Seven of the top twenty US CPA firms are now backed by private equity investors, including Crowe and Eide Bailly, signaling growing PE interest in professional services. This trend reflects PE investors seeking stable cash flows and control in established service businesses. The backing of Crowe and Eide Bailly, alongside firms like Apax and Blackstone, indicates a strategic pivot towards acquiring accounting practices with strong regional footprints and recurring revenue streams.

This move could reshape competition within the audit and advisory sector as PE-backed firms potentially leverage scale and technology investments.