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
6 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
5 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)
8 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
3 locations tracked
H&R Block
Largest tax preparation company in the US with 9,000+ offices. Publicly traded but PE firms hold significant stakes
10 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
10 locations tracked
Liberty Tax Service
Tax preparation franchise acquired by NextPoint Financial (SPAC) in 2021. NextPoint later went bankrupt
7 locations tracked