Sell Your Accounting Firm at the Start of an Unprecedented PE Roll-Up Wave
Private equity discovered accounting firms in 2022, and the wave has accelerated. Annual CPA-firm deal volume rose from 22 transactions in 2023 to 100+ in 2025. By early 2026, almost half of the top 30 US CPA firms had some form of PE investment. New Mountain Capital exited Citrin to Blackstone at $2B (15x EBITDA) — the first PE-to-PE sale in the category.
Why Accounting Just Became the Hottest New PE Category
Accounting was historically a low-multiple category that PE couldn’t touch (regulatory restrictions on non-CPA ownership). The alternative-practice-structure (APS) workaround unlocked PE entry in 2022, and the rush has been remarkable. Quality firms in 2025 trade at multiples that were unthinkable just three years ago.
Multiples Range Widely by Firm Size and Specialization
Accounting firm valuations have one of the widest multiple ranges of any service category. Traditional small-firm pricing (1x revenue / 2.75x SDE) coexists with platform-level pricing (10x–12x EBITDA). Where your firm sits depends on size, growth, recurring revenue, and specialization.
Traditional small-firm pricing: ~1x revenue or 2.75x SDE (median across 600+ historical transactions). $2M–$10M revenue firms in 2025: 3x–5.5x adjusted EBITDA. Mid-tier firms: mid-to-high single digits. Large APS platform-quality firms: 10x–12x EBITDA. Specialty firms (tax controversy, valuation, forensic, healthcare-focused) often command premiums.
Some industry observers believe accounting multiples may be at peak. PE buyers were looking at 15x–16x for some deals in 2024 and left potential targets cold. Valuation expectations are adjusting. We’re not financial advisors — talk to your CPA (no pun intended) and M&A counsel.
Accounting Has Three Distinct Buyer Categories
Accounting firm M&A is a hybrid of traditional CPA-to-CPA deals and the new PE-platform consolidation. Four buyer categories compete for quality firms:
PE-backed accounting platforms
Citrin (Blackstone, formerly New Mountain), Aprio (Charlesbank), Eisner Advisory (TowerBrook), CBIZ, Carr Riggs & Ingram, Wipfli, Cherry Bekaert, Sax LLP, Withum, Crowe, Baker Tilly, and many more. These platforms pay the highest multiples for platform-quality firms.
Mid-tier PE-backed regional consolidators
Multiple PE-backed regional accounting platforms exist to build density before potentially selling up. Often competitive on price and faster to close than national platforms.
Traditional CPA-to-CPA acquisitions
Some larger CPA firms continue to acquire smaller firms directly (no PE) for succession or expansion. Multiples are typically lower than PE-driven deals.
Search funds and SBA-leveraged operators
For smaller CPA firms (under $2M revenue), individual CPAs with SBA financing are competitive buyers, though licensing requirements complicate non-CPA ownership.
What Buyers Look For in Accounting Firm Acquisitions
Recurring revenue, growth profile, and specialization drive the biggest multiple swings in accounting M&A.
How We Sell Your Accounting Firm Business
From your first valuation call to the wire hitting your account, we handle every stage of the exit. A typical transaction closes in 4–9 months. You focus on running the business; we run the deal.
Free Business Valuation
We benchmark your financials against current Accounting Firm comparables and active buyer demand to give you a real, defensible valuation — at no cost and no obligation.
Confidential Marketing
We approach the Accounting Firm buyers most likely to bid quickly first — typically PE platforms and strategic acquirers active in your category — then broaden the process.
Buyer Competition
We bring multiple qualified offers to the table — PE platforms, strategics, search funds, SBA buyers — and negotiate them against each other to drive price and terms.
Due Diligence & Close
We coordinate with your CPA, attorney, and the buyer’s diligence team to keep momentum and prevent the deal from drifting. Closings typically happen 60–120 days after LOI.
Accounting Firm M&A Hit Record Pace in 2025
PE-driven accounting M&A continued to accelerate through 2024 and 2025 — with deal volume growth that few other service categories can match.
Accounting Firm Sellers Ask Us
Brokers Built From the Operator’s Side of the Table
Our brokers are former business owners themselves. That’s why the process is built around the things that actually matter to sellers — net proceeds, confidentiality, and not having the deal drift for a year.
Find Out What Your Accounting Firm Business Is Worth
Takes 15 minutes. No obligation. Just an honest number, benchmarked against current buyer demand and recent comparable transactions in your industry.
Market Data Sources
Accounting M&A volume data from CPA Trendlines, Cornerstone, and Cherry Bekaert (2025). EBITDA multiples from Aventis Advisors, Madras Accountancy, and FirmLever (2025-2026). Citrin/Blackstone deal from publicly disclosed transaction. Active acquirer examples are drawn from publicly disclosed transactions and firm marketing materials and do not imply an exclusive relationship with Business Exits. We are not tax or legal advisors; consult a CPA and attorney before any transaction.