dealflow timeline, 2020-2025: top trends, benchmarks, transactions
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 52 significant pe-related transactions in the cpa and accounting sector from 2020 through mid-2025, with 24 deals this year alone.
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pe has poured at least $28.2 billion in new capital into cpa firms over the last six years, according to a conservative 卡塔尔世界杯常规比赛时间 research estimate. excluding the big four, that’s more than six times the $4.5 billion annual revenue of the next 96 firms, and half the $60 billion revenue of the top 500 firms, excluding the big four.
the fresh funds are being deployed into ai-powered technologies, high-value services, top-shelf talent, and additional mergers and acquisitions.
top trends and benchmarks at-a-glance
the u.s. tax, accounting, bookkeeping and payroll sector
- revenue trends: total fee income for the u.s. tax and accounting market is projected to reach $145.5 billion, reflecting a compound annual growth rate of two-tenths of one percent from 2020 to 2025. this 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 represents as much as one-tenth of the total 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 10percent 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 approximately $268,763, with average pay per employee at $90,988. these figures suggest a focus on enhancing productivity and efficiency within firms.
- future outlook: the bureau of labor statistics projects a 6 percent growth in employment for accountants and auditors from 2023 to 2033, outpacing the average for all occupations. this anticipated growth underscores the ongoing demand for accounting professionals, despite current workforce challenges.
deal volume and investment scale
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number of deals: over 52 significant pe-related transactions occurred in the cpa and accounting sector from 2020 through mid-2025, with 24 deals in 2024 alone.
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top 30 firm involvement: private equity has taken stakes in 10 of the 30 largest u.s. accounting firms. commonly used projections suggest that over half of the top 30 firms will have pe ownership by the end of 2025.
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notable transactions:
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in may 2024, new mountain capital acquired a 60 percent stake in grant thornton’s u.s. unit, focusing on its non-audit business.
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in 2021, eisneramper sold a majority stake in its advisory business to towerbrook capital partners.
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investment amounts and valuations
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valuation multiples: accounting firms are fetching valuations up to 15 times their ebitda, indicating strong investor confidence
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major deals:
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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.
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uk-based xeinadin, a top 20 mid-market accounting firm, is preparing for a sale anticipated to exceed £800 million, with an ebitda of around £60 million. (u.s. $82 million.)
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impact on cpa firms
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consolidation trends: pe-backed firms like eisneramper and citrin cooperman are aggressively pursuing mergers and acquisitions, each completing over a dozen acquisitions post-investment.
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industry composition: the u.s. hosts approximately 46,000 to 52,200 cpa firms, operating in about 55,000 locations. over 90 percent of these are small practices with fewer than 20 employees.
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growth engine: the cpa industry’s total revenue from consulting services reached approximately $7.8 billion in 2023, a 10 percent increase from the previous year.
deals tracked by 卡塔尔世界杯常规比赛时间 research
asterisks (*) indicate that private equity is involved.
2025
june 2025 – carr, riggs & ingram* merges with axley & rode (lufkin, tx)
carr, riggs & ingram* (cri), backed by centerbridge partners and bessemer venture partners, announces on june 3, 2025, the merger with axley & rode. the east texas firm, with offices in lufkin, nacogdoches, jasper, and livingston, expands cri’s regional footprint and client base. this merger enhances cri’s presence in the southwest and builds on its strategy of regional consolidation in faith-based and community financial services.
june 2025 – prosperity partners* acquires danaher attig & plante (south burlington, vt)
on june 4, prosperity partners continued its nationwide expansion by acquiring danaher attig & plante, a vermont-based accounting and advisory firm. the move gives prosperity a key foothold in the new england market and enhances its capabilities in state and local tax compliance and consulting.
june 2025 – cherry bekaert* acquires spicer jeffries (denver, co)
cherry bekaert*, a top-25 firm, announces june 13 its acquisition of spicer jeffries, a denver-based firm known for its specialization in hedge fund and investment advisory audits. this deal marks cherry bekaert*’s entrance into the colorado market and strengthens its financial services practice with new capabilities in the alternative investment space.
june 2025 – ghj merges in hacker douglas & co. (los angeles, ca)
ghj, a los angeles-based top-100 firm, merged with hacker douglas & co. in mid-june. the addition enhances ghj’s reach in southern california, particularly in entertainment accounting and tax services. the firms share a focus on advisory and talent development, making this a synergistic integration.
june 2025 – plante moran merges with tonneson + co. (wakefield, ma)
plante moran, one of the nation’s largest accounting firms, announces on june 9 a merger with massachusetts-based tonneson + co., effective july 1. tonneson, with over 100 professionals, brings regional strength in tax, audit, and international consulting, giving plante moran deeper reach in the northeast.
june 2025 – doeren mayhew acquires benoit & associates (grand rapids, mi)
doeren mayhew, a top-100 firm, acquired grand rapids–based benoit & associates, expanding its west michigan presence and adding talent focused on middle-market tax planning and business advisory services. the deal was finalized on june 12.
june 2025 – sax acquires sewald & anastasia cpas (morganville, nj)
effective june 1, sax acquired sewald & anastasia, a new jersey-based accounting firm. the acquisition boosts sax’s local client base and adds staff with experience in real estate, medical, and professional services.
june 2025 – dmjps merges with potter & co. (north carolina)
announces june 5 and effective july 1, dmjps pllc will merge with potter & co., creating a combined north carolina firm with increased regional coverage and deeper resources in tax, audit, and assurance services.
june 2025 – aprio* acquires nextfed (arlington, va) and o’connor consulting services (md)
aprio* continued its aggressive growth strategy by acquiring two firms in early june. first, it acquired nextfed, a strategic advisory firm based in arlington, virginia, known for serving government contractors and m&a clients. the next day, aprio* added o’connor consulting services in maryland, expanding its footprint in the mid-atlantic and its capabilities in internal audit and risk management.
june 2025 – elliott davis* receives private equity investment from flexpoint ford
elliott davis*, a top-50 cpa firm, announces a strategic investment from private equity firm flexpoint ford on june 11. john otten will become ceo, effective july 1. the investment aims to fund elliott davis*’s expansion in advisory and digital transformation services while maintaining an alternative practice structure.
june 2025 – ascend* expands with saltmarsh, cleaveland & gund (fl) and glenn burdette (ca)
ascend*, the alpine investors–backed cpa platform, announces the addition of two firms effective june 1. saltmarsh, based in florida, brings capabilities in financial institutions and cybersecurity advisory, while glenn burdette, based in california, adds expertise in complex tax planning and wine industry clients. the dual expansion reinforces ascend*’s strategic push into niche markets nationwide.
may 2025 – sensiba acquires assurancelab
sensiba acquires assurancelab, strengthening its cybersecurity and soc readiness services. the acquisition supports sensiba’s strategy to scale its technology-enabled assurance offerings.
may 2025 – dembo jones (rockville, md.) to join cliftonlarsonallen (minneapolis, minn.)
dembo jones merges with cla, expanding cla’s presence across the mid-atlantic region. the combination enhances both tax and consulting services.
may 2025 – ctm cpas & business advisors joins withumsmith+brown, pc (princeton, n.j.)
ctm merges with withum, strengthening withum’s position in the mid-atlantic market and extending capabilities in audit and advisory services for closely held businesses.
may 2025 – eide bailly* (fargo, n.d.) acquires hamilton tharp (solana beach, calif.)
eide bailly* enters the san diego market with the acquisition of hamilton tharp. the merger expands eide bailly’s* west coast reach and wealth management client base.
may 2025 – mauldin & jenkins llc (atlanta, ga.) merges with regional firm in greenville, s.c.
mauldin & jenkins expands its southeast presence by merging with a local greenville-based firm. the firm’s regional density and government sector services are key growth priorities.
may 2025 – armanino* (san ramon, calif.) expands into utah
armanino* announces market entry into utah. this strategic growth move follows further global’s minority investment and supports armanino*’s long-term multistate expansion strategy.
may 2025 – formation of sorren* (locations not specified)
several regional firms merge to form sorren, a new national accounting platform. the combined group operates across multiple regions and focuses on integrated client advisory, audit, and tax services with a technology-first model.
april 2025 – aprio* (atlanta, ga.) to acquire rsm us’s professional services+ practice
aprio* announces plans to acquire rsm’s professional services+ practice. this follow-on acquisition from charlesbank-backed aprio* expands national capabilities in legal, consulting, and financial services verticals.
april 2025 – eisneramper* (new york, n.y.) acquires prague & company and enters jv with rpm partners
eisneramper* completes a dual expansion move: acquiring prague & company and entering a joint venture with rpm partners. these transactions strengthen service capacity and niche advisory offerings in tax risk and transaction advisory services.
april 2025 – aventus partners joins knav
aventus partners merges into knav, broadening its international advisory and transaction support capabilities. this move reflects knav’s ongoing expansion in cross-border advisory services.
april 2025 – baker tilly* merges with moss adams* (chicago, ill. and seattle, wash.) – hellman & friedman and valeas capital partners
backed by hellman & friedman and valeas capital partners, baker tilly* us merges with moss adams* to form a firm with projected revenue of $2.4 billion, making it the sixth-largest in the united states. jeff ferro remains ceo until transitioning to moss adams* ceo eric miles, who becomes ceo of the combined entity in 2026. the merger is structured under an alternative practice structure: baker tilly* (attest) and baker tilly* advisory group lp (non-attest). the firms plan to unify technology, audit methodology, and advisory platforms, backed by new capital from h&f and valeas to support integration, acquisitions, and service expansion.
february 2025 – cohnreznick* (new york, n.y.) – apax partners
apax partners acquires a minority stake in cohnreznick*. david kessler and kelly o’callaghan serve as co-ceos. the firm reports $900 million in revenue and 3,000 staff. the aps structure separates attest and advisory operations.
january 2025 – carr, riggs & ingram* (enterprise, ala.) acquires capincrouse (indianapolis, ind.)
carr, riggs & ingram* acquires capincrouse, expanding services to faith-based and educational institutions. this is the largest deal in cri’s history.
2024
december 2024 – cooper parry* (london and midlands, england) – lee equity partners
lee equity partners acquires a majority stake in cooper parry*. ade cheatham is ceo. the firm has grown to £180 million in revenue with 1,450 staff and 11 acquisitions. the investment supports national and eventual international expansion.
november 2024 – carr, riggs & ingram* (enterprise, ala.) – centerbridge partners and bessemer venture partners
centerbridge partners and bessemer venture partners invest in cri. bill carr is chairman. the firm reports $400 million in revenue and 2,000 staff. an aps structure is adopted. the strategy includes geographic expansion and industry specialization.
november 2024 – pkf o’connor davies* (new york, n.y.) – investcorp and psp investments
investcorp and psp make a minority investment in pkf o’connor davies*. kevin keane is executive chairman. the firm reports $300 million in revenue and 1,200 staff. following the investment, pkfod opens new offices in charlotte, n.c.; austin, texas; and phoenix, ariz., expanding its national footprint.
november 2024 – dains* (birmingham, england) – ik partners
ik partners acquires dains* from horizon capital. richard mcneilly is managing partner. dains* reports £65 million in revenue and has completed 10 acquisitions. horizon exits with an eight-fold return on investment.
october 2024 – armanino* (san ramon, calif.) – further global capital management
further global capital management acquires a minority interest, about 20 percent, in armanino*. matt armanino* is ceo. the firm reports $500 million in revenue and 2,500 staff. the firm uses an aps model to separate audit and advisory work.
october 2024 – cohen & company* (cleveland, ohio) – lovell minnick partners
lovell minnick partners makes a minority investment in cohen & company*. chris bellamy is ceo. the firm reports $130 million in revenue and 700 staff. the deal supports expansion in digital fund services and market reach.
october 2024 – goering & granatino* joins ascend* (leawood, kan.) – alpine investors
goering & granatino becomes part of ascend*, alpine investors’ cpa platform. amber goering is ceo. the firm reports $15 million in revenue and 60 staff. the move strengthens ascend*’s presence in kansas and the midwest.
september 2024 – alexander thompson arnold (jackson, tenn.) – copley equity partners
copley equity partners acquires a minority stake in alexander thompson arnold. john whybrew is ceo. the firm reports $60 million in revenue and 300 staff. the alternative practice structure allows copley to fund expansion into surrounding southeastern states.
august 2024 – sequoia financial group enters a strategic partnership with eide bailly*
eide baily, a top 20 us accounting firm, set to significantly enhance both firms’ wealth management services. sequoia financial acquires eide bailly’s* wealth management practice, with eide bailly* taking an equity stake in sequoia financial. eide bailly advisors, with approximately $1.58 billion in assets under management, to be integrated into sequoia financial group. the partnership enables both firms to offer expanded services to their clients, particularly in the western u.s., where eide bailly has a substantial presence. sequoia financial, based in akron, ohio, manages over $19.3 billion in assets. since 2020, it’s secured backing from several private equity partners including kudu investment management and valeas capital partners.
july 2024 – aprio* (atlanta, ga.) – charlesbank capital partners
charlesbank capital partners makes a growth investment in aprio*. richard kopelman is managing partner. the firm reports $350 million in revenue and 1,800 employees. the investment supports a national expansion strategy through acquisitions and digital advisory services.
may 2024 – grant thornton* (chicago, ill.) – new mountain capital, cdpq, and ontario asset management
new mountain capital leads a private equity investment in grant thornton* with co-investors cdpq and ontario asset management. seth siegel is ceo. the transaction values the advisory arm at nearly $600 million. the firm employs 8,500 people and reports $2 billion in revenue. an alternative practice structure is adopted.
may 2024 – crete professionals alliance (tampa, fla.) – thrive capital and bessemer venture partners
crete receives funding from thrive capital and bessemer venture partners. jake sloane serves as ceo. the alliance comprises firms contributing non-attest businesses to a shared service platform. the model allows member firms to retain local branding. the funding supports technology investments and new firm integrations.
april 2024 – smith + howard* acquires regional cpa firm (greensboro, n.c.)
as a follow-on to broad sky partners’ 2022 investment, smith + howard* acquires a mid-sized accounting firm in greensboro, n.c., expanding advisory services into the carolinas. sean c. taylor is ceo.
february 2024 – baker tilly* us (chicago, ill.) – hellman & friedman and valeas capital partners
hellman & friedman and valeas capital partners acquire a minority stake in baker tilly* us using an alternative practice structure. jeff ferro becomes ceo of baker tilly* advisory lp; jere shawver leads baker tilly* (attest). the firm reports $1.6 billion in revenue and employs 5,000 professionals. the investment supports m&a and infrastructure.
2023
november 2023 – your part-time controller* (philadelphia, pa.) pamlico capital
pamlico capital invests in your part-time controller*. jennifer alleva is managing partner. the firm has $71 million in revenue and 600 staff. the strategy focuses on expanding nonprofit accounting services.
november 2023 – choreo* acquires bdo wealth advisors (chicago, ill.)
choreo* acquires bdo usa’s wealth unit, adding $8.1 billion in aum. larry miles is ceo. the deal expands choreo*’s national footprint in wealth management services.
june 2023 – cogep* (orléans, france) – waterland private equity
waterland acquires a minority stake in cogep*. thierry bédier is president. the firm has 1,600 staff and is the seventh largest in france. waterland’s investment supports expansion and m&a in a fragmented market.
august 2023 – ascend* (san francisco, calif.) – alpine investors
alpine investors launches ascend* as a platform for cpa firms. david wurtzbacher is ceo. by year-end, ascend* partners with 14 firms in 11 states. these include goering & granatino (leawood, kan.), bpw (jackson, miss.), chatterton & associates (anaheim, calif.), and webcpa (orlando, fla.).
april 2023 – moore kingston smith* (london, england) – waterland private equity
waterland private equity makes a minority investment in moore kingston smith*. maureen penfold is managing partner. the firm has £60 million in revenue and over 600 employees. waterland’s backing supports expansion and acquisitions within the uk.
april 2023 – bkl* (london, england) – cbpe capital
cbpe capital invests in bkl*, a london-based accountancy firm. jon randall is managing partner. the firm has £20 million in revenue. the investment supports growth and talent development. in 2024, bkl* merges with wilson wright, forming a £50 million group.
2022
(four deals. estimated value: $1 billion)
november 2022 – smith + howard* (atlanta, ga.) – broad sky partners
broad sky partners acquires a minority stake. sean c. taylor is ceo. the firm has $40 million in revenue and 150 staff. the strategy focuses on advisory and acquisition. in 2023, smith + howard* acquires a carolinas firm and a regional consultancy.
january 2022 – choreo* (chicago, ill.) – parthenon capital
parthenon capital spins off rsm us’s wealth management division to create choreo*. larry miles is ceo. the firm launches with $7.5 billion in aum. choreo* follows an ria structure. in 2023, it acquires bdo wealth advisors, adding $8.1 billion in aum.
june 2022 – cherry bekaert* (richmond, va. and raleigh, n.c.) – parthenon capital
parthenon capital takes a minority stake in the advisory arm. michelle thompson is ceo. the firm has $300 million in revenue and 1,200 staff. the strategy includes m&a and advisory growth.
april 2022 – citrin cooperman* (new york, n.y.) – new mountain capital
new mountain capital acquires a majority stake. alan badey is ceo. the firm has $400 million in revenue and 2,000 staff. the firm values at $500 million. it completes 17 acquisitions post-deal. in 2025, blackstone acquires new mountain’s stake at a $2 billion valuation.
2021
(two deals. first u.s. deal)
september 2021 – schellman & co.* (tampa, fla.) – lightyear capital
lightyear capital acquires a minority stake. an aps structure is formed. avani desai promotes to ceo following founder chris schellman*’s exit. the firm has $80 million in revenue and 400 staff. the strategy focuses on growth in cybersecurity audits.
july 2021 – eisneramper* (new york, n.y.) – towerbrook capital partners
breathrough u.s. deal. towerbrook capital partners makes a majority investment via an alternative practice structure. the firm splits into eisneramper* and eisner advisory group llc. charles weinstein is ceo. the firm has $500 million in revenue and 2,000 staff. follow-on deals include 14 acquisitions, such as postlethwaite & netterville in 2023.
2020
(two deals, both non-u.s.)
september 2020 – tilney smith & williamson* (london, england) – permira and warburg pincus
permira and warburg pincus invest in the merger of wealth manager tilney and accounting firm smith & williamson, forming evelyn partners. chris woodhouse becomes ceo. the firm has over £500 million in revenue. the investment supports integration of advisory, tax, and investment services.
june 2020 – moore drv belgium* (brussels, belgium) – waterland private equity
waterland private equity acquires a controlling stake in moore belgium to accelerate growth via acquisitions and technology upgrades. bruno peelaers is ceo. this is waterland’s first investment in the moore global network.
appendix: sources and references
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withum – https://www.withum.com/
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valeas capital – https://www.valeas.com/
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sorren group formation – reported via ipa, may 2025
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sequoia – https://www.investmentnews.com/ria-news/pe-backed-sequoia-financial-strikes-partnership-with-eide-bailly/256817
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sensiba – https://sensiba.com/
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moss adams* – https://www.mossadams.com/
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mauldin & jenkins – https://www.mjcpa.com/
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knav – https://knavcpa.com/
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journal of accountancy – https://www.journalofaccountancy.com/
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inside public accounting – https://insidepublicaccounting.com/
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hellman & friedman – https://hf.com/news/
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grant thornton* – https://www.grantthornton.com/
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eisneramper* – https://www.eisneramper.com/
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eide bailly* – https://www.eidebailly.com/
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cpa practice advisor – https://www.cpapracticeadvisor.com/
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accounting today – https://www.accountingtoday.com/
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cla – https://www.claconnect.com/
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blackstone – https://www.blackstone.com/news/press/
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baker tilly* – https://www.bakertilly.com/
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armanino* – https://www.armaninollp.com/
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aprio* – https://www.aprio.com/
updated through june 2025