Who is buying accounting firms?
Why accounting is consolidating
- •Private equity has swept into accounting in barely four years: TowerBrook’s August 2021 investment in EisnerAmper was the first PE deal with a major US firm, and by 2025 10–11 of the 30 largest US accounting firms — and roughly a third of the Accounting Today Top 100 — were PE-backed (Journal of Accountancy; CFO Brew; Bloomberg Tax; Accounting Today).
- •Deal volume has compounded: tracked PE investments in CPA firms rose from 22 in 2023 to 65 in 2024 to 104 in 2025, more than 250 deals since 2019, with tens of billions of dollars of new capital committed (CPA Trendlines / Cornerstone PE Deal Tracker).
- •The market is enormous and fragmented — about 85,400 US accounting firms, and outside the Big Four no single firm holds even 10% share — the classic setup for roll-ups (IBISWorld, 2026; CPA Trendlines).
- •A succession-and-talent squeeze is the fuel: the AICPA estimates roughly 75% of CPAs reached retirement eligibility this decade, while accounting degrees fell to 55,152 in 2023–24 and new CPA Exam candidates dropped from 42,626 to 28,082 in a single year — pushing partner groups toward outside capital (AICPA / Journal of Accountancy).
The platforms consolidating accounting
The named groups acquiring US accounting businesses, with their current owner and a source for each. Most grow through individual partnerships that are not separately disclosed; where a platform publishes named deals, recent ones are listed.
Grant Thornton Advisors
Private equity- Owner
- New Mountain Capital (~60%); CDPQ and OA Private Capital (minority)
- Headquarters
- Chicago, IL
- Scale
- Top 7–8 US firm (Accounting Today); the largest PE investment in US accounting when it closed
New Mountain Capital closed its majority growth investment in May 2024. Alternative practice structure: Grant Thornton LLP keeps the audit/attest license and stays CPA-controlled while New Mountain owns the advisory affiliate. New Mountain also backs Wipfli.
Baker Tilly Advisory Group
Private equity- Owner
- Hellman & Friedman (lead) + Valeas Capital Partners
- Headquarters
- Chicago, IL
- Scale
- 6th-largest US firm after the 2025 Moss Adams merger (~$7B entry valuation)
Hellman & Friedman and Valeas (pre-existing investors) increased their stakes in the 2025 Baker Tilly–Moss Adams combination. Alternative practice structure (Baker Tilly US, LLP = attest).
Citrin Cooperman Advisors
Private equity- Owner
- Blackstone (acquired the stake from New Mountain Capital)
- Headquarters
- New York, NY
- Scale
- Top ~18–20 US firm; ~$850–900M revenue (2024), 450+ partners
The first PE-to-PE “flip” of a major US accounting firm: Blackstone agreed in January 2025 to buy the stake from New Mountain (revenue had grown from ~$350M in 2021 to ~$900M). Blackstone’s direct stake is kept below 50% to preserve audit independence; the close was reported by trade press.
CohnReznick Advisory
Private equity- Owner
- Apax Partners (51% of the non-attest business)
- Headquarters
- New York, NY
- Scale
- Top ~20 US firm; ~$1.1B revenue, 29 US offices, 5,000+ employees
Apax funds took a 51% stake in the advisory business in February 2025 — CohnReznick’s first institutional capital. Alternative practice structure.
EisnerAmper (Eisner Advisory Group)
Private equity- Owner
- TowerBrook Capital Partners (recapitalized into a continuation fund, Mar 2026)
- Headquarters
- New York, NY
- Scale
- 13th-largest US firm; $1.2B+ revenue, ~4,700 professionals, 43 US offices
The first major PE deal in US accounting (August 2021). In March 2026 TowerBrook rolled its stake into a continuation fund (Carlyle AlpInvest and Hamilton Lane as new co-investors) while keeping control. ~27 acquisitions since 2021. Alternative practice structure.
PKF O'Connor Davies Advisory
Private equity- Owner
- Investcorp (lead) + PSP Investments
- Headquarters
- New York, NY
- Scale
- Top ~30 US firm; ~$378M net revenue, 1,500+ professionals
Investcorp and Canadian pension PSP made the growth investment in November 2024. Alternative practice structure.
Cherry Bekaert Advisory
Private equity- Owner
- Parthenon Capital
- Headquarters
- Raleigh, NC
- Scale
- Top ~25 US firm
One of the earliest deals (June 2022); 15+ acquisitions since. Alternative practice structure (Cherry Bekaert LLP = attest).
Aprio
Private equity- Owner
- Charlesbank Capital Partners
- Headquarters
- Atlanta, GA
- Scale
- Top ~25 US firm; ~$421M revenue (Accounting Today Top 100)
Charlesbank made Aprio’s first institutional investment in August 2024; the executive/partner group retains significant ownership.
Carr, Riggs & Ingram (CRI)
Private equity- Owner
- Centerbridge Partners (lead) + Bessemer Venture Partners
- Headquarters
- Enterprise, AL
- Scale
- Top ~25 US firm; 50+ markets across the South and Southwest
Centerbridge and Bessemer made the growth investment effective November 2024; 7 acquisitions since January 2025.
Wipfli
Private equity- Owner
- New Mountain Capital (majority)
- Headquarters
- Milwaukee, WI
- Scale
- Top ~25 US firm; ~$612M revenue, 3,200+ employees
New Mountain announced its majority investment in August 2025 — the same sponsor that backs Grant Thornton, giving New Mountain two Top-25 accounting platforms.
Sikich
Private equity- Owner
- Bain Capital (minority, $250M)
- Headquarters
- Naperville, IL
- Scale
- Top ~25 US firm; ~2,000 employees
A minority investment (May 2024) — Sikich and its leadership retain majority control, so it is PE-backed but not PE-controlled.
Armanino
Private equity- Owner
- Further Global Capital Management (minority, ~20%)
- Headquarters
- San Ramon, CA
- Scale
- Top ~20–25 US firm
A minority investment (October 2024, Further Global’s first accounting deal) — Armanino retained ownership and operational control.
Ascend
Private equity- Owner
- Alpine Investors
- Headquarters
- Arlington, VA
- Scale
- Built since 2023 into a Top ~25 US firm (No. 24 on Accounting Today’s 2026 Top 100)
An Alpine Investors buy-and-build platform launched January 2023; regional firms join the advisory platform while retaining their attest licenses.
Springline Advisory
Private equity- Owner
- Trinity Hunt Partners
- Headquarters
- Dallas, TX
- Scale
- Top 100 firm; ~$165M revenue, 86 partners, 14 offices (formed 2024)
Formed in February 2024 around founding firm MarksNelson (Kansas City); a Trinity Hunt buy-and-build platform.
Crete Professionals Alliance (rebranded “Current”, 2026)
Private equity- Owner
- Thrive Capital + ZBS Partners + Bessemer Venture Partners
- Headquarters
- Tampa, FL
- Scale
- $300M+ revenue across 30+ member firms, ~900 staff, ~17 offices (founded 2023)
A VC/PE-backed aggregator (Thrive Capital + search-fund-style ZBS Partners + Bessemer) founded in 2023; rebranded “Current” in June 2026. Member firms use an alternative practice structure.
Prosperity Partners
Private equity- Owner
- Unity Partners
- Headquarters
- Chicago, IL
- Scale
- Platform launched 2023 (via NDH); among the fastest-growing US accounting firms
Chicago PE firm Unity Partners launched the platform in May 2023 via an investment in NDH (since rebranded Prosperity Partners); uses an employee-ownership wrapper.
Schellman
Private equity- Owner
- Lightyear Capital (majority); Goldman Sachs Alternatives investing
- Headquarters
- Tampa, FL
- Scale
- Top ~50 US firm; the largest US CPA firm specializing in IT audit & cybersecurity (SOC, ISO, FedRAMP, PCI)
Lightyear Capital has held a majority since October 2021; in 2026 Goldman Sachs Alternatives agreed to invest with Lightyear retaining a minority. A textbook alternative practice structure (Schellman = licensed CPA firm; Schellman Compliance, LLC = the PE-invested non-attest entity).
CBIZ, Inc.
Strategic / public- Owner
- Publicly traded (NYSE: CBZ)
- Headquarters
- Cleveland, OH
- Scale
- ~$2.8B combined revenue, 10,000+ team members — the largest non-Big-Four US accounting-services provider
The public-company analogue of the PE wave: CBIZ acquired Marcum’s non-attest business in November 2024 (Marcum’s attest work went to the affiliated CBIZ CPAs). A public strategic consolidator, not a PE fund.
Frequently asked
Who are the largest private-equity-backed accounting firms?
Grant Thornton (New Mountain Capital), Baker Tilly (Hellman & Friedman + Valeas), Citrin Cooperman (Blackstone), CohnReznick (Apax Partners) and EisnerAmper (TowerBrook) are among the largest. Other Top-25 firms with PE backing include PKF O’Connor Davies (Investcorp), Cherry Bekaert (Parthenon), Aprio (Charlesbank), Carr, Riggs & Ingram (Centerbridge) and Wipfli (New Mountain). Fast-growing acquirers built from scratch include Ascend (Alpine Investors) and Springline Advisory (Trinity Hunt).
How can private equity own a CPA firm if CPAs must own the firm?
Through the “alternative practice structure.” The firm splits in two: a licensed CPA firm that keeps the audit and attest work and stays majority-owned by CPAs, and a separate advisory company that does tax and consulting and takes the private-equity investment. So when people say “Blackstone bought Citrin Cooperman,” the PE firm controls the advisory affiliate, not the licensed audit practice.
What multiple do accounting firms sell for?
Established accounting firms typically change hands at roughly 4x-7x EBITDA, with larger, faster-growing, recurring-revenue platforms commanding the higher end; smaller firms are often discussed around 1x annual revenue. Private-equity platforms have paid premium multiples to add scale quickly.
How do I sell my accounting firm to a consolidator?
DealSeam works confidentially with accounting-firm owners to understand their options and, where there is a fit, introduces them to qualified buyers — with the buyer paying the success fee, so sellers pay nothing. DealSeam is not a traditional business broker.
Methodology & sources
Platforms were identified from accounting-industry M&A coverage (Accounting Today, Inside Public Accounting, the Journal of Accountancy, and the CPA Trendlines / Cornerstone PE deal tracker), then each one’s current owner, headquarters and scale were verified against a primary public source — the accounting firm’s or PE sponsor’s own press release, or dated trade press. Every PE deal here uses the profession’s “alternative practice structure”: because state law requires CPAs to majority-own a licensed audit/attest firm, the private-equity capital goes into a separate non-attest advisory affiliate (e.g. Grant Thornton Advisors LLC, Citrin Cooperman Advisors LLC) while the attest firm stays partner-controlled — so “PE owns the firm” means PE controls the advisory entity, not the audit practice. Two of the deals shown (Sikich / Bain and Armanino / Further Global) are minority investments where the firm kept control, and are labeled as such; Citrin Cooperman’s New Mountain-to-Blackstone transfer was a definitive agreement in January 2025 with the close reported by trade press. Revenue and rank figures are attributed (Accounting Today Top 100) and EBITDA is not published; the multiple band shown is industry-typical, not any single deal’s multiple. Not all consolidation is private equity: the Big Four (Deloitte, PwC, EY, KPMG) remain partnerships; RSM US, CliftonLarsonAllen, Plante Moran, Forvis Mazars and Withum have stayed independent; and BDO USA is employee-owned through a 2023 ESOP (the $1.3B from Apollo was debt, not an equity stake). CBIZ, the largest non-Big-Four consolidator, is a public company (NYSE: CBZ), not PE-backed. Market-size and deal-count figures are sourced externally (IBISWorld, CFO Brew, Bloomberg Tax, CPA Trendlines, the AICPA). Last updated June 2026.
Market sources
- CPA Trendlines / Cornerstone — Private Equity Investments in CPA & Accounting Firms (deal tracker, 2025) ↗
- Bloomberg Tax — Private Equity-Fueled Shakeup Coming for the Accounting Industry (2025) ↗
- Journal of Accountancy — Private equity’s push into accounting (2021) ↗
- Accounting Today — Inside the 2026 Top 100 Firms ↗
- IBISWorld — Accounting Services in the US: Number of Businesses (2026) ↗
Last updated June 2026. Ownership in this sector changes frequently; figures reflect the most recent public sources available and are not investment, legal, or tax advice.
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