18 of the top 25 US accounting firms now have private equity backing. Track the recapitalizations, profile the platforms, and understand the consolidation reshaping American accounting.
| Segment | EV / Revenue | EV / EBITDA |
|---|---|---|
| Small CPA firms (<$10M revenue) | 0.5–0.8x | 4–6x |
| Mid-market firms ($10M–$75M) | 1.0–1.5x | 8–11x |
| Large platforms ($75M–$300M) | 1.5–2.5x | 11–14x |
| Top-10 PE recapitalizations | 2.0–3.0x+ | 12–16x+ |
| CBIZ / Marcum (confirmed) | ~2.75x | ~10x |
| Geography | vs. Median | Notes |
|---|---|---|
| New York Metro | +0.5–1.0x | Highest PE deal density; financial services client premium |
| Chicago | +0.25–0.75x | Grant Thornton & Baker Tilly home market; dense PE activity |
| DC / Mid-Atlantic | +0.25–0.5x | Government & federal advisory work commands premium |
| California | +0.25–0.5x | Tech-sector clients; strong revenue quality |
| Southeast | ±0x | Growing PE interest; at or near median |
| Midwest (ex-Chicago) | –0.25–0x | Thinner buyer competition outside major metros |
| Southwest / Mountain | –0.25–0.5x | Limited PE presence; fewer competitive processes |
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