How much of Main Street private equity owns
1.0% of US CPA offices belong to firms backed by private equity.
We read the websites of 27 accounting firms, counted each firm's US offices once and compared them with the government's count of US CPA offices.
The findings.
- Firms backed by private equity run 1.0% of US CPA offices, counted by office.
- Most of the country's 63,134 CPA offices belong to small local firms, so the share is small. Counted by firm, it's larger: KPMG Corporate Finance found private equity in 11 of the 30 largest US firms by the third quarter of 2025.
- Carr, Riggs & Ingram has the most offices of these firms, 94. Ascend has 70, and Aprio, EisnerAmper and UHY have 46 each.
- In most of these deals the fund buys the firm's tax and advisory business, and a separate firm owned by the CPAs keeps the audit work, in the same offices. Each office counts once.
- In Alabama, firms backed by private equity run 2.4% of CPA offices. New Mexico, New Hampshire, Oregon and Georgia follow, at 1.6% to 2.1%.
- Firms where private equity holds a minority stake run another 0.4% of CPA offices, and Baker Tilly and Cherry Bekaert are the largest of them. Deals with no closing announced by October 15, 2026 would add 0.3%.
Who owns the most CPA offices.
Carr, Riggs & Ingram has 94 offices, Ascend 70 and Aprio, EisnerAmper and UHY 46 each. Even the largest runs about one in 700 of the country's CPA offices.
- CBIZ (Marcum): 140 locations, at the size it statesPublicly traded, sale pending
- Carr, Riggs & Ingram (CRI): 94 locationsCenterbridge Partners
- Baker Tilly: 93 locationsPrivate equity, minority stake
- Ascend: 70 locationsAlpine Investors
- Cherry Bekaert: 54 locationsParthenon Capital, minority stake
- Eide Bailly: 51 locationsReverence Capital Partners, deal not closed
- Aprio: 46 locationsCharlesbank Capital Partners
- EisnerAmper: 46 locationsTowerBrook Capital Partners
- UHY: 46 locationsSummit Partners
- Wipfli: 45 locations, at the size it statesNew Mountain Capital, minority stake
- Grant Thornton: 44 locationsNew Mountain Capital
- Crowe: 40 locations, at the size it statesKKR
- CohnReznick: 39 locationsApax Partners
- Springline Advisory: 26 locationsTrinity Hunt Partners
- Citrin Cooperman: 25 locations, at the size it statesBlackstone and co-investors
- Doeren Mayhew: 25 locationsAudax Private Equity, minority stake
- Sorren: 25 locationsDFW Capital Partners
- PKF O'Connor Davies: 23 locationsInvestcorp
- Armanino: 22 locations, at the size it statesFurther Global Capital Management, minority stake
- HBK: 20 locationsH.I.G. Capital, deal not closed
- ATA: 18 locations, at the size it statesCopley Equity Partners, minority stake
- Capstone Accounting & Tax: 16 locationsSeaside Equity Partners
- Cohen & Co: 15 locationsLovell Minnick Partners
- Frazier & Deeter: 15 locationsGeneral Atlantic
- Richey May: 15 locationsPrivate equity
- Meaden & Moore: 14 locationsUnity Partners
- Sikich: 14 locationsBain Capital, minority stake
- Nichols Cauley: 13 locationsMadison Dearborn Partners
- Prosperity Partners: 10 locationsUnity Partners
- Smith + Howard: 10 locationsTPG
- Elliott Davis: 8 locationsFlexpoint Ford
- Stephano Slack: 7 locationsMadison Dearborn Partners
- Sax: 6 locationsCobepa, minority stake
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Where private equity owns the most CPA offices.
Alabama leads at 2.4%, then New Mexico, New Hampshire, Oregon and Georgia at 1.6% to 2.1%.
- ALAlabama: 2.4%
- AKAlaska: 0.0%
- AZArizona: 0.2%
- ARArkansas: 0.0%
- CACalifornia: 0.7%
- COColorado: 0.9%
- CTConnecticut: 1.2%
- DEDelaware: 0.8%
- DCDistrict of Columbia: 0.7%
- FLFlorida: 1.0%
- GAGeorgia: 1.6%
- HIHawaii: 0.0%
- IDIdaho: 1.0%
- ILIllinois: 0.6%
- INIndiana: 0.3%
- IAIowa: 0.4%
- KSKansas: 1.4%
- KYKentucky: 0.3%
- LALouisiana: 0.8%
- MEMaine: 0.0%
- MDMaryland: 1.6%
- MAMassachusetts: 1.3%
- MIMichigan: 0.8%
- MNMinnesota: 0.6%
- MSMississippi: 1.0%
- MOMissouri: 0.6%
- MTMontana: 0.2%
- NENebraska: 0.0%
- NVNevada: 1.1%
- NHNew Hampshire: 1.9%
- NJNew Jersey: 1.2%
- NMNew Mexico: 2.1%
- NYNew York: 1.2%
- NCNorth Carolina: 1.5%
- NDNorth Dakota: 0.0%
- OHOhio: 1.0%
- OKOklahoma: 0.5%
- OROregon: 1.6%
- PAPennsylvania: 0.6%
- RIRhode Island: 0.4%
- SCSouth Carolina: 1.0%
- SDSouth Dakota: 0.0%
- TNTennessee: 1.0%
- TXTexas: 1.0%
- UTUtah: 0.7%
- VTVermont: 0.6%
- VAVirginia: 0.6%
- WAWashington: 1.2%
- WVWest Virginia: 0.0%
- WIWisconsin: 0.9%
- WYWyoming: 1.1%
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The typical accounting, tax or law practice for sale in the US asks 2.5 times its yearly cash flow. What accounting, tax and law practices for sale ask
Software for a roll-up.
A roll-up runs the same work at every site it buys, from booking and estimates to billing and payroll. We write the software those sites share, one process at a time, and the owner keeps the code. How we work with buyers and operating partners.
The data.
We counted the locations on October 15, 2026.
Questions
How many accounting firms are owned by private equity?
We count 22 US accounting firms backed by private equity. Together they run 647 offices, 1.0% of the country's CPA offices.
Why is private equity's share of CPA offices so small?
Most CPA offices are small local practices, and private equity has bought into the larger firms. Counted by firm, the share is higher. KPMG Corporate Finance found private equity investment in 11 of the 30 largest US firms by the third quarter of 2025, and INSIDE Public Accounting counted outside investment in 21 of its 100 largest firms in 2026.
Can private equity own a CPA firm?
Not the part that signs audits, which CPAs must own most of. So the fund buys the firm's tax and advisory business, and a separate firm owned by the CPAs keeps the audit work. Both usually work from the same offices, which count once here.
Why aren't Baker Tilly, Cherry Bekaert and Eide Bailly counted?
Private equity holds a minority stake in Baker Tilly and Cherry Bekaert, and no closing of Eide Bailly's deal had been announced by October 15, 2026. Firms like these are listed apart, with their offices, and not counted.
Does this count H&R Block and other tax preparers?
No. The government counts tax preparation services as a separate industry, so the 63,134 CPA offices don't include storefront tax preparers, and neither does the count of firms here.
Why do some firms count at their stated size?
Crowe and Citrin Cooperman refused our crawler, so they count at the number of offices each one states and are shown apart.
Who owns Carr, Riggs & Ingram?
Centerbridge Partners owns Carr, Riggs & Ingram. Its websites list 94 US offices.
Who owns Ascend?
Alpine Investors owns Ascend. Its websites list 70 US offices.
Who owns Aprio?
Charlesbank Capital Partners owns Aprio. Its websites list 46 US offices.
Who owns EisnerAmper?
TowerBrook Capital Partners owns EisnerAmper. Its websites list 46 US offices.
Who owns UHY?
Summit Partners owns UHY. Its websites list 46 US offices.
Who owns Grant Thornton?
New Mountain Capital owns Grant Thornton. Its websites list 44 US offices.
Who owns Crowe?
KKR owns Crowe. By its own count it has 40 offices.
Who owns CohnReznick?
Apax Partners owns CohnReznick. Its websites list 39 US offices.
Every group
| Group | Brands | Owner | Locations | Share |
|---|---|---|---|---|
| CBIZ (Marcum) | Publicly traded, sale pending | 140 stated | 0.2% | |
| Carr, Riggs & Ingram (CRI) | Centerbridge Partners | 94 | 0.1% | |
| Baker Tilly | Private equity, minority stake | 93 | 0.1% | |
| Ascend | 24 firms | Alpine Investors | 70 | 0.1% |
| Cherry Bekaert | Parthenon Capital, minority stake | 54 | 0.1% | |
| Eide Bailly | Reverence Capital Partners, deal not closed | 51 | 0.1% | |
| Aprio | Charlesbank Capital Partners | 46 | 0.1% | |
| EisnerAmper | TowerBrook Capital Partners | 46 | 0.1% | |
| UHY | Summit Partners | 46 | 0.1% | |
| Wipfli | New Mountain Capital, minority stake | 45 stated | 0.1% | |
| Grant Thornton | New Mountain Capital | 44 | 0.1% | |
| Crowe | KKR | 40 stated | 0.1% | |
| CohnReznick | Apax Partners | 39 | 0.1% | |
| Springline Advisory | 7 firms | Trinity Hunt Partners | 26 | 0.0% |
| Citrin Cooperman | Blackstone and co-investors | 25 stated | 0.0% | |
| Doeren Mayhew | Audax Private Equity, minority stake | 25 | 0.0% | |
| Sorren | DFW Capital Partners | 25 | 0.0% | |
| PKF O'Connor Davies | Investcorp | 23 | 0.0% | |
| Armanino | Further Global Capital Management, minority stake | 22 stated | 0.0% | |
| HBK | H.I.G. Capital, deal not closed | 20 | 0.0% | |
| ATA | Copley Equity Partners, minority stake | 18 stated | 0.0% | |
| Capstone Accounting & Tax | Seaside Equity Partners | 16 | 0.0% | |
| Cohen & Co | Lovell Minnick Partners | 15 | 0.0% | |
| Frazier & Deeter | General Atlantic | 15 | 0.0% | |
| Richey May | Private equity | 15 | 0.0% | |
| Meaden & Moore | Unity Partners | 14 | 0.0% | |
| Sikich | Bain Capital, minority stake | 14 | 0.0% | |
| Nichols Cauley | Madison Dearborn Partners | 13 | 0.0% | |
| Prosperity Partners | Unity Partners | 10 | 0.0% | |
| Smith + Howard | TPG | 10 | 0.0% | |
| Elliott Davis | Flexpoint Ford | 8 | 0.0% | |
| Stephano Slack | Madison Dearborn Partners | 7 | 0.0% | |
| Sax | Cobepa, minority stake | 6 | 0.0% |
Every state
| State | Establishments | Private equity | Share |
|---|---|---|---|
| Alabama | 1,077 | 26 | 2.4% |
| Alaska | 131 | 0 | 0.0% |
| Arizona | 1,266 | 3 | 0.2% |
| Arkansas | 592 | 0 | 0.0% |
| California | 7,542 | 51 | 0.7% |
| Colorado | 1,794 | 16 | 0.9% |
| Connecticut | 668 | 8 | 1.2% |
| Delaware | 251 | 2 | 0.8% |
| District of Columbia | 147 | 1 | 0.7% |
| Florida | 5,562 | 58 | 1.0% |
| Georgia | 2,090 | 34 | 1.6% |
| Hawaii | 370 | 0 | 0.0% |
| Idaho | 733 | 7 | 1.0% |
| Illinois | 2,229 | 14 | 0.6% |
| Indiana | 959 | 3 | 0.3% |
| Iowa | 696 | 3 | 0.4% |
| Kansas | 501 | 7 | 1.4% |
| Kentucky | 885 | 3 | 0.3% |
| Louisiana | 1,105 | 9 | 0.8% |
| Maine | 278 | 0 | 0.0% |
| Maryland | 1,056 | 17 | 1.6% |
| Massachusetts | 1,236 | 16 | 1.3% |
| Michigan | 1,723 | 13 | 0.8% |
| Minnesota | 1,009 | 6 | 0.6% |
| Mississippi | 519 | 5 | 1.0% |
| Missouri | 1,171 | 7 | 0.6% |
| Montana | 418 | 1 | 0.2% |
| Nebraska | 368 | 0 | 0.0% |
| Nevada | 531 | 6 | 1.1% |
| New Hampshire | 257 | 5 | 1.9% |
| New Jersey | 1,865 | 22 | 1.2% |
| New Mexico | 386 | 8 | 2.1% |
| New York | 3,519 | 41 | 1.2% |
| North Carolina | 2,337 | 34 | 1.5% |
| North Dakota | 188 | 0 | 0.0% |
| Ohio | 1,827 | 19 | 1.0% |
| Oklahoma | 928 | 5 | 0.5% |
| Oregon | 792 | 13 | 1.6% |
| Pennsylvania | 2,176 | 12 | 0.6% |
| Rhode Island | 284 | 1 | 0.4% |
| South Carolina | 1,067 | 11 | 1.0% |
| South Dakota | 209 | 0 | 0.0% |
| Tennessee | 1,172 | 12 | 1.0% |
| Texas | 4,657 | 47 | 1.0% |
| Utah | 840 | 6 | 0.7% |
| Vermont | 163 | 1 | 0.6% |
| Virginia | 1,428 | 8 | 0.6% |
| Washington | 891 | 11 | 1.2% |
| West Virginia | 350 | 0 | 0.0% |
| Wisconsin | 847 | 8 | 0.9% |
| Wyoming | 179 | 2 | 1.1% |
How we did it
On October 15, 2026 we read each firm's own list of its offices and, for the platforms whose member firms keep their own names, each member firm's website. Jev, a model from TypeSafe that answers questions about text with a probability, read the pages: which links lead to a platform's member firms, whether a site is an accounting firm, and which lines give the street address of one of the firm's own offices, one line per address, the one with the ZIP code. Each office counts once. Cities a firm serves and its network partners abroad don't count. Code fetched the pages and did the counting.
Review agents then checked every firm without seeing Jev's answers. They agreed on the kind of business for 60 of 61 firms. They read every address line of the 53 firms counted from their address lines and agreed on the office count for 42. Where a reviewer and Jev differed, the reviewed answer is used.
A firm counts as backed by private equity when a dated source names a private equity fund as its owner or lead investor. In most deals the fund buys the firm's tax and advisory business, and a separate firm owned by its CPAs keeps the audit work. For 12 of the counted firms no source gives the size of the fund's stake. Counting only firms a source says the fund controls, the share is 0.6%.
Firms where private equity holds a minority stake, and deals with no closing announced by the date we read the sites, are listed apart and not counted. Venture-backed and family-office-backed firms, public companies, tax preparers and IT audit firms aren't counted either.
Crowe and Citrin Cooperman refused our crawler, so they count at the number of offices each one states and are shown apart.
The number of CPA offices is the Bureau of Labor Statistics count of private establishments with employees for the first quarter of 2026, 63,134 offices of certified public accountants (NAICS 541211). Tax preparers and other accounting services are counted separately and aren't in it. A state's count is the larger of that count and the Census Bureau's 2023 County Business Patterns count (Washington, West Virginia, Wisconsin and Wyoming use the first count only).
These shares are floors. Firms we didn't find, and offices a firm's site doesn't list, aren't in them. The full method
Cite this page
Fulkerson Advisors (2026). Who Owns US CPA offices: Private Equity's Share, October 2026. https://www.fulkersonadvisors.com/research/private-equity-ownership/accounting-firms
Use any of these numbers or charts. Credit Fulkerson Advisors and link to this page. The data is under a CC BY 4.0 license.