A wave of talks with financial bidders comes as regulators voice concern about audit quality and ‘tone’
Manhattan, New York. Ten of the 30 largest US accounting firms could soon be in private equity hands, according to people familiar with negotiations, as at least four groups hold deal talks following this year’s sales of Grant Thornton and Baker Tilly.Ten of the 30 largest US accounting firms could soon be in private equity hands, according to people familiar with negotiations, as at least four groups hold deal talks following this year’s sales of Grant Thornton and Baker Tilly.
Two more – New York’s PKF O’Connor Davies and Carr, Riggs & Ingram of Alabama – had engaged bankers to run sale processes, they said.‘I remember what it was like to count my pennies. Money allows me to live a life I’ve always dreamed of’California-based Armanino, the country’s 19th largest accounting firm, according to Accounting Today, was in talks with a private capital provider about selling a minority stake, the people said.
Deals can also mean windfalls for partners, and the prospect of capital appreciation via their ongoing stakes. Grant Thornton bosses resolved a dispute with former partners over retirement benefits and the acquisition closed last month.
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