Accounting & Tax Services
Accounting firms, tax preparation, and financial advisory services
What PE Ownership Means for This Industry
7+ major firms received PE investment since 2021
PE firms are acquiring mid-tier accounting firms at unprecedented rates
EisnerAmper (TowerBrook, 2021), Citrin Cooperman (New Mountain then Blackstone), Cherry Bekaert (Parthenon), Baker Tilly (Hellman & Friedman), and Grant Thornton (New Mountain) have all accepted PE capital. Critics warn this threatens auditor independence.
Source: Financial Times, Journal of Accountancy, 2024
$6.1B valuation
Grant Thornton's PE deal signals transformation of the profession
New Mountain Capital's acquisition of a majority stake in Grant Thornton valued the firm at $6.1 billion — the largest PE deal in accounting history. The profession is bracing for a wave of consolidation.
Source: Wall Street Journal, 2024 →
15-25% fee increase projected
Audit fees projected to rise as PE reduces competition among firms
As PE firms consolidate mid-tier accounting practices, fewer options for audit clients means upward pressure on fees. Small and mid-size businesses that can't afford Big 4 rates will be squeezed.
Source: Bloomberg Tax, 2024
PE-Owned Brands
Baker Tilly
Owned by Hellman & Friedman
Top 10 accounting and advisory firm. Hellman & Friedman and Valeas Capital acquired ~$1B majority stake in 2024 — largest PE investment in US CPA sector at the time
8 locations tracked
Cherry Bekaert
Owned by Parthenon Capital
Top 25 accounting firm. Parthenon Capital made strategic investment in 2022, fueling 11+ acquisitions and doubling the firm's size
4 locations tracked
Citrin Cooperman
Owned by The Blackstone Group
Top 25 accounting firm. New Mountain Capital acquired majority stake in 2022; Blackstone acquired the stake in 2025 for ~$2B. Revenue surged from $350M to $850M under PE ownership
3 locations tracked
Eisner Advisory Group (EisnerAmper)
Owned by TowerBrook Capital Partners
Top 20 accounting firm. TowerBrook Capital Partners invested in 2021 — the first PE deal with a top 20 accounting firm. Split into EisnerAmper LLP (attest) and Eisner Advisory Group (tax/consulting)
10 locations tracked
Grant Thornton
Owned by New Mountain Capital
Sixth-largest accounting firm in the US. New Mountain Capital acquired majority stake in 2024 — first major PE acquisition of a top accounting firm
5 locations tracked
H&R Block
Largest tax preparation company in the US with 9,000+ offices. Publicly traded but PE firms hold significant stakes
4 locations tracked
Jackson Hewitt Tax Service
Owned by Corsair Capital
Second-largest tax prep franchise, acquired by Corsair Capital in 2018. Now privately held with limited financial transparency
8 locations tracked
Liberty Tax Service
Tax preparation franchise acquired by NextPoint Financial (SPAC) in 2021. NextPoint later went bankrupt
9 locations tracked