private equity update: over 90 deals, $200 billion in value - 卡塔尔世界杯常规比赛时间

dealflow timeline, 2020–2025: top trends, benchmarks, transactions

every pe–cpa deal since 2020, and counting.

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

卡塔尔世界杯常规比赛时间 research is tracking over 90 significant pe-related transactions and firm mergers from 2020 through september 2025, with at least 52 deals in 2025 so far, already surpassing the 24 deals tracked in 2024. private equity has poured over $50 billion in new capital into cpa firms over the last six years. with about $25 billion in trackable firm revenues, 卡塔尔世界杯常规比赛时间 estimates a collective valuation of $200 billion for those firms.

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by comparison, the entire u.s. tax, accounting, bookkeeping, payroll, and cpa firm sector grosses about $125 billion a year. fresh funds are being deployed into ai-powered technologies, high-value services, top-shelf talent, and additional mergers and acquisitions.

new developments in this update

september 2025

bdo usa acquires horne llp (mississippi) – announced sept. 17, 2025, effective nov. 1, 2025. bdo usa merges with horne llp, one of the largest mississippi-based cpa firms. this is bdo’s largest expansion ever, significantly boosting its southeastern u.s. presence. while not pe-funded, the deal is strategically important for scale and geography.
richey may & co. forms five-firm national platform (denver-based) – announced sept. 9, 2025. richey may & co., wsrp, moss krusick & associates, sobul, primes & schenkel, and usx advisors—combine under the richey may brand. structure: aps split (richey, may & co. llp for attest, rm advisory llc for non-attest). funded by f3 partners (new york). positioned to rank among top 50 u.s. firms, with ambitions toward the top 25. geographic spread: colorado, utah, florida, southern california, washington state. leadership: jason yetter (ceo, rm advisory); dan rinehart (president, advisory); ed moss (acquisitions, southeast)

top trends and benchmarks at-a-glance

revenue trends: total fee income for the u.s. tax and accounting market is projected to reach $145.5 billion in 2025, reflecting a cagr of 0.2% from 2020 to 2025. this muted growth is attributed to steady demand for accounting services and expanding advisory and consulting roles within firms. private equity’s investment in the accounting profession now represents as much as one-tenth of the annual revenues of u.s. cpa firms.
employment landscape: employment in the accounting, tax preparation, bookkeeping, and payroll services sector stands at approximately 1.15 million, a slight increase from 1.14 million in 2024, indicating a stable employment trend. however, the industry faces challenges, including a 10% decline in the accountant workforce from 2019 to 2024, primarily due to retirements and a shrinking pipeline of new professionals.
productivity metrics: the average revenue per employee in the accounting services industry is about $268,763, with average pay per employee at $90,988. these figures suggest a focus on enhancing firm productivity and efficiency amid talent shortages.
future outlook: the bureau of labor statistics projects a 6% growth in employment for accountants and auditors from 2023 to 2033, outpacing the average for all occupations. this anticipated growth, despite current workforce challenges, underscores ongoing demand for accounting professionals.

deal volume and investment scale

number of deals: over 65 significant pe-related transactions have occurred in the cpa and accounting sector from 2020 through q3 2025. this includes 24 deals in 2024 and 26 deals in 2025 to date, reflecting accelerating deal flow in 2025.
top 30 firm involvement: private equity has taken stakes in at least 11 of the 30 largest u.s. accounting firms. projections suggest that over half of the top 30 firms could have pe ownership by the end of 2025, signaling a rapid shift in firm ownership models.
notable transactions: major moves in the space include new mountain capital’s 60% stake acquisition in grant thornton’s u.s. unit in may 2024 (focused on gt’s non-audit business), and the landmark 2021 deal in which eisneramper sold a majority stake in its advisory business to towerbrook capital partners – effectively launching the current wave of pe investment in the profession.
valuation multiples: accounting firms are fetching valuations up to 15× ebitda, indicating strong investor confidence in the sector’s profitability. high demand for quality firms, combined with scarce talent and sticky client relationships, is driving multiples to historically high levels.
major deals: the merger between baker tilly and moss adams in 2025 was valued at approximately $7 billion, creating a firm with combined 2024 revenues exceeding $3 billion and 11,500 employees. uk-based xeinadin, a top 20 mid-market accounting firm, is preparing for a sale anticipated to exceed £800 million, with an ebitda around £60 million (usd $82 million). in january 2025, blackstone led an investor group to acquire new mountain’s stake in citrin cooperman, valuing the firm at roughly $2 billion. and in august 2025, wipfli llp announced a minority investment from new mountain capital, becoming one of the latest top-25 firms to join the pe trend.

impact on cpa firms

consolidation trends: pe-backed firms like eisneramper and citrin cooperman have been aggressively pursuing mergers and acquisitions, each completing over a dozen acquisitions post-investment. in 2025 blackstone’s $2 billion stake in citrin cooperman marked the first major pe-to-pe ownership flip in the accounting sector. such deals highlight private equity’s confidence and long-term play in the industry.
industry composition: the u.s. is home to an estimated 46,000 to 52,200 cpa firms in about 55,000 locations. over 90% of these are small practices with fewer than 20 employees. pe investments are so far concentrated in larger regional and national firms, but the ripple effects are being felt industry-wide as smaller firms face a shifting competitive landscape.
growth engine: the profession’s total revenue from consulting services is approximately $8.7 billion, growing 10% annually. firms are leveraging new capital to accelerate growth in high-margin advisory services, invest in technology (e.g. ai and automation), and expand into new markets to meet rising client demand beyond traditional compliance work.

highlights and analysis

platform investments, stakes & strategic mergers

august 2025 — wipfli llp (milwaukee, wi) announces a significant minority investment from new mountain capital. the top-20 firm implemented an alternative practice structure (aps), splitting into wipfli llp (attest) and wipfli advisory llc (non-attest). this deal provides wipfli with additional capital to accelerate growth after tripling in size over the past decade.
july 2025 — sax llp (parsippany, nj) receives a minority investment from cobepa north america. sax remains independently operated under an aps, with sax llp (attest) and a new sax advisory group (non-attest). the top-100 firm plans to use cobepa’s growth capital to pursue strategic acquisitions along the u.s. east coast and invest in technology.
june 2025 — elliott davis llc (greenville, sc) secures a strategic growth investment from flexpoint ford (chicago, il). the firm establishes an aps and concurrently announces a ceo succession (john otten, effective july 1, 2025). the investment (for a firm with $189 million in revenue) is aimed at expanding service lines, geographic reach, and talent development.
april 2025 — baker tilly us (chicago, il) + moss adams (seattle, wa) announce a strategic merger to form a combined firm with $2.4 billion in revenue. backed by existing investor hellman & friedman (and co-investor valeas capital), the merger (closed june 2025) created the 6th-largest u.s. cpa firm. the deal was structured via aps (baker tilly llp for attest and baker tilly advisory group lp for non-attest) and was reportedly valued around $7 billion.
february 2025 — cohnreznick llp (new york, ny) receives a minority growth investment from apax partners. the top-20 firm ($1.1 billion revenue, 5,000+ employees) adopted an aps separating attest and advisory entities. cohnreznick’s co-ceos (david kessler and kelly o’callaghan) stated that apax’s infusion will fuel geographic expansion and technological infrastructure upgrades.
january 2025 — blackstone leads an investor group acquiring new mountain capital’s stake in citrin cooperman (new york, ny). this first-ever pe-to-pe transfer among top 25 u.s. firms was widely reported at an enterprise valuation of about $2 billion. blackstone’s funds will support citrin cooperman’s ongoing m&a spree (15+ deals since 2022) and strategic growth in advisory services.
december 2024 — cooper parry (london, uk) receives a majority investment from lee equity partners. the fast-growing uk firm (£180 million revenue, 1,450 staff) had completed 11 acquisitions prior to the deal. lee equity’s backing is set to fund further uk expansion and an eventual international growth play.
december 2024 — dains accountants (birmingham, uk) is majority acquired by ik partners. ik partners succeeded horizon capital as majority owner, with horizon exiting at an 8× return on investment. dains (£65 million revenue, 10 acquisitions completed under horizon) will continue consolidating mid-market firms across the uk under ik’s ownership.
november 2024 — carr, riggs & ingram (cri) receives a growth investment from centerbridge partners and bessemer venture partners. the #14 u.s. firm ($400 million revenue, 2,000 staff) adopted an aps and appointed co-founder bill carr as chairman. new funding is earmarked for geographic expansion (beyond cri’s southeastern base) and industry specialization initiatives.
november 2024 — pkf o’connor davies (new york, ny) secures a strategic minority investment from investcorp and psp investments. the firm ($300 million revenue, 1,200 staff) retained its existing leadership (kevin keane as executive chairman) and soon opened new offices in charlotte, austin, and phoenix to extend its national footprint.
october 2024 — armanino llp (san ramon, ca) receives a minority investment from further global capital management. further global reportedly took 20% ownership in the top-25 firm ($500 million revenue, 2,500 staff). armanino implemented an aps (armanino llp for attest, armanino advisory llc for non-attest) and signaled plans for multi-state expansion (the firm later entered the utah market in 2025).
october 2024 — cohen & company, ltd. (cleveland, oh) receives a minority investment from lovell minnick partners. the firm ($130 million revenue, 700 staff) aims to leverage lovell minnick’s resources to expand its digital fund administration services and broaden its market reach. (deal signed in oct. 2024, closed dec. 31, 2024.)
september 2024 — alexander thompson arnold (jackson, tn) receives a minority investment from copley equity partners. the regional firm ($60 million revenue, 300 staff) is using the capital to expand into surrounding southern states. an aps was instituted to allow copley’s funding of non-attest operations while preserving attest independence.
july 2024 — aprio llp (atlanta, ga) receives a growth investment from charlesbank capital partners. the firm ($350 million revenue, 1,800 employees) signaled a national expansion strategy focusing on m&a and digital advisory services. charlesbank’s backing (minority stake) positioned aprio to later acquire rsm us’s specialty services practice in 2025.
may 2024 — grant thornton llp (chicago, il) closes a growth investment led by new mountain capital, with minority co-investors cdpq (canada) and oa private capital. the deal, adopting an aps, valued gt’s advisory and non-audit business at nearly $600 million. ceo seth siegel noted the firm’s 8,500 employees and $2 billion revenue would benefit through tech investments and expanded services post-deal.
may 2024 — crete professionals alliance (tampa, fl) receives investment from thrive capital and bessemer venture partners. ceo jake sloane’s alliance comprises firms contributing non-attest businesses to a shared service platform. the funding supports technology investments and new firm integrations.
april 2024 — smith + howard (atlanta, ga; broad sky–backed) acquires a regional cpa firm in greensboro, nc. as a follow-on to broad sky partners’ 2022 investment, smith + howard expands into the carolinas via the mid-sized firm acquisition, growing advisory services into that market.
february 2024 — baker tilly us llp (chicago, il) receives investment from hellman & friedman and valeas capital partners. hellman & friedman and valeas acquire a minority stake in baker tilly us llp using an aps. jeff ferro becomes ceo of baker tilly’s advisory lp, while jere shawver leads baker tilly llp (attest). the firm ($1.6 billion revenue, 5,000 professionals) is using the investment to accelerate m&a and infrastructure growth.

add-on m&a & combinations by pe-involved firms

september 2025 — smith + howard (atlanta, ga; broad sky partners–backed) acquires horton, lee, burnett, peacock, cleveland & grainger (birmingham, al), marking smith + howard’s entry into the alabama market.
september 2025 — ascend (arlington, va; alpine investors–backed) adds ksdt cpa (miami, fl), integrating 29 partners and 276 professionals. ksdt’s india team joins ascend’s offshore division.
september 2025 — citrin cooperman acquires orba (chicago, il), adding 15 partners and 150+ professionals across chicago, oak brook, and salt lake city offices.
august 2025 — citrin cooperman acquires barkin, perren, schwager & dolan (woodland hills, ca), adding 3 partners and 20+ professionals in southern california.
august 2025 — grant thornton llp (chicago, il; new mountain–backed) agrees to acquire auxis (fort lauderdale, fl), expanding nearshore bpo and automation capabilities across the americas.
june 2025 — prosperity partners (prosperity network) (atlanta, ga; unity partners–backed) acquires danaher attig & plante (south burlington, vt), establishing a new england presence.
june 2025 — crete professionals alliance (tampa, fl; thrive/bessemer–backed) outlines $500 m two-year plan for u.s. firm acquisitions, targeting ai-enabled practices.
may 2025 — eide bailly llp (fargo, nd) acquires hamilton tharp llp (solana beach, ca), entering the san diego market and expanding its west coast client base.
may 2025 — withumsmith+brown, pc (withum) (princeton, nj) combines with ctm cpas & business advisors (lincolnshire, il), bolstering withum’s midwest presence and advisory capabilities.
may 2025 — cliftonlarsonallen (cla) (minneapolis, mn) merges with dembo jones (rockville, md), expanding cla’s mid-atlantic presence (deal closed aug. 1, 2025).
may 2025 — mauldin & jenkins llc (atlanta, ga) merges with mccrory & co. (greenville, sc), expanding mauldin & jenkins’ carolinas footprint and government-sector practice.
may 2025 — armanino llp (san ramon, ca; further global–backed) expands into utah via combination with cooper savas (salt lake city, ut).
may 2025 — sensiba llp (san ramon, ca) acquires assurancelab (technology-enabled assurance provider), expanding sensiba’s soc/cybersecurity services.
may 2025 — sorren (new platform) forms via merger of multiple regional firms, creating a national cpa platform with a technology-first model.
april 2025 — eisneramper llp (new york, ny) acquires prague & company and forms jv with rpm partners, expanding tax risk and transaction advisory offerings.
april 2025 — aprio llp (atlanta, ga; charlesbank–backed) to acquire rsm us’s professional services+ practice (u.s. & canada), broadening aprio’s legal, consulting, and financial services verticals.
april 2025 — aventus partners ltd. (london, uk) joins knav (atlanta, ga), expanding knav’s international advisory capabilities via a uk presence.
february 2025 — citrin cooperman acquires hw&co. (cleveland, oh), expanding midwest footprint in healthcare and nonprofit sectors.
january 2025 — eisneramper combines with hda accounting group (denver, co), expanding specialty dental/healthcare verticals.
january 2025 — carr, riggs & ingram (cri) acquires capincrouse llp (indianapolis, in), adding a leading not-for-profit specialist (cri’s largest deal to date).

comprehensive deal tracker (2020–2025)

(chronologically sorted by year and date)

2025

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 in 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 southeastern u.s. footprint. 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 and rm advisory llc for non-attest) 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 – 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, wis.) announces a minority investment from new mountain capital, implementing an aps structure (wipfli llp attest; wipfli advisory llc non-attest).
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 – 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 named ceo (effective july 1, 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 combination with cooper savas (salt lake city, utah), following armanino’s 2024 pe investment.
may 2025 – sorren forms via merger of several regional firms, creating a new national platform (multi-region operations with a tech-first model).
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, n.y.) acquires prague & company and forms jv with rpm partners, enhancing 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 – 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 – 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 – cooper parry (london, uk) is acquired by lee equity partners. ceo ade cheatham leads the £180 mm revenue, 1,450-person firm, which completed 11 acquisitions pre-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 mm, 1,200-employee firm, which opened new offices in charlotte, austin, and phoenix post-investment.
november 2024 – dains llp (birmingham, england) is acquired by ik partners. ik partners (via ik fund x) acquires dains (from horizon capital) in a secondary buyout. managing partner richard mcneilly continues to lead the £65 mm revenue firm, which had achieved a 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 vs. advisory. 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 continues 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 near $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-on to its 2022 pe deal, smith + howard expands into the carolinas via the mid-sized firm acquisition, growing 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 – ascend (arlington, va.) is launched by alpine investors 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 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 mm, 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 pe 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 £500+ mm 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 september 11, 2025

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