🗓 Weekly RollUp: Accounting Roll-Ups Continue & Dry Powder Piles Up

CohnReznick, the 16th largest accounting firm in the U.S. with ~$1 billion in revenue, is reportedly in late-stage talks to be acquired by Apax Partners.

Back in October 2024, rumors surfaced that CohnReznick might put itself on the block after watching several competitors get snapped up by private equity. Now, those rumors appear to be true. This past week, WSJ reported that Apax Partners, which closed on a $12 billion buyout fund in March 2024, is close to acquiring a stake in CohnReznick at a $2 billion valuation.

But that’s not all. Private equity’s accounting roll-up spree isn’t confined to the U.S.—it’s heating up in Europe too. This past week, two major deals were announced:

- AnaCap Financial Partners is acquiring a majority stake in DK Accountants & Adviseurs Nieuwegein, a Dutch accounting firm.

- Inflexion is taking a minority stake in Baker Tilly Netherlands, an independent member of the global Baker Tilly network.

It seems imitation is the sincerest form of flattery, as European private equity firms are now adopting the proven accounting roll-up playbook pioneered by their American counterparts.