2025; first virginia office and first east coast location (per item).
december 2025 — pkf o’connor davies brought in wolf maryles & associates (new york city), effective jan. 1, 2026; adds 11 professionals.
december 2025 — hbk acquired mks&h (timonium/frederick, md.); effective dec. 1, 2025; adds about 30 professionals; hbk’s first offices in maryland.

november 2025

november 2025 — frazier & deeter acquired pesta finnie & associates (charlotte, n.c.; founded 1991) to expand its charlotte presence.
november 2025 — frazier & deeter (atlanta, ga.; fy24 net revenue $184.0) acquired rosen sapperstein & friedlander llc (towson, md.; fy24 net revenue $24.0m).
november 2025 — grassi (new york, n.y.; fy24 net revenue $146.5) acquired onepoint franchise accounting (denver, colo.) into grassi advisory group. grassi franchise services now includes 100+ professionals; two partners joined (laura wright and diana mead).
november 2025 — doeren mayhew completed the acquisition of novotny cpa group (west michigan), effective nov. 6; novotny team members relocated to doeren mayhew’s grand haven and grand rapids offices.
november 2025 — doeren mayhew (troy, mich.; audax-backed) completed the acquisition of mcmurray fox & associates pllc (tennessee), effective nov. 10, adding offices in hendersonville and gallatin plus three principals.
november 2025 — maner costerisan (lansing, mich.; top 200 firm) agreed to merge with baker holtz (grand rapids, mich.), effective jan. 1, 2026. baker holtz adds three partners and 28 team members, bringing the combined firm to over 225 professionals.
november 2025 — bgm (bloomington, minn.) says the addition of the vroman group llp (west des moines, iowa) expands its midwest footprint.
november 2025 — ascend platform firm walter shuffain advisors (boston, mass.) combined with richardson & co. p.c. (medway, mass.), effective nov. 1.
november 2025 — ascend (alpine investors-backed) platform firm tss advisors (lebanon, n.h.) merged with john g. burk & associates (keene, n.h.), effective nov. 1.
november 2025 — mauldin & jenkins (atlanta, ga.; top 60 firm) says a merger with laporte cpas & business advisors (new orleans, la.), effective dec. 1. laporte brings 178 professionals, including 38 partners, across five office locations (louisiana + houston).
november 2025 — sax (parsippany, n.j.; cobepa-backed) acquired scl consulting (columbia, md.), a financial consulting firm specializing in client accounting services, effective nov. 14.
november 2025 – pinion (loveland, colo.; top 75 firm) merges with gifford & cox llc (north platte and mccook, neb.; windsor, colo.), strengthening its agricultural and rural business practice across the plains region and adding about $6 million in revenue and 30 staff.
november 2025 – brown edwards & co. (roanoke, va.; top 100 firm) acquires desroches & co. (virginia beach, va.), a condominium and hoa-focused practice, adding more than 25 professionals and expanding brown edwards’ hampton roads team to over 50 people.
november 2025 – insero advisors llc (rochester, n.y.; rallyday partners–backed) acquires demott & smith cpas (rochester, n.y.), adding two partners and 10 employees and increasing insero to 25 partners and 138 employees.
november 2025 – ascend (arlington, va.; alpine investors–backed) adds biggskofford (denver and colorado springs, colo.), bringing in nine partners and more than 40 staff as part of its strategy to acquire regional firms with $15–50 million in revenue.
november 2025 – citrin cooperman advisors (new york, n.y.) agrees to acquire gatto, pope & walwick (gpw) (san diego, calif.), adding roughly 10 partners and more than 60 professionals and expanding its southern california presence.
november 2025 – citrin cooperman (new york, n.y.; backed by blackstone following new mountain’s exit) agrees to acquire kbfm (nashville, tenn.), a business management and tax firm, establishing citrin cooperman’s first physical office in nashville as part of its family office practice.
november 2025 – mercer advisors (denver, colo.; pe-backed ria and family office platform) acquires beach freeman lim & cleland (bflc) (los angeles area), adding a tax, accounting and business advisory firm serving high-net-worth individuals and business owners.
november 2025 – crete professionals alliance (tampa, fla.; thrive capital, zbs partners and bessemer venture partners–backed) admits accuity (honolulu, hawaii) as its 30th partner firm and first non-continental u.s. member, extending its western region footprint.
november 2025 – springline advisory (top 100 firm) acquires infinity globus and smart accountants (ahmedabad, india), adding 191 employees and expanding its offshore tax and accounting delivery. springline, created by trinity hunt partners in january 2024, has grown to roughly 750 employees globally.

october 2025

october 2025 – family office of maryland (subsidiary of family office of america) acquires toone & associates (maryland-based cpa firm), expanding its tax and accounting footprint serving high-net-worth individuals and families as part of a broader multi-office family office platform strategy.
october 2025 – sorren (boise, idaho; dfw capital partners–backed national platform formed in 2025) acquires healthworks, a healthcare consulting firm focused on disputes and arbitration, expanding sorren’s healthcare advisory and litigation support capabilities.
october 2025 – doeren mayhew (troy, mich.; audax private equity–backed) acquires carson & mckinney cpas (nashville, tenn.), a firm founded in 1932, deepening doeren mayhew’s nashville presence and adding tax, assurance, consulting and outsourced accounting services across middle tennessee.
october 2025 – cherry bekaert (raleigh, n.c.; parthenon capital–backed) agrees to acquire herbein + company, inc. (reading, pa.), including related new jersey and delaware offices, in an aps transaction that marks cherry bekaert’s first entry into pennsylvania and adds roughly $60.2 million in revenue, 45 partners and nearly 400 employees.

september 2025

september 2025 – aprio (atlanta, ga.; charlesbank capital partners–backed) agrees to acquire mize cpas inc. and affiliated prism financial group llc (topeka and overland park, kan.), adding approximately 20 partners and more than 300 professionals across tax, payroll, advisory and wealth management, including $1.8 billion in aum at prism.
september 2025 – smith + howard (atlanta, ga.; broad sky partners–backed) acquires horton, lee, burnett, peacock, cleveland & grainger (birmingham, ala.), entering the alabama market.
september 2025 – ascend (arlington, va.; alpine investors–backed) merges with ksdt cpa (miami, fla.), integrating 29 partners and 276 professionals. ksdt’s india team joins ascend’s offshore division, boosting global delivery.
september 2025 – bdo usa (chicago, ill.) announces acquisition of horne llp (ridgeland, miss.), effective nov. 1, 2025. this represents bdo’s largest expansion to date, significantly strengthening its footprint in the southeastern u.s. while not pe-backed, the merger expands bdo’s geographic scale and market share among national firms.
september 2025 – richey may & co. (denver, colo.) forms national platform by combining with four additional firms: wsrp (utah), moss krusick & associates (florida), sobul, primes & schenkel (california), and usx advisors (washington). the new entity operates under an aps (richey, may & co., llp for attest services and rm advisory llc for non-attest services) and is backed by new york–based f3 partners. leadership includes jason yetter (ceo, rm advisory) and dan rinehart (president, advisory). the platform is expected to rank among the top 50 u.s. firms, with ambitions toward the top 25.
september 2025 – citrin cooperman (new york, n.y.) acquires orba (chicago, ill.), adding 15 partners and 150+ professionals across orba’s chicago, oak brook, and salt lake city offices.

august 2025

august 2025 – grant thornton llp (chicago, ill.; new mountain–backed) agrees to acquire auxis (fort lauderdale, fla.), expanding nearshore bpo and automation capabilities across the americas.
august 2025 – citrin cooperman acquires barkin, perren, schwager & dolan (woodland hills, calif.), adding 3 partners and 20+ professionals in southern california.
august 2025 – wipfli llp (milwaukee, wi) announces a minority investment from new mountain capital, implementing an aps structure (wipfli llp attests; wipfli advisory llc is non-attest).

july 2025

july 2025 – sax llp (parsippany, n.j.) receives a minority investment from cobepa north america, adopting an aps with sax llp (attest) and sax advisory group (non-attest).

june 2025

june 2025 – crete professionals alliance (tampa, fla.; thrive/bessemer-backed) outlines a $500 mm, two-year plan for u.s. acquisitions, targeting ai-enabled firms.
june 2025 – prosperity partners (atlanta, ga.; unity partners–backed) acquires danaher attig & plante (south burlington, vt.), establishing a new england presence.
june 2025 – elliott davis llc (greenville, s.c.) receives a growth investment from flexpoint ford, establishing an aps; john otten is named ceo (effective jul. 1, 2025).

may 2025

may 2025 – sensiba llp (san ramon, calif.) acquires assurancelab, strengthening technology-enabled assurance (soc/cybersecurity) services.
may 2025 – dembo jones (rockville, md.) agrees to join cliftonlarsonallen (cla) (minneapolis, minn.) – merger closed aug. 1, 2025, expanding cla’s mid-atlantic presence.
may 2025 – ctm cpas & advisors (lincolnshire, ill.) joins withumsmith+brown, pc (princeton, n.j.), bolstering withum’s midwest presence and advisory capabilities.
may 2025 – eide bailly llp (fargo, n.d.) acquires hamilton tharp llp (solana beach, calif.), marking eide bailly’s entry into the san diego market and expanding its west coast client base.
may 2025 – mauldin & jenkins llc (atlanta, ga.) merges with mccrory & co. (greenville, s.c.), expanding m&j’s carolinas footprint and government-sector practice.
may 2025 – armanino llp (san ramon, calif.) expands into utah via a combination with cooper savas (salt lake city, utah), following armanino’s 2024 pe investment.
may 2025 – sorren forms via the merger of several regional firms, creating a new national platform (multi-region operations with a tech-first model).

april 2025

april 2025 – aprio llp (atlanta, ga.) to acquire rsm us’s “professional services+” practice (u.s. & canada), expanding aprio’s legal, consulting, and financial services verticals.
april 2025 – eisneramper llp (new york, ny) acquires prague & company and forms a joint venture with rpm partners, enhancing its tax risk and transaction advisory offerings.
april 2025 – aventus partners ltd. (london, uk) joins knav (atlanta, ga.), broadening knav’s international advisory capabilities via a uk presence.
april 2025 – baker tilly us llp (chicago, ill.) merges with moss adams llp (seattle, wash.), forming the 6th-largest u.s. firm ($2.4 b revenue, 11,500 staff) under an aps; hellman & friedman and valeas invest new capital (valuation $7 b, closed june 2025).

february 2025

february 2025 – cohnreznick llp (new york, n.y.) secures a minority investment from apax partners, adopting an aps. co-ceos david kessler and kelly o’callaghan lead the $900 mm revenue firm (3,000 staff) into its next growth phase.
february 2025 – citrin cooperman acquires hw&co. (cleveland, ohio), expanding into ohio’s healthcare and nonprofit sectors.

january 2025

january 2025 – carr, riggs & ingram (enterprise, ala.) acquires capincrouse llp (indianapolis, ind.), adding a national leader in nonprofit and faith-based niches (cri’s largest deal ever).
january 2025 – eisneramper combines with hda accounting group (denver, colo.), expanding its specialized dental/healthcare practice group.
january 2025 – blackstone (new york, n.y.) leads investor group to acquire new mountain’s stake in citrin cooperman (new york, n.y.), the first pe-to-pe ownership transfer in a top 25 firm (widely reported valuation $2 b).

2024

december 2024 – lee equity partners acquires cooper parry (london, uk). ceo ade cheatham leads the £180 million revenue, 1,450-person firm, which has completed 11 acquisitions before the deal; new funding will drive further uk and international expansion.
november 2024 – carr, riggs & ingram (cri) receives investment from centerbridge partners & bessemer venture partners. bill carr remains chairman as the $400 mm revenue, 2,000-staff firm adopts an aps. growth plans include broadening cri’s geographic reach beyond its southern base and deepening industry specializations.
november 2024 – pkf o’connor davies (new york, n.y.) receives investment from investcorp and psp investments. executive chairman kevin keane leads the $300 million, 1,200-employee firm, which has opened new offices in charlotte, austin, and phoenix since the investment.
november 2024 – ik partners acquires dains llp (birmingham, england). ik partners (via ik fund x) acquires dains (from horizon capital) in a secondary buyout. managing partner richard mcneilly is to lead the £65 mm revenue firm, which has achieved an 8× roi for horizon through 10 acquisitions.
october 2024 – armanino llp (san ramon, calif.) receives investment from further global capital. further global takes 20% of the $500 mm, 2,500-employee firm. ceo matt armanino implements an aps, separating audit from advisory services. the capital supports armanino’s national expansion (including a subsequent 2025 utah combination).
october 2024 – cohen & company, ltd. (cleveland, ohio) receives investment from lovell minnick partners. ceo chris bellamy leads the $130 mm, 700-staff firm. new funding supports cohen’s growth in digital asset fund services and broadens its market reach in the midwest and east coast.
october 2024 – goering & granatino (leawood, kan.) joins ascend (arlington, va.). amber goering’s $15 mm, 60-person firm becomes part of alpine’s ascend platform, extending ascend’s footprint into kansas/midwest.
september 2024 – alexander thompson arnold (ata) (jackson, tenn.) receives investment from copley equity partners. ceo john whybrew is to lead the $60 mm, 300-employee firm, which uses copley’s minority capital and aps structure to expand into neighboring states.
july 2024 – aprio llp (atlanta, ga.) receives investment from charlesbank capital partners. managing partner richard kopelman leads the $350 mm, 1,800-employee firm. the growth investment supports aprio’s national m&a strategy and digital transformation initiatives.
may 2024 – grant thornton llp (chicago, ill.) receives investment from new mountain capital (lead), cdpq, and oa private capital. ceo seth siegel leads the firm (8,500 employees, $2 b revenue) in adopting an aps to accept the infusion. the deal valued gt’s advisory arm at $600 mm and is funding tech and advisory expansion.
may 2024 – crete professionals alliance (tampa, fla.) receives investment from thrive capital and bessemer venture partners. ceo jake sloane’s alliance model involves member firms contributing non-attest operations to a shared platform. the funding backs crete’s technology investments and future firm integrations.
april 2024 – smith + howard (atlanta, ga.; broad sky–backed) acquires a greensboro, nc cpa firm. as a follow-up to its 2022 pe deal, smith + howard expands into the carolinas through the acquisition of a mid-sized firm, growing its advisory services in the region.
february 2024 – baker tilly us llp (chicago, ill.) receives investment from hellman & friedman and valeas capital. the minority stake (via aps) installed jeff ferro as ceo of baker tilly’s advisory lp and funded an aggressive m&a strategy (setting the stage for the moss adams merger).

2023

november 2023 – your part-time controller, llc (yptc) (philadelphia, pa.) receives investment from pamlico capital. managing partner jennifer alleva leads the $71 mm, 600-staff firm in expanding its nonprofit outsourcing services nationwide.
november 2023 – choreo, llc (chicago, ill.) acquires bdo wealth advisors (chicago, ill.). ceo larry miles’ pe-backed choreo adds $8.1 b in aum, greatly expanding its wealth management reach. (choreo was formed via parthenon’s 2022 spin-out of rsm’s wealth unit.)
august 2023 – alpine investors launches ascend (arlington, va.) as a cpa firm platform. ceo david wurtzbacher builds ascend through partnerships with 14 firms in 11 states by year-end – one of the fastest scale-ups in the profession’s history.
june 2023 – cogep (orléans, france) receives a minority investment from waterland private equity. president thierry bédier leads the 1,600-person firm (7th-largest in france) in leveraging waterland’s backing for domestic expansion in a fragmented market.
april 2023 – moore kingston smith llp (london, uk) receives a minority investment from waterland private equity. managing partner maureen penfold’s mid-tier firm (£60 mm revenue, 600+ staff) gains capital to drive uk acquisitions and growth.
april 2023 – bkl llp (london, uk) receives investment from cbpe capital. the £20 mm revenue firm (managing partner jon randall) targets talent development and growth with cbpe’s support. (in 2024, bkl merged with wilson wright, forming a £50 mm group.)

2022

november 2022 – smith + howard (atlanta, ga.) receives investment from broad sky partners. ceo sean taylor’s $40 mm, 150-staff firm uses the minority capital to expand advisory services and make acquisitions. (in 2023–25, s+h acquired firms in the carolinas and alabama.)
june 2022 – cherry bekaert (richmond, va.) receives investment from parthenon capital for its advisory arm. ceo michelle thompson leads the $300 mm, 1,200-staff firm in executing an m&a-driven advisory growth strategy under the new partnership.
april 2022 – citrin cooperman (new york, n.y.) receives majority investment from new mountain capital. ceo alan badey’s $400 mm, 2,000-employee firm was valued at around $500 mm. citrin subsequently completed 17 acquisitions with new mountain’s backing. (blackstone’s 2025 deal valued the firm at $2 b, illustrating the rapid appreciation driven by pe involvement.)
january 2022 – choreo, llc (chicago, ill.) forms via a parthenon capital spin-out of rsm us’s wealth management division. ceo larry miles launches choreo with $7.5 b aum. (in 2023, choreo acquired bdo’s wealth unit, doubling its aum.)

2021

september 2021 – schellman & co. (tampa, fla.) receives investment from lightyear capital. the deal (minority stake) institutes an aps and sees avani desai elevated to ceo as founder chris schellman exits. schellman ($80 mm revenue, 400 staff) focuses the infusion on growth in cybersecurity and compliance services.
july 2021 – eisneramper llp (new york, n.y.) receives investment from towerbrook capital partners. the deal (majority stake) uses an aps to split off eisner advisory group llc. ceo charles weinstein leads the $500 million, 2,000-employee firm through a post-investment spree of 14 acquisitions (including several in 2022–23), as one of the first movers in this private equity trend.

2020

september 2020 – tilney (london, uk) merges with smith & williamson (london, uk) to form evelyn partners. pe firms permira and warburg pincus invest in the merger of wealth manager tilney and accounting firm s&w. chris woodhouse becomes ceo of the combined entity, which boasts over £ 500 million in revenue and an integrated wealth management–professional services model.
2020 – moore belgium (brussels, belgium) receives investment from waterland private equity. waterland acquires a controlling stake in moore belgium to accelerate growth via acquisitions and tech upgrades. ceo bruno peelaers leads this first pe deal within the moore global network, setting a precedent for pe involvement in the global accounting alliances.

posted on january 14, 2025