private equity

By the Numbers: 10 Years of Private Equity in Accounting

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A decade of private equity in accounting: From a handful of deals to hundreds a year

By CPA Trendlines Research

For most of the teh 21st century, private equity in accounting had been a rumor, a distant memory. Today it is the market.

The CPA Trendlines CPA PE Deal Tracker™ now lists 621 transactions involving accounting, tax and related-service firms from January 2016 through October 2026. The pace is uneven at first and then relentless. But today CPA Trendlines Research estimates that investors have pumped up the valuations of the acquired firms to a total of more than $55 billion.

SEARCH, SORT AND FILTER ALL THE DEALS – By firm acquired, private equity investor, CPA firm platform, and date. Plus exclusive insights and notes on the biggest deals, in the CPA Trendlines CPA PE Deal Tracker™ PRO here.

Exclusively for PRO Members. To join CPA Trendlines as a PRO Member, click here.

Fewer than 70 transactions are recorded in the seven years from 2016 through 2022. In 2016, five entries appear. Activity in 2020 and 2021 stays in the single and low double digits, at three and 10 entries.

The turn comes in 2023, with 47 entries. The count roughly doubles in 2024, to 97, and doubles again in 2025, to 203. Through October, 2026 already logs 214 transactions, more than any full year before it, with two months still to go.

The monthly rhythm tells a similar story. January 2026 is the busiest month on record, with 34 transactions, and August 2026 follows with 33. Between those peaks, activity cools to 12 to 16 deals a month from March through July. It is a pause rather than a retreat, and the rebound is immediate.

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PE-Owned CPA Firms Surge into Advisory Buyouts

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Consolidators scoop up tech, CFO services, insurance, AI engineering.

By CPA Trendlines Research

Sponsor-backed accounting firms are expanding and diversifying their range of advisory services with a slew of new deals in adjacent specialties, according to the CPA Trendlines CPA PE Deal Tracker™.

This edition of the private equity Deal Tracker™ identifies 27 transactions: 26 acquisitions or combinations and a financing round. The acquisitions include six U.S. technology businesses, one U.S. insurance services business, two U.S. wealth businesses and four international businesses. The other 13 involve U.S. accounting, tax, accounting advisory or mixed accounting and wealth businesses.

NEW, BIGGER TRACKER: See the PRO edition of the CPA PE Deal Tracker™ – Filter, search and sort more than 600 deals spanning 10 years for a total valuation of more than $60 billion 

BY THE NUMBERS: The decade in deals, year by year valuations, acquiror rankings, top ten biggest buyouts, the most connected investors, here.

The Tracker™ this month includes a new  $355 million financing round for Platform Accounting Group to support further expansion, and, in perhaps the largest takeover in October, Apax-backed CohnReznick is buying Aldrich, a group reportedly grossing $100 million a year.

The CPA Trendlines CPA PE Deal Tracker™ – Filter, search and sort

October 2026 – 27 deals, including CohnReznick takeover of Aldrich and Platform Accounting $355 funding round.

Date Seller / Firm Buyer / Investor Investor connections Deal type Category Notes
Oct 2026 Alan Gray and A.G. Risk Management Lewis & Ellis Novacap Acquisition Accounting-adjacent (insurance services) Insurance consulting business provides claims consulting, forensic accounting and legal expense management; subsidiary adds run-off administration and accounting support.
Oct 2026 Aldrich group of companies CohnReznick Apax Partners Acquisition agreement Mixed accounting and wealth Agreement covers Aldrich CPAs + Advisors and Aldrich Wealth. Closing expected in mid-December 2026.
Oct 2026 BAO Consulting Group CFGI Carlyle; CVC Capital Partners Acquisition Accounting and advisory Dallas and Houston advisory business adds accounting and finance support, CFO and controller services, finance transformation and transaction work.
Oct 2026 Blume Keeney Larson Gross Thrive Holdings (Current) Acquisition Accounting and tax Everett, Wash., tax and consulting team joins Larson Gross. Effective Sept. 15; announced Oct. 23.
Oct 2026 Charted NetSuite services practice WilliamsMarston Kelso & Company Acquisition Accounting-adjacent Acquires the NetSuite services practice. Charted’s accounts payable software company remains independent.
Oct 2026 Comtax Ryan Onex Partners; Ares Management; Neuberger Berman Acquisition Accounting and tax (international) Brazilian tax technology and consulting business adds tax determination, compliance, systems implementation and tax audit support.
Oct 2026 Equify Advisors Elliott Davis Flexpoint Ford Acquisition Accounting-adjacent NetSuite implementation, business systems consulting and advanced analytics business joins Elliott Davis.
Oct 2026 Fabietti, Hale, Hammerstedt & Powers Prosperity Partners Lightyear Capital; Unity Partners (continuing minority) Acquisition Accounting and tax Southern New Jersey advisory, tax, client accounting and attest practice acquired. The acquired practice’s clients include family-owned and closely held businesses.
Oct 2026 Fastrics KNAV NKSquared Acquisition Accounting-adjacent Florida technology consulting and digital transformation business adds Workiva, connected reporting, governance, risk and compliance capabilities.
Oct 2026 Flightline Stout Integrum Holdings Acquisition Accounting-adjacent AI technology and engineering business acquired after a period of collaboration.
Oct 2026 Forensic Accountants & Consultants J.S. Held Kelso & Company Acquisition Accounting and advisory Forensic accounting and litigation consulting practice acquired and integrated.
Oct 2026 Goal Line Financial Mercer Advisors Oak Hill Capital; Genstar Capital; Altas Partners Acquisition Wealth management Cincinnati wealth management firm acquired.
Oct 2026 Havard & Associates BK Plus Palatine Private Equity Acquisition Accounting and tax (international) Hornchurch, England, accounting, bookkeeping, payroll and tax practice joins BK Plus.
Oct 2026 KBS CFO Numera Astira Capital Partners Acquisition Accounting and advisory Fractional CFO, bookkeeping and client advisory services practice joins Numera.
Oct 2026 Loveridge Hunt & Co. Eide Bailly Reverence Capital Partners (investment announced; closing before this acquisition unconfirmed) Combination announced Accounting and tax Bellevue, Wash., tax, accounting, audit and consulting firm announces joining Eide Bailly. Effective Oct. 19.
Oct 2026 Platform Accounting Group Treville-led financing group Treville Capital Group; Vista Credit Partners; Siguler Guff; Aquiline; Brightwood Capital Advisors; The Cynosure Group Growth financing Accounting and advisory One completed $355 million financing with six named participants. The total includes PT&C Group Holdings’ $85 million equity offering, according to reported company confirmation.
Oct 2026 Quish Sequoia Financial Group Valeas Capital Partners Acquisition Wealth management Boulder, Colo., family office and wealth management firm acquired.
Oct 2026 Rosetree Solutions Citrin Cooperman Blackstone Acquisition Accounting-adjacent AI consulting business acquired; transaction closed Oct. 1. New Mountain Capital exited Citrin Cooperman in April 2025.
Oct 2026 ScaleUp Financial Solutions Larson Gross Thrive Holdings (Current) Acquisition Accounting and advisory Fractional CFO, controller and outsourced accounting business joins Larson Gross, effective Oct. 2. ScaleUp retains its brand.
Oct 2026 Sephton Accountants BK Plus Palatine Private Equity Acquisition Accounting and tax (international) Solihull, England, practice adds accountancy, tax, VAT, bookkeeping, audit and payroll services.
Oct 2026 Stolberg & Blanchette Walter Shuffain (Ascend) Alpine Investors Acquisition Accounting and tax Worcester, Mass., public accounting practice joins Walter Shuffain, adding tax, assurance, advisory and business valuation capabilities.
Oct 2026 Stride Accordion Charlesbank Capital Partners; Motive Partners Acquisition Accounting-adjacent Software engineering and AI systems business joins the financial consulting firm.
Oct 2026 Stroemer & Company CRI Centerbridge Partners; Bessemer Venture Partners Acquisition Accounting and tax Fort Myers, Fla., accounting, audit and tax practice specializing in community associations joins CRI.
Oct 2026 TGRP Solutions Aprio Charlesbank Capital Partners Acquisition Accounting and advisory Technical accounting, fractional CFO, transaction support, staffing and recruiting business joins Aprio, effective Oct. 1.
Oct 2026 The Curchin Group HBK H.I.G. Capital (investment announced; closing before this acquisition unconfirmed) Acquisition Accounting and tax New Jersey accounting and advisory practice joins HBK. Effective Oct. 16.
Oct 2026 Whalen CPAs UHY Summit Partners Acquisition Accounting and tax Central Ohio tax, accounting, audit, valuation and advisory firm joins UHY.
Oct 2026 White Hart Associates Shaw Gibbs ECI Partners Acquisition Accounting and tax (international) Richmond, England, practice combines audit, accountancy and tax with corporate finance and travel-sector regulatory advice.

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PRO Tracker™: The Complete List, 621 Deals, 10 Year

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SEARCH, SORT, FILTER – Look up by firm acquired, private equity investor, CPA firm platform, or date.

EXCLUSIVE INSIGHTS and notes on the biggest deals.

The CPA Trendlines CPA PE Deal Tracker™ now lists 621 transactions involving accounting, tax and related-service firms from January 2016 through October 2026. The pace is uneven at first and then relentless.

But today CPA Trendlines Research estimates that investors have pumped up the valuations of the acquired firms to a total of more than $60 billion.

Exclusively for PRO Members. To join CPA Trendlines as a PRO Member, click here.

 

 

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Grant Thornton-CBIZ Deal: $43 Million in Golden Parachutes

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Under CEO Grisko, stock runs up from $10 to $88. But that was before Marcum.

CBIZ execs stand to gain $43 million with the GT transaction.

By CPA Trendlines

CBIZ shares closed at $10.42 on March 9, 2016, the day Jerome P. “Jerry” Grisko Jr. became chief executive. Grant Thornton is now offering $55 a share in cash for the company. A shareholder who simply held through Grisko’s tenure would be looking at a 428% increase in the share price, or about 17.4% compounded annually through the July offer.

MORE Special Report on the CBIZ-Grant Thornton Deal: 
  1. Fatal Attraction: How the Marcum Deal Set Up CBIZ for the Grant Thornton Takeover
  2. CBIZ Tells Grant Thornton No, No, No, Before Saying Yes
  3. Grant Thornton Flexes PE Muscle in CBIZ Deal
  4. CBIZ: Spanning 2 Rollup Eras in 2 Centuries
  5. $55 a Share: Who Won, Who Lost in CBIZ’s 29-Year Rollup
MORE Private Equiity

So, is Grisko worth the $7.1 million CBIZ reports as his total 2025 compensation? Or the $22 million with the Grant Thornton deal? Over the long haul, there is a pretty good case for yes. Marcum makes the answer considerably messier.

Stock price hits $88 high with Marcum deal in 2024. Then the bills come due in 2025. Grant Thornton offers $55 in July.

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Springline’s Tim Brackney: Expect Accounting Firm IPO | Big 4 Transparency

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“This isn’t a flash in the pan. This is an actual structural change in the profession.”

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Big 4 Transparency
By Dominic Piscopo, CPA
For CPA Trendlines

Private equity in public accounting is often reduced to a caricature – buy, cut, flip.

Tim Brackney, CEO of Springline Advisory, says that framing misses what many accounting investments are actually trying to do: fund a growth thesis built around expanded capabilities, talent development, and modernized service delivery. Springline, backed by Trinity Hunt Partners, is a “buy-and-build” platform that has completed nine deals across CPA and advisory firms as it works toward becoming a national and eventually global firm with “all of the capabilities inside our four walls that our clients will need.”

MORE Big 4:  Dominic Piscopo | MORE Brackney: Don’t Blame Private Equity. Blame the Accountants  | MORE Private Equity | MORE Pay & Compensation

Brackney’s path to the CEO seat isn’t the “serial PE operator” stereotype. He started at PwC as an auditor, then moved into advisory and BPO work, and later spent two decades at Resources Global Professionals (RGP), a publicly traded Deloitte spin-out, ultimately serving as president and COO. He describes an 18-month mutual diligence process with Trinity Hunt, emphasizing that the goal wasn’t a quick arbitrage play. It was building an enduring firm, potentially by bringing in future investors over time rather than forcing a rapid exit.

A key early lesson, Brackney says, was that 2023 still required “Private Equity 101” education for many sellers.

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Billions in Debt Decisions Dog CBIZ-Grant Thornton Deal

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CBIZ latest quarterly report

Grant Thornton plans $2 billion in junk bonds at a steeper price than CBIZ was paying.

By CPA Trendlines Research

After a mountain of debt sent tax and accounting consolidator CBIZ looking for a suitor, Grant Thornton stepped up. Now Grant Thornton itself is looking to place $2.25 billion in junk bonds to help pay for the $5 billion deal.

MORE Special Report on the CBIZ-Grant Thornton Deal: 

GT’s new junk-bond load comes on top of more than $7 billion the firm is reportedly already carrying and costs about 4 points more than the CBIZ bank debt it’s replacing.

The CBIZ saga, begun in the first rollup era of the 1990s, comes to a head next week when shareholders vote on the $55-a-share cash offer from Grant Thornton Advisors, the private equity-backed nonattest platform.

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CPA PE Deal Tracker™: The Next Deal Cycle Comes into View

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By CPA Trendlines Research

Going into the fourth quarter of 2026, Wall Street’s buying spree for accounting firms is cooling as platform firms digest a two-year surge of acquisitions and the earliest investors, from three to five years ago, begin to cash out, according to the CPA Trendlines CPA PE Deal Tracker™.

MORE Private Equity: Michael Hoover: Growth Without Discipline Comes at a Cost | Big 4 Transparency | CBIZ Told Grant Thornton No, No, No, Before Saying Yes | PE Already Knows Your Price. Do You? | How Private Equity Turns CPA Loyalty into Legal Risk | Ira Rosenbloom: PE Forces Firms to Pick a Future | The Disruptors | Allan Koltin: What Elite CPA Firms Do Differently | Gear Up for Growth

The October 2026 edition of the CPA PE Deal Tracker™ shows accounting’s private-equity deal flow easing in the third quarter, with 37 acquisitions in the U.S. and Canada, down from 42 a year earlier and a far cry from this year’s first-quarter surge of 58. The Tracker now counts 400 such deals in the U.S. and Canada since its records began in December 2016, plus 87 it has found elsewhere, for 487 worldwide, although its coverage outside North America is not systematic.

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Michael Hoover: Growth Without Discipline Comes at a Cost | Big 4 Transparency

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Disciplined choices, talent investment, and cultural alignment matter more than chasing every opportunity.

This is a preview. The complete video episode, with commentary and transcript, is first available exclusively to PRO Members | Go PRO here
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Big 4 Transparency
By Dominic Piscopo, CPA
For CPA Trendlines

As private equity reshapes the accounting profession, Bennett Thrasher is making a different kind of bet. The top 100 firm intends to remain independent.

Michael Hoover, Bennett Thrasher’s chief growth and strategy officer, joins host Dominic Piscopo on The Big 4 Transparency Podcast to explain why the firm considers independence central to its growth strategy—and why saying no may be one of the most important disciplines a growing firm can develop.

MORE Dominic Piscopo | MORE Private Equity | MORE Pay & Compensation

“The biggest bet,” Hoover says, “is just remaining fiercely independent.”

That commitment shapes how Bennett Thrasher approaches everything from new service lines and acquisitions to recruiting and compensation. Rather than pursuing growth for its own sake, Hoover says the firm is working toward a long-term strategy for 2030 and scrutinizing whether each opportunity advances that vision.

In a market where firms are searching for new revenue streams, the temptation to pursue the latest “shiny object” can be powerful. But every new initiative consumes capital, leadership attention, and talent. Hoover argues that firms must examine not only an opportunity’s potential revenue, but also what they may have to postpone or abandon to pursue it.

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CBIZ Told Grant Thornton No, No, No, Before Saying Yes

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But CBIZ Was Already Looking for a Way Out When Grant Thornton Called

A galaxy of firms involved in the CBIZ-GT deal.

The board rejected $47, $52 and $54.30 a share — and asked for $56 — before a June 8 “best and final” $55.

By CPA Trendlines Research
Special Report

CBIZ was looking for a way out of its predicament months before Grant Thornton called, and longer still before an activist investor wrote to tell the board what to do. In the end, CBIZ took $55 per share from Grant Thornton, but only after rejecting three lower offers from the firm.

MORE Special Report on the CBIZ-Grant Thornton Deal: 

  1. Fatal Attraction: How the Marcum Deal Set Up CBIZ for the Grant Thornton Takeover
  2. CBIZ Tells Grant Thornton No, No, No, Before Saying Yes
  3. Grant Thornton Flexes PE Muscle in CBIZ Deal
  4. CBIZ: Spanning 2 Rollup Eras in 2 Centuries
  5. $55 a Share: Who Won, Who Lost in CBIZ’s 29-Year Rollup
  6. CPA PE Deal Tracker™: The Consolidator Gets Consolidated

COMING NEXT: Was CBIZ CEO Jerry Grisko Worth It? MORE Private Equity

In March, with the stock at $27 and falling toward $25 — roughly 70% below its February 2025 peak — CBIZ’s board went to Goldman Sachs for a preliminary view of what the company was worth and what its strategic alternatives were, “if any.”

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Fatal Attraction: How the Marcum Deal Set Up CBIZ for the Grant Thornton Takeover

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CBIZ Grows 52%. Then Growth Stalls, Stock Falls, GT Moves In. 

CEOs Peko, Grisko, Bunn

 

By CPA Trendlines Research
Special Report

Marcum made CBIZ bigger almost overnight. It also quadrupled the debt, more than tripled interest expense, and left executives figuring their best option was Grant Thornton’s $5-billion buyout offer.

MORE Special Report on the CBIZ-Grant Thornton Deal: 

  1. Fatal Attraction: How the Marcum Deal Set Up CBIZ for the Grant Thornton Takeover
  2. CBIZ Tells Grant Thornton No, No, No, Before Saying Yes
  3. Grant Thornton Flexes PE Muscle in CBIZ Deal
  4. CBIZ: Spanning 2 Rollup Eras in 2 Centuries
  5. $55 a Share: Who Won, Who Lost in CBIZ’s 29-Year Rollup
  6. CPA PE Deal Tracker™: The Consolidator Gets Consolidated

COMING NEXT: Was CBIZ CEO Jerry Grisko Worth It? MORE Private Equity

CBIZ entered 2026 looking like one of accounting’s great consolidators. Revenue had risen 52.1% in 2025 to $2.758 billion, and net income had increased 181.3% to $115.4 million.

And yet, by July 28, the company is ready to take $55 per share, better than the $46.70 the day before, but less than the $88.65 peak last year.

Ryan Bunn, the activist shareholder at Reference Equity, which had been pressing the company since mid-June to raise equity and keep buying firms, says the decision “feels like capitulation.”

The arithmetic underneath the growth may help explain why.

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