Key Takeaways
- • According to the CPA Trendlines CPA PE Deal Tracker, private equity deal volume for accounting firms peaked in the spring of 2026 and has since largely held steady as buying activity cools.
- • The October 2026 edition of the tracker recorded 37 private equity acquisitions of accounting firms in the US and Canada in Q3 2026, versus 42 in the same period a year earlier.
- • Platform firms are digesting a two-year surge of acquisitions, while earliest investors from three to five years ago are beginning to exit their positions.
- • Citrin Cooperman's 2025 transfer from New Mountain Capital (invested 2022) to Blackstone is cited as an early example of the secondary "flip" trend, which the source expects to continue.
Summary
Private equity appetite for accounting firms has moderated after a period of intense activity, according to the CPA Trendlines CPA PE Deal Tracker™. The tracker's October 2026 edition shows 37 acquisitions of accounting firms in the United States and Canada during the third quarter of 2026, compared with 42 in the same period a year earlier. Deal volume peaked in the spring of 2026 and has mostly held steady since.
CPA Trendlines attributes the cooling to two factors. First, platform firms that have acquired heavily over the past two years are digesting those deals. Second, the earliest private equity investors, who entered three to five years ago, are beginning to cash out. The tracker describes this as the start of the next deal cycle, in which existing holdings change hands rather than new capital flooding into the sector.
The secondary transaction trend is already visible. The source cites Citrin Cooperman as an early example: New Mountain Capital, which had invested in the firm in 2022, passed the stake to Blackstone in early 2025. The source expects more such transfers in the months and years ahead.
For institutional investors and private equity sponsors, the data points to a shift from primary acquisition growth toward secondary sales and portfolio rotation in professional services. The tracker's figures are quarterly counts of deals rather than disclosed transaction values, so the source does not provide aggregate dollar volume for the period.
CPA Trendlines attributes the cooling to two factors. First, platform firms that have acquired heavily over the past two years are digesting those deals. Second, the earliest private equity investors, who entered three to five years ago, are beginning to cash out. The tracker describes this as the start of the next deal cycle, in which existing holdings change hands rather than new capital flooding into the sector.
The secondary transaction trend is already visible. The source cites Citrin Cooperman as an early example: New Mountain Capital, which had invested in the firm in 2022, passed the stake to Blackstone in early 2025. The source expects more such transfers in the months and years ahead.
For institutional investors and private equity sponsors, the data points to a shift from primary acquisition growth toward secondary sales and portfolio rotation in professional services. The tracker's figures are quarterly counts of deals rather than disclosed transaction values, so the source does not provide aggregate dollar volume for the period.
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