CPA Partnerships to Agile Platforms: Private Equity Redraws the Map with New Mountain’s Hat Trick

By Ramone Param, Managing Partner, Kennedy Consult and M&A I Advisor to Consulting Leaders, Buyers/Investors I M&A, Strategic Advisory and Benchmarking

Wipfli received a minority investment from New Mountain Capital for a ~40 % stake in its business, reportedly valuing the 3,000+ person firm at over $1bn. New Mountain’s accounting sector investment résumé already boasts the 2022 acquisition - and 2025 sale to Blackstone - of Citrin Cooperman. It also led last year’s majority growth investment in Grant Thornton’s U.S. advisory and tax arm, which preceded major global changes for the international network.

Private equity continue to consolidate a segment of professional services that’s been ripe for consolidation over the past decade. This is enabling a shift toward more agile structured platforms that integrate assurance, tax and high-growth advisory, whilst creating a new competitive dynamic for the established consulting players and Big Four partnerships.

This transformation shows that CPA Partnerships to Agile Platforms and Private Equity Redraws the Map with New Mountain’s Hat Trick is more than a headline, it reflects a structural shift in professional services.

Private Equity Redraws the Map with New Mountain’s Hat Trick

Notable PE-fueled accounting moves (in the last 18 months):

➡️ Grant Thornton - New Mountain led the US recap in May 2024 with minority investors CDPQ and OA Private Capital, followed by global strategic moves:

• Jul 2025: Press reported that Grant Thornton’s UK and US businesses were competing head-to-head to acquire the €240m+ revenue German member firm, marking the first big intra-network contest fueled by private-equity capital.

• Nov 2024: Cinven announced its buy-out of Grant Thornton UK, whose partner base remained invested in the business as a significant shareholder alongside Cinven.

• Oct 2024: Grant Thornton in the US and Ireland combined creating a 12 000-professional Trans-Atlantic advisory/tax platform spanning 50+ offices.

➡️ Baker Tilly – A strategic investment stake from Hellman & Friedman and Valeas Capital Partners in Feb 2024 followed a major acquisition drive.

• Apr 2025: Announced a $7 bn deal with Seattle-based Moss Adams (over $1 bn revenue), creating the 6th-largest US CPA firm.

• Oct 2024: Purchased Robotic Process Automation and AI specialist Alirrium.

• May 2024: Snapped up Bay-Area UHNW advisory firm Seiler.

➡️ CohnReznick – Apax Partners made a strategic growth investment in Feb 2025, the first institutional capital in the firm which generated $1.12bn-revenue from a 5,000+ employee global business which looks to scale tech solutions and bolt-ons.

➡️ Citrin Cooperman – Blackstone in a majority recap in Jan 2025 which valued the firm at over $2bn. The investor group takes over ⅔ of Citrin Cooperman after buying out New Mountain in PE’s first major “flip” of a Top-20 CPA firm. The investment reportedly keeps Blackstone’s stake below 50% to address regulatory concerns on audit independence.

➡️ PKF O'Connor Davies – strategic investment from Investcorp and PSP Investments in Nov 2024 adds another investor backed top-30 firm with 14 offices in six states and over 1,000 professionals that generated $370m+ revenue in FY23.

What’s Next for CPA Partnerships to Agile Platforms as Private Equity Redraws the Map with New Mountain’s Hat Trick?

Next movers: The Financial Times counts more Top-30 U.S. firms in PE talks, which has included Aprio and Armanino - who will be next?

Splitting advisory and audit: This feels like an inevitable shift for the accounting networks - will private equity backing accelerate the industry outcome?

Execution risk: Can capital-backed large partnerships pivot fast enough against agile new advisory platforms like Unity Advisory (backed by Warburg Pincus)?

Exit routes: The professional services industry is transforming and we anticipate a large cross-industry acquisition highlighting the massive changes we’re analyzing at the client level - will this include one of these PE-backed exits?

For deeper context, reach out for our latest analyses, data and intelligence or a chat on your strategic objectives.

This article is written for educational and informational purposes only and does not constitute investment, tax, or legal advice. The intelligence has been gathered from a variety of public and non-publicly available sources, including analysis from AI tools - which have not all been verified, reviewed or approved. The views and opinions expressed are those of the author and do not represent the views of any affiliate organization. Any opinions or views expressed are as of the date written and are subject to change without notice, and may be updated or modified at any time.

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