Private Equity in Australian Accounting: Is the Wave Still Coming, or Already Here?

Published October 2026

 

Back in November 2025, DMY published a white paper titled The Wave Is Coming: Private Equity in the Australian Accounting Sector. The thesis was straightforward: private equity had become the dominant force in accounting M&A across the US, UK and continental Europe, and it was only a matter of time before that wave reached Australian shores.

Less than a year on, the evidence suggests it's no longer just coming — it's here:

  • Grant Thornton Australia — The recent sale of Grant Thornton Australia to Grant Thornton Advisors, the New Mountain Capital-backed global platform, was reportedly worth $1 billion."
  • Horizon Nexus Partners — backed by BGH Capital, launched from a standing start in December 2025 and has already grown to around 350 professionals (as at October, 2026) through acquisitions of Blaze Acumen, PKF's Brisbane and Townsville practices, and teams from Nexia and MVA Bennett.
  • Ascentium — the platform behind InCorp Australia, continues to expand locally, most recently welcoming Melbourne firm MGI Dobbyn Carafa into the fold.

If you're a partner or owner of a larger practice, these developments make one thing clear: PE is no longer a hypothetical for the Australian accounting sector. It's an active option being exercised by firms looking to achieve greater scale, accelerate growth, and/or manage succession. For a broader overview of how these deals work, see our guide to private equity in accounting.

Why is private equity interested in the accounting sector? 

PE's growing interest is a vote of confidence in the industry's bright future.

The appeal is consistent globally, and Australia is no exception. Accounting firms generate stable, recurring revenue underpinned by long-term client relationships and “trusted advisor” status — the kind of predictable cash flow PE investors prize. The Australian market is also highly fragmented: only around 20 firms nationally generate more than $100 million in revenue, and only about 50 generate more than $20 million. That fragmentation creates a clear consolidation opportunity.

Layer on top of that a sector in the early stages of AI-driven transformation, and you have a textbook environment for PE-backed growth and value creation. It's easy to see AI as a threat to traditional compliance work — we see it differently. Firms that embrace it stand to free up their people from repetitive, lower-value tasks, deliver faster and more insightful advice, and spend more time building the trusted relationships that define this profession. Sophisticated capital doesn't back declining industries; PE's appetite for accounting is one of the clearest signals that the sector's best years are still ahead.

What are the considerations in taking on PE investment?

The upside can be significant — but understanding the trade-offs is what separates a good deal from a good-looking one.

PE investment can bring real advantages: capital for acquisitions and technology, strategic and operational expertise, support in attracting and retaining talent, and a genuine exit path for owners without a viable internal succession plan.

But none of that comes without trade-offs:

  • Shorter time horizons. PE investors typically want a return within a relatively short timeframe, which can create real tension with a firm's longer-term client relationships and culture.
  • Governance changes. Ownership and decision-making structures almost always shift, which can generate friction in firms built on high levels of partner autonomy.
  • A different remuneration model. Some structures may involve a degree of reduced short-term income in exchange for the prospect of greater capital appreciation down the track. This isn't a given — it depends heavily on deal structure — but it's a dynamic worth understanding and modelling out before committing.
  • Headline multiples can be deceptive. Due diligence tends to be far more rigorous than owners expect, sale contracts more detailed and onerous, and earnout or retention terms longer and more conditional than a first conversation suggests.

PE can be a genuinely good outcome. But it's a deal, not a rescue — and it deserves to be weighed with eyes open.

Is private equity right for me?

There's no single right answer — and that's the point. Some owners will find PE genuinely is the best path to achieve growth and a well-timed exit. Others will find a better fit merging with a like-minded accounting firm that shares their values and way of working. And plenty will choose to preserve their independence, continuing to build through internal succession and organic capital.

All three paths can lead to a successful outcome. What matters most, in our experience of over 75 completed sales, is cultural fit — between the firm, its buyer, its clients and its people. Get that right, and the commercial outcome tends to follow.

Where to from here?

If you're weighing up these options for your firm — whether PE is on your radar or not — it's worth having an informed conversation before you're approached, rather than after. Reach out to Mark or Daniel at DMY for a confidential conversation about what's right for you. Not ready for a conversation yet? Subscribe to Market Insights, DMY's fortnightly newsletter, to keep across private equity activity and what's happening in the market.

 

 

Mark Emney

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

 

Daniel Jones

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