Private equity didn’t come to the accounting profession for the long haul. It came for the exit.
By CPA Trendlines Research
Cornerstone Reports
As the first wave of PE investments in CPA firms nears the five-year mark, sponsors are turning their attention to monetization. And with valuations rising, strategic buyers circling, and market momentum building, a new set of exit strategies is taking shape.
The exit window opens in year five, and it’s wide open now. CPAs are seeing multiple pathways—strategic sales, secondary buyouts, and even IPO talk.
The most visible exit to date came in 2025, when Blackstone acquired a majority stake in Citrin Cooperman from New Mountain Capital. The transaction, valued north of $2 billion, was a classic secondary buyout—one PE firm buying out another. But others are eyeing different routes.
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Some platforms are positioning for strategic acquisitions by global consulting or business services firms. Others are bundling assets for rollups or considering public listings, particularly in Canada and Europe, where IPO markets for professional rollups have been more receptive.
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