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 53 significant pe-related transactions and firm mergers from 2020 through mid-2025, with 25 deals this year alone.
more private equity | more 卡塔尔世界杯常规比赛时间 cornerstone reports here
pe has poured at least $28.7 billion in new capital into cpa firms over the last six years, according to a 卡塔尔世界杯常规比赛时间 research estimate. with $13 billion in trackable firm revenues, 卡塔尔世界杯常规比赛时间 puts a valuation on the firms at a collective $98 billion.
by comparison, the entire tax, accounting, bookkeeping, payroll, and cpa firm sector in the u.s. grosses about $125 billion a year. if you’re looking at only the $28 billion invested, and you exclude the big four, that’s more than six times the annual revenue of the next 96 firms, and half the revenue of the non-big four top 500 firms.
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 10 percent 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 the average pay per employee at $90,988, suggesting a focus on enhancing firm productivity and efficiency.
- 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. despite current workforce challenges, this anticipated growth underscores the ongoing demand for accounting professionals.
deal volume and investment scale
-
number of deals: over 53 significant pe-related transactions occurred in the cpa and accounting sector from 2020 through mid-2025, with 24 deals in 2024 alone.
-
top 30 firm involvement: private equity has taken stakes in 10 of the 30 largest u.s. accounting firms. projections suggest that over half of the top 30 firms will have pe ownership by the end of 2025.
-
notable transactions:
-
in may 2024, new mountain capital acquired a 60 percent stake in grant thornton’s u.s. unit, focusing on its non-audit business.
-
in 2021, eisneramper launched today’s phenomenon when it sold a majority stake in its advisory business to towerbrook capital partners.
-
investment amounts and valuations
-
valuation multiples: accounting firms are fetching valuations up to 15 times their ebitda, indicating strong investor confidence
-
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 of around £60 million. (u.s. $82 million.)
-
impact on cpa firms
-
consolidation trends: pe-backed firms like eisneramper and citrin cooperman are aggressively pursuing mergers and acquisitions, each completing over a dozen acquisitions post-investment.
-
industry composition: the u.s. hosts approximately 46,000 to 52,200 cpa firms in about 55,000 locations. over 90 percent of these are small practices with fewer than 20 employees.
-
growth engine: the cpa industry’s total revenue from consulting services is about $8.7 billion, growing 10 percent annually.
deals tracked by 卡塔尔世界杯常规比赛时间 research
here are some of the most significant deals 卡塔尔世界杯常规比赛时间 research is tracking, sorted by year in chronological order.
2025
january 2025 – carr, riggs & ingram (enterprise, ala.) acquires capincrouse llp (indianapolis, ind.). carr, riggs & ingram acquires capincrouse llp, expanding services to faith-based and educational institutions. this is the largest deal in cri’s history.
february 2025 – cohnreznick llp (new york, n.y.) receives investment from 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.
april 2025 – aprio llp (atlanta, ga.) announces plans to acquire rsm us llp’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 llp (new york, n.y.) acquires prague & company and enters a joint venture 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 limited (london, england) joins knav (atlanta, ga.). 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 us llp (chicago, ill.) merges with moss adams llp (seattle, wash.). 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 llp (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.
may 2025 – sensiba llp (san ramon, calif.) 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.) agrees to join cliftonlarsonallen llp (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 (lincolnshire, ill.) 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 llp (fargo, n.d.) acquires hamilton tharp llp (solana beach, calif.). eide bailly enters the san diego market with the acquisition of hamilton tharp llp. the merger expands eide bailly’s west coast reach and wealth management client base.
may 2025 – mauldin & jenkins llc (atlanta, ga.) merges with a 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 llp (san ramon, calif.) expands into utah. armanino announces a 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 – sorren is formed by the merger of several regional firms. 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.
2024
february 2024 – baker tilly us llp (chicago, ill.) receives investment from hellman & friedman and valeas capital partners. hellman & friedman and valeas capital partners acquire a minority stake in baker tilly us llp using an alternative practice structure. jeff ferro becomes ceo of baker tilly advisory lp, while jere shawver leads baker tilly llp (attest). the firm reports $1.6 billion in revenue and employs 5,000 professionals. the investment supports accelerated m&a and infrastructure growth.
april 2024 – smith + howard (atlanta, ga.) acquires a regional cpa firm in 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.
may 2024 – grant thornton llp (chicago, ill.) receives investment from new mountain capital, cdpq, and ontario asset management. new mountain capital leads a private equity investment in grant thornton llp 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.) receives investment from 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.
july 2024 – aprio llp (atlanta, ga.) receives investment from charlesbank capital partners. charlesbank capital partners makes a growth investment in aprio llp. 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.
september 2024 – alexander thompson arnold (jackson, tenn.) receives investment from 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.
october 2024 – armanino llp (san ramon, calif.) receives investment from further global capital management. further global capital management acquires a minority interest (about 20%) in armanino llp. 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, ltd. (cleveland, ohio) receives investment from 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 (leawood, kan.) joins ascend (san francisco, calif.). 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.
november 2024 – carr, riggs & ingram (enterprise, ala.) receives investment from centerbridge partners and bessemer venture partners. centerbridge partners and bessemer venture partners invest in carr, riggs & ingram (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.) receives investment from investcorp and psp investments. investcorp and psp investments 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 llp (birmingham, england) is acquired by ik partners. ik partners acquires dains llp 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.
december 2024 – cooper parry (london, england) is acquired by 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.
2023
april 2023 – moore kingston smith llp (london, england) receives investment from 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 llp (london, england) receives investment from 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.)
june 2023 – cogep (orléans, france) receives investment from 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.) is launched by alpine investors as a platform for cpa firms. 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, including goering & granatino (leawood, kan.), bpw (jackson, miss.), chatterton & associates (anaheim, calif.), and webcpa (orlando, fla.).
november 2023 – your part-time controller, llc (philadelphia, pa.) receives investment from 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 llc (chicago, ill.) 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.
2022
january 2022 – choreo llc (chicago, ill.) is formed through a spin-off led by 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. (in 2023, choreo acquires bdo wealth advisors, adding $8.1 billion in aum.)
april 2022 – citrin cooperman (new york, n.y.) receives investment from new mountain capital. new mountain capital acquires a majority stake in citrin cooperman. alan badey is ceo. the firm has $400 million in revenue and 2,000 staff, valued at $500 million at the time of investment. it completes 17 acquisitions post-deal. (in 2025, blackstone acquires new mountain’s stake at a $2 billion valuation.)
june 2022 – cherry bekaert (richmond, va.) receives investment from parthenon capital. parthenon capital takes a minority stake in cherry bekaert’s 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.
november 2022 – smith + howard (atlanta, ga.) receives investment from broad sky partners. broad sky partners acquires a minority stake in smith + howard. sean c. taylor is ceo. the firm has $40 million in revenue and 150 staff. the strategy focuses on expanding advisory services and acquisitions. (in 2023, smith + howard acquires a carolinas firm and a regional consultancy.)
2021
july 2021 – eisneramper llp (new york, n.y.) receives investment from towerbrook capital partners. towerbrook capital partners makes a majority investment via an alternative practice structure. the firm splits into eisneramper llp 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).
september 2021 – schellman & co. llc (tampa, fla.) receives investment from lightyear capital. lightyear capital acquires a minority stake in schellman & co. an aps structure is formed. avani desai is promoted 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.
2020
september 2020 – tilney (london, england) merges with smith & williamson (london, england) to form evelyn partners. 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 combined firm has over £500 million in revenue. the investment supports integration of advisory, tax, and investment services.
2020 – moore belgium (brussels, belgium) receives investment from 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
-
withum – https://www.withum.com/
-
valeas capital – https://www.valeas.com/
-
sorren group formation – reported via ipa, may 2025
-
sequoia – https://www.investmentnews.com/ria-news/pe-backed-sequoia-financial-strikes-partnership-with-eide-bailly/256817
-
sensiba – https://sensiba.com/
-
moss adams* – https://www.mossadams.com/
-
mauldin & jenkins – https://www.mjcpa.com/
-
knav – https://knavcpa.com/
-
journal of accountancy – https://www.journalofaccountancy.com/
-
inside public accounting – https://insidepublicaccounting.com/
-
hellman & friedman – https://hf.com/news/
-
grant thornton* – https://www.grantthornton.com/
-
eisneramper* – https://www.eisneramper.com/
-
eide bailly* – https://www.eidebailly.com/
-
cpa practice advisor – https://www.cpapracticeadvisor.com/
-
accounting today – https://www.accountingtoday.com/
-
cla – https://www.claconnect.com/
-
blackstone – https://www.blackstone.com/news/press/
-
baker tilly* – https://www.bakertilly.com/
-
armanino* – https://www.armaninollp.com/
-
aprio* – https://www.aprio.com/
notes regarding firms’ annual revenues:
firm name |
annual revenue (usd millions) |
baker tilly us (with moss adams) |
$2,978.70 |
grant thornton llp |
$2,362.18 |
cohnreznick llp |
$1,052.37 |
eisneramper llp |
$848.71 |
citrin cooperman |
$674.00 |
cherry bekaert |
$572.00 |
armanino llp |
$640.45 |
aprio llp |
$420.79 |
pkf o’connor davies |
$377.50 |
carr riggs & ingram (cri) |
$490.87 |
cohen & company |
$153.90 |
schellman & co. |
$148.53 |
smith + howard |
$53.19 |
alexander thompson arnold |
$60.00 |
crete professionals alliance |
$165.00 |
ascend |
$400.00 |
sorren |
$170.00 |
evelyn partners |
$625.00 |
moore kingston smith |
$75.00 |
bkl llp |
$62.50 |
dains llp |
$81.25 |
cooper parry |
$225.00 |
cogep |
$242.00 |
moore belgium |
$198.00 |