Private Equity in Accounting: What's Happening Globally And What It Means for Australia

Published June 2026

The global accounting landscape is shifting fast. Private equity (PE) investment in accounting firms took off around 2020 and has accelerated dramatically since. In the US, PE firms have now taken stakes in almost half of the thirty largest accounting firms and this number continues to grow. PE firms have provided a staggering US$50bn+ in new capital to the US accounting sector over the past six years. PE investment across the UK and Europe is also now widespread.

The attraction is clear: accounting practices offer stable cash flows, recurring revenues, and recession-resistant business models. For PE investors, the fragmented market presents consolidation opportunities, while AI and technology advances create potential for significant transformation and value creation.

Australia is next.

While PE activity here has been modest to date by comparison to the US and Europe, the level of deal activity is increasing.
In 2026, the biggest news so far was Grant Thornton’s announced sale for a reported A$1 billion to US-based Grant Thornton Advisors which is majority-owned by private equity group New Mountain Capital.

Meanwhile, Horizon Nexus Partners, a newly created firm backed by BGH Capital, has been creating waves across the sector with its rapid acquisition of practices including Blaze Acumen in Melbourne, PKF’s operations in Brisbane and Nexia’s operations in Perth.

Other notable PE deals over the past few years include:

• Findex - a 40% stake in the c.$500m accounting practice by Mercury Capital
• AZ Next Generation Advisory (AZNGA) - Oaktree Capital Management invests $240 million
• Stannards - Pemba Capital Partners takes a pivotal stake in the Melbourne-based $20m+ firm
• ASF Audits - Fortitude Investment Partners secures a majority stake in Australia’s largest independent SMSF audit firm, reportedly valued at 9.3x EBITDA.
• Incorp - Hillhouse Investment acquires Incorp, an Asia Pacific firm with presence in eight countries including $25m+ revenue in Australia.

There are some clear patterns to note in the deals done to date:

1. Investment in an existing large firm to boost financial performance and continue to grow
2. Acquire/invest in a smaller firm, leveraging it as a platform to significantly scale through additional acquisitions

And the wave is building.

Practice owners with $10-50 million in revenue report regular PE approaches and market chatter suggests a number of further PE investments are imminent.

DMY forecasts that PE interest will be the catalyst for a significant increase in larger M&A deals (practices with $10+ million revenue) over the next 12-36 months. However, and this is really important to consider, PE won't win every time. If there’s one thing we know well, it’s that success depends on finding the right buyer that aligns with your practice's culture and goals. The path to get there could be PE, but it could also be a strategic sale or merger with a likeminded accounting firm, or maintaining independence and continuing to grow through internal succession and bolt-on acquisitions.

For practice owners watching these trends, the message is clear: understand what's driving PE interest globally, because those same forces are reshaping the Australian market. The question isn't if PE will become more active here, it's when, and whether it's the right growth or exit solution for your practice.

DMY will certainly be watching the market with interest. Stay tuned.

Mark Emney

Mobile: 0434 079 530
Email: mark@dmyassoc.com.au

Daniel Jones

Mobile: 0401 493 773
Email: daniel@dmyassoc.com.au