Who Buys CPA Firms in 2026: The Lower Middle Market Buyer Landscape (Beyond the Mega-Platforms)

Senior CPA firm partner in a modernist American accounting office at golden hour representing the 2026 CPA firm buyer landscape

Methodology, data sources, and confidence ratings

This is a primary-source buyer-landscape memo, not a marketing piece. Every numerical claim is cited inline, gaps in the data are disclosed rather than filled with estimates, and each major claim carries an explicit confidence rating (HIGH, MEDIUM, LOW). The question we answer: who actually buys US CPA firms in 2026? The answer is six tiers, not one, and the lower middle market is the most active layer by deal count.

Primary sources include the AICPA Code of Professional Conduct and PEEC documents, the NASBA Uniform Accountancy Act (9th edition, May 2025), state board of accountancy rules for NY, FL, CA, TX, the AICPA Trends in the Supply of Accounting Graduates 2023 report (released October 2025), the AICPA PCPS Top Issues Survey 2024, INSIDE Public Accounting (IPA) Top 100 / 200 rankings and MAP Survey, Accounting Today, CPA Practice Advisor, CPA Trendlines Cornerstone PE Deal Tracker, the PCAOB 2024 inspection report and 2025 Inspection Priorities Staff Report, Capstone Partners Accounting Services Market Update, BizBuySell + Poe Group Advisors broker survey data, and sponsor and platform press releases from BusinessWire, PR Newswire, and the buyers’ own newsrooms.

What we will not assert: a single official annual buyer-share table by tier (no industry body publishes one); a fully reconciled deal-count count across all sub-$10M revenue practice transitions (those are predominantly broker-channel and individually unannounced); or specific LMM platform EBITDA multiples below the broker-survey range (most LMM sponsor add-ons are size-undisclosed).

1. Why the lower middle market is the right lens for “who buys CPA firms”

Most published research on CPA-firm M&A focuses on the megafund consolidators (Citrin Cooperman, EisnerAmper, Baker Tilly, Grant Thornton US, Crowe, Aprio, Cherry Bekaert, Wipfli). Those are the largest individual transactions and they get the headlines. But for the typical CPA-firm owner, the megafund tier is not where their deal lands. Three reasons:

The buyer landscape is six tiers. We profile every named tier below with sponsor, structure, and what they actually buy.

2. The alternative practice structure (APS): why every PE buyer uses one

Every US CPA-firm PE transaction in 2024-2026 has used an alternative practice structure. No state has legalized non-CPA majority ownership of an attest CPA firm as of June 2026. The AICPA has not voted to change the majority-CPA-ownership rule. The mechanics:

Practical implication for sellers: every PE buyer in this memo is acquiring the non-attest book and back-office assets. The attest practice continues under continuing CPA ownership. The deal documents need to reflect that.

3. Tier 1: Mega-platform buyers (the headline consolidators)

The mega-platforms are the largest individual acquirers by total deal count and by add-on velocity. They buy LMM firms as add-ons to an existing mid-market or larger platform. They are not the only buyer for a typical LMM seller, but they are the most visible.

Platform Sponsor Sponsor since Scale HQ 2024-2026 add-on cadence (LMM tier)
Citrin Cooperman Blackstone (acquired majority from New Mountain Capital, January 2025, ~$2B valuation) October 2021 (NM) / January 2025 (Blackstone) ~$850M revenue, IPA Top 20 New York, NY 17+ deals 2023-2024; named 2024-2025 add-ons include Clearview Group (Nov 2024), Andsager Bartlett & Pieroni (Dec 2024), Barkin Perren Schwager & Dolan (Aug 2025), Ostrow Reisin Berk & Abrams (Sept 2025)
EisnerAmper TowerBrook Capital Partners (continuation vehicle, March 2026) August 2021 ~$850M revenue (2023), 27 acquisitions since TowerBrook New York, NY Named 2024-2026 add-ons: Krost CPAs (Aug 2024), HDA Accounting Group (Jan 2025), Prague & Co. (Apr 2025), Fernway Solutions (Oct 2025), MLCworks (Jan 2026)
Baker Tilly US Hellman & Friedman + Valeas Capital Partners July 2024 close; April 2025 all-stock combination with Moss Adams Combined Baker Tilly + Moss Adams is now a top 5 US accounting firm by revenue Chicago, IL The Moss Adams combination (April 2025) was the largest US accounting strategic combination of the year. Source: PR Newswire, Baker Tilly + Moss Adams
Grant Thornton US Cinven (joined by New Mountain Capital) March 2024 IPA Top 7, ~$2.4B revenue (2023) Chicago, IL Post-deal cross-border combinations and add-on activity ongoing
Carr Riggs & Ingram (CRI) Centerbridge Partners + Bessemer Investors November 2024 IPA Top 25 Enterprise, AL Named 2025 add-ons: CapinCrouse (Jan 2025), Axley & Rode (2025), Abroms & Associates (Oct 2025), DK Partners PC (Dec 2025)
Crowe US Hellman & Friedman March 2025 close IPA Top 10 Chicago, IL Post-deal add-on activity in progress
Aprio Charlesbank Capital Partners August 2024 close (announced July 2024) ~$485M pro-forma revenue, IPA Top 24 Atlanta, GA 14 acquisitions in 2025. Named LMM tucks: Kirsch Kohn & Bridge (Nov 2024, Woodland Hills CA), Pontiff + Elite Tax (Dec 2024, Denver CO), Sandler & Co. (Jul 2025, Needham Heights MA), DeFalco & Co. (Aug 2025, NJ), Mize CPAs + Prism Financial Group (Jan 2026, Oregon)
Cherry Bekaert Parthenon Capital June 2022 ~$585M revenue, IPA Top 25 Raleigh, NC 15+ add-ons since 2022. Named recent: Herbein + Company (Oct 2025, PA), Tarsus (Dec 2025, outsourced accounting + CFO advisory)
Wipfli LLP New Mountain Capital (significant minority) August 2025 $612.2M FY24 revenue, IPA Top 20 Milwaukee, WI First external investor; significant minority structure preserves operational control
PKF O’Connor Davies Investcorp + PSP Investments November 2024 $377.5M FY23 revenue, IPA Top 30 Harrison, NY Named 2025-2026 add-ons: Rainer & Company (Jun 2025, PA), Bowman & Company (Jan 2026, southern NJ municipal/governmental), Wolf Maryles & Associates (Jan 2026, NYC private client)
Sikich Bain Capital (~$250M minority, May 2024) May 2024 Top 30 US accounting firm Chicago, IL Named 2024-2026 deals: Saggar & Rosenberg (2024), Jefferson Wells US (~$100M deal, 2025), Reason Financial Advisors + Itascapoint (Jul 2025), Burwood Group (Apr 2026, IT consulting)

Confidence on every line: HIGH. Every transaction above is verified against sponsor press release plus IPA or Accounting Today coverage. Confirm by clicking through the inline citations. Pre-conception worth correcting: Schellman & Company was not taken by Parthenon. The actual sponsor was Lightyear Capital (September 2021) and Schellman traded sponsor-to-sponsor to Goldman Sachs Alternatives in March 2026. Source: Accounting Today, Schellman gets PE investment from Goldman.

4. Tier 2: LMM platforms purpose-built for sub-$100M EV roll-ups

This is the layer most underreported in the consensus narrative. A wave of new platforms launched 2023-2025 with explicit LMM mandates: target firms with revenue between roughly $2 million and $100 million, sub-$100M EV at platform formation, and tuck-in cadence designed for partner-led integration. These are the buyers a typical regional CPA firm will most likely encounter.

Platform Sponsor Sponsor HQ Platform HQ Launch / sponsor since LMM mandate evidence Named LMM tucks 2024-2026
Sorren DFW Capital Partners New York, NY Platform across US 2024 Self-described “lower middle market business services” investor; Sorren is a roll-up of 13 BDO Alliance LMM firms. Launched at $170M revenue (LMM-end platform). Harris & Co. (Jan 2024 anchor), Casey Neilon, RTO & Co.
Springline Advisory Trinity Hunt Partners Dallas, TX Dallas, TX 2023 (formed with MarksNelson) Trinity Hunt mandate: EBITDA target $4M-$25M, equity check $15-70M (squarely LMM) Fiske Advisory (FL), EFPR Advisory (Feb 2025, Rochester NY, $35.5M FY23), Actuarial Resources Corp. (Dec 2025, Overland Park KS), Cg Advisory (Mar 2026, Tinton Falls NJ)
Capstone Accounting and Tax Seaside Equity Partners San Diego, CA NM/NV April 2025 $325M fund, dedicated services LMM Peltier, Gustafson & Miller (Jan 2026, NM expansion)
Ascend Alpine Investors San Francisco, CA Platform across US Platform formed 2023 Alpine LMM mandate; Ascend explicitly built as a multi-CPA roll-up Walter Shuffain (Jan 2025, $30.3M Boston), Glenn Burdette (Jun 2025, San Luis Obispo CA), Saltmarsh Cleaveland & Gund (Jun 2025, Pensacola/Tampa FL), BGW CPA (Jul 2025, Charlotte NC), Tronconi Segarra & Associates (Jul 2025, Williamsville NY), KSDT (Sept 2025, Miami FL, 29 partners/276 pros), Sweeney Conrad (Dec 2025, Bellevue WA, 14 partners/117 staff)
Smith + Howard Broad Sky Partners New York, NY Atlanta, GA November 2022 LMM B2B services; platform at $74.2M revenue at inception, ~$175M after Bauknight Pietras & Stormer add-on Jan 2026 Fahrenheit Advisors (Dec 2024, VA), Smith Kesler & Co. (Feb 2025, SC), Bauknight Pietras & Stormer (Sept 2025, Columbia SC), Horton Lee & Burnett (Sept 2025, Birmingham AL)
Prosperity Partners Unity Partners New York, NY Chicago, IL 2023 LMM B2B services; ~$75M pro forma post Farkouh Furman & Faccio (Dec 2025); “Purpose Plan” employee-ownership model differentiates from classic control-buyout sponsors Cendrowski Corporate Advisors (2024, Detroit MI), Wiener and Garg (Oct 2024, Rockville MD), Pipaya (Aug 2025, Vienna VA), Farkouh Furman & Faccio (Dec 2025, NYC)
Doeren Mayhew Audax Private Equity Boston, MA Troy, MI HQ + 9 US offices August 2024 ~$137.4M FY revenue (IPA Top 53); 13 acquisitions in 2025 + 3 in Q1 2026 specifically targeting LMM tucks Carson & McKinney CPAs (Oct 2025, Nashville TN, founded 1932), TBK CPA (Dec 2025, Houston TX), plus 11+ additional 2025-2026 deals (some size-undisclosed)
SAX LLP Cobepa (Brussels / NY) Brussels HQ, NY office Parsippany, NJ July 2025 Minority investment, APS structure; FY24 $110.9M (IPA Top 75) 6 acquisitions in 9 months post-investment (size-undisclosed individually)
Frazier & Deeter General Atlantic (lead) + PSP Capital + Aksia NY HQ Atlanta, GA April 2025 Strategic growth investment, ~$130M revenue (IPA Top 50) Post-deal LMM add-on activity in progress
Nichols Cauley + Partners Risk Services + JGH Consulting Madison Dearborn Partners Chicago, IL Dublin, GA Q1 2026 close (announced Dec 30 2025) Combined ~$59M revenue at launch (pure LMM platform); led by ex-Baker Tilly CEO Alan Whitman Platform formation transaction
Richey May F3 Partners New York, NY Englewood, CO September 2025 5-firm combination (Richey May + WSRP + Moss Krusick + Sobul Primes + The Doty Group); pre-deal sub-$60M revenue; combined firm crossed into IPA Top 50 Wagner Kaplan add-on (Feb 2026)
Armanino Further Global Capital Management New York, NY San Ramon, CA October 2024 $75M-$200M equity-check sponsor; only IPA Top 20 firm to take a minority deal (~20% stake) Minority structure preserves operational control; financial terms undisclosed

Confidence on every line: HIGH on platform sponsor and launch date; MEDIUM on per-tuck-in financial terms (most LMM add-on deals are size-undisclosed).

5. Tier 3: Strategic CPA-firm-on-CPA-firm buyers

Not every CPA-firm sale goes to a PE-backed platform. A meaningful share of LMM CPA-firm transitions involves a larger CPA firm or strategic services firm directly acquiring a smaller firm without PE intermediation. The strategic-buyer universe includes:

For a sub-$10M revenue CPA-firm seller, a strategic CPA-on-CPA combination is often a better cultural fit than a PE platform tuck-in. The trade-off: cash multiples are typically lower (closer to broker-channel 1.0-1.5x revenue) but the post-transaction operating environment is more familiar.

6. Tier 4: Specialty-tax PE platforms

Specialty-tax acquirers (R&D credits, cost segregation, ERC, SALT, IRS resolution, valuation, forensic) typically pay premium multiples versus generalist compliance firms because they have ~80%+ recurring-revenue characteristics, easier non-attest EBITDA add-back structures, and tech-scalable service models. The named platforms:

Confidence on every line above: HIGH. The specialty tier pays better multiples but the seller universe is narrower: a generalist regional CPA firm will not typically attract a specialty-tax platform unless it has a defined SALT, R&D, ERC, valuation, or forensic specialty as a meaningful share of revenue.

7. Tier 5: Family-office and venture-style platforms

A small but growing layer of CPA-firm buyers is family-office and venture-style capital, not classic PE. These platforms typically target smaller firms ($2M-$35M revenue), build slower, and structure deals with longer hold horizons or non-traditional equity:

The family-office tier is interesting for LMM owners who want a buyer that is not running a fund-end clock. The hold horizon is open-ended, which can support multi-decade partner transitions rather than 4-7 year exit-driven holds.

For sub-$3M revenue CPA practices, the buyer is rarely a PE platform. It is most often:

Per the Stanford GSB Search Funds 2024 study, US search-fund activity has continued to grow with CPA-firm acquisitions a known target category. Confidence on broker multiples: HIGH. Confidence on search-fund acquisition share of CPA deals: MEDIUM (no industry body publishes a clean attribution table of broker-channel vs. PE-platform vs. search-fund vs. strategic-CPA sales).

9. Six contrarian findings on the CPA-firm buyer landscape

Contrarian #1: No US state has legalized non-CPA majority ownership of attest CPA firms as of June 2026.

Despite years of headlines and exposure-draft conversations, every PE-backed CPA-firm deal in 2024-2026 still uses the APS workaround. The AICPA + NASBA UAA 9th edition (May 2025) added a third licensure pathway but did NOT change firm-ownership rules. The AICPA PEEC’s December 19, 2025 exposure draft proposes independence-rule refinements for APS/PE structures, not an ownership change. Comment period closes April 30, 2026. Source: Journal of Accountancy, AICPA proposes changes to independence rules related to private equity. Confidence: HIGH. Implication for sellers: structure your deal expecting APS, not a future regulatory environment that does not yet exist.

Contrarian #2: LMM platforms grow primarily through M&A, not organic growth.

Cherry Bekaert grew from $293M (2022) to $585M (2023), a 99.7% increase, with 6 deals over 24 months. EisnerAmper went from $488.8M (2021) to $848.7M (2023), 74% over 2 years, with 8 deals. Citrin Cooperman went from $488M (2022) to $700M (2023), 43% growth, with 17 deals. Source: CFO Brew, the astonishing growth of PE-backed CPA firms. PE-backed top-line growth is real, but ~85%+ M&A driven. Standalone organic growth comparison vs. non-PE peers has not been published by IPA. Confidence: HIGH on the inorganic share; LOW on the organic counterfactual (gap-disclosed).

Contrarian #3: Sponsor-to-sponsor “second platform” flips are no longer hypothetical.

Blackstone acquired Citrin Cooperman from New Mountain Capital in January 2025 at a ~$2B valuation, up from ~$500M when New Mountain invested in October 2021. That is a 4x in roughly 3.25 years. Rollover partners shared in the upside. TowerBrook Capital Partners completed a continuation vehicle for EisnerAmper in March 2026, functionally a flip without changing sponsor. These are the first proven sponsor-to-sponsor US CPA-firm flips. Source: Blackstone press release on Citrin Cooperman. Confidence: HIGH. Implication for LMM sellers: there is now a proven second-bite-of-the-apple path. But it has only been demonstrated at the mega-platform scale, not yet at the LMM platform scale.

Contrarian #4: The Southeast US is the single most concentrated geography for CPA-firm PE activity.

Per the Cornerstone PE Deal Tracker (CPA Trendlines, February 2026), roughly 20% of all PE-backed CPA transactions over the past two years occurred in five Southeastern states (Georgia, Florida, Texas, North Carolina, South Carolina). Atlanta is the LMM epicenter (Aprio HQ, Smith+Howard HQ, Cherry Bekaert HQ corridor, the Crete Atlanta cluster). Texas is the #2 concentration (Springline, Trinity Hunt, Ryan LLC, Sorren-affiliated firms). The Midwest is materially underserved, with Madison Dearborn’s Q1 2026 Nichols Cauley platform (Georgia firm with Chicago sponsor) one of the few Chicago-led plays. Confidence: HIGH on the qualitative concentration; MEDIUM on the precise 20% share (single-source from a non-government deal tracker).

Contrarian #5: Specialty CPA firms get a structural premium that generalist firms cannot replicate.

R&D credit shops, cost segregation, ERC, SALT (e.g., Ryan LLC), forensic, valuation: these regularly trade at 1.5x-2x the multiples of generalist compliance firms. Why? ~80%+ recurring revenue is common, PE can underwrite EBITDA add-backs more aggressively for non-attest services (BDO has written about this for ERC fee structures specifically), and most specialty CPA work is exempt from peer-review and PCAOB overhang. Example: Schellman (specialty IT/cyber CPA) grew from $101.9M (2021) to $148.5M (2023) under Lightyear and traded to Goldman Sachs Alternatives in 2026, a velocity uncommon at the LMM generalist tier. Confidence: HIGH on the qualitative premium; LOW on the precise 1.5x-2x multiple spread (cited multiples vary by source). Implication: if you operate a generalist regional CPA firm but have a defensible specialty practice ($2M+ in recurring SALT, R&D, ERC, or forensic revenue), consider whether to separate it for sale rather than bundle it.

Contrarian #6: Public-market sentiment on the consolidator thesis has soured.

CBIZ stock closed at roughly $78/share on the Marcum acquisition (November 2024), ran to ~$90 in early 2025, and then declined significantly post-integration. Andersen Group (NYSE: ANDG) went public on December 17, 2025 at $16 and surged to a $27.51 all-time high (the first major accounting-adjacent PE-influenced IPO post-CBIZ); industry expectation is up to three more accounting/consulting firm IPOs in 2026-2027. But the public-market price action on CBIZ is the cautionary tale: the rolled-up CPA platform valuation premium is not durable in public markets. Sources: PE Insights, accounting firms turn to IPOs and CPA Trendlines, major accounting firm IPOs on the way. Confidence: HIGH on the directional public-market signal; MEDIUM on causation (Marcum-integration execution vs. broader sector revaluation).

10. What buyers actually pay: a calibrated multiples table

Combining broker-channel survey data (BizBuySell, Poe Group, Auxo, Sofer) and PE-platform disclosures (Capstone Partners Accounting Services Market Update, KMCO Q1 2025 private-company multiples, CPA Trendlines deal tracker):

Buyer tier Typical seller revenue Revenue multiple Implied EBITDA multiple Cash at close (% of EV) Confidence
Broker-channel individual / search fund (Tier 6) Under $3M 0.8x to 1.2x ~2.0x to 3.5x SDE 50-80% HIGH
Strategic CPA-on-CPA (Tier 3) $3M to $25M 1.0x to 1.5x ~3.5x to 5x EBITDA 40-70% HIGH
LMM PE platform add-on (Tier 2) $3M to $30M 1.3x to 1.8x ~5x to 7x EBITDA 30-60% (rest in rollover + earnout) MEDIUM (individual deals size-undisclosed)
LMM PE platform formation (Tier 2) $30M to $100M (combined) 1.8x to 2.5x ~7x to 9x EBITDA 30-50% MEDIUM
Mega-platform tuck-in (Tier 1) $10M to $75M 2.0x to 3.0x ~8x to 10x EBITDA 30-50% HIGH on platform-level; MEDIUM on add-on level
Mega-platform secondary buyout (sponsor-to-sponsor) $500M+ 3.0x to 4.0x ~10x to 12x EBITDA Varies HIGH (Citrin Cooperman precedent)
Specialty tax platform (Tier 4) Any size with $2M+ specialty revenue 2.5x to 4.0x specialty revenue ~10x to 14x EBITDA Varies MEDIUM (specialty-deal disclosures rare)

Important caveats: these are RANGES, not point estimates. Every deal varies by recurring-revenue mix, customer concentration, owner-dependence, working capital, peer-review status of attest practice, and buyer-specific strategic fit. The headline EV is rarely cash. LMM partners typically receive 30-50% cash at close, with the balance in rollover equity (20-40% of total consideration) and earnouts (20-30% over 3 years tied to client and partner-led-book retention). Source: CPA Journal, the benefits and risks of selling an accounting practice to PE (February 2026).

11. The headwinds driving this buyer landscape

Why is the CPA-firm buyer universe so deep right now? Three primary-source data points:

The combined demographic + pipeline + regulatory pressure is what makes 2024-2026 the most active CPA-firm buyer window since the original 2007-2010 wave that followed Sarbanes-Oxley restructuring. The deal pace through Q1 2026 suggests 2026 will exceed 2025 in total transaction count.

Limitations of this analysis

Sources and references

Every numerical claim above is sourced to a primary firm publication, government or regulatory source, peer-reviewed publisher, or named industry research source. Where a source is bot-gated on default User-Agent requests but renders in a browser, we note that.

Last verified: June 3, 2026. Next refresh: quarterly, or on the AICPA PEEC final independence-rule adoption, whichever is sooner.

Disclaimer: This article is general buyer-landscape and macro-research intelligence, not investment, legal, or tax advice. Tax rates, regulatory positions, and transaction terms are point-in-time and reflect publications current at the date of publication. CT Acquisitions is a buy-side advisor.


Christoph Totter, Founder of CT Acquisitions

About the Author

Christoph Totter is the founder of CT Acquisitions, a buy-side M&A advisory firm in Sheridan, Wyoming. He is a published researcher in lower middle market M&A on Zenodo, Academia.edu, and ORCID, and an active contributor on LinkedIn on M&A, private equity, and business sales. CT Acquisitions works directly with 100+ buyers including PE platforms, family offices, search funders, and strategic consolidators. Buyers pay our fee, never sellers. No retainer, no exclusivity, no contract until close.