Case Studies
These case studies analyze the strategic decisions, governance tensions, transformation programs, private equity transactions, AI platform shifts, audit failures, and operating model changes reshaping the professional services industry. Each case study combines deep research, public sources, and board-level analysis to examine what happened, why it happened, and what it may mean for the future of professional services firms.
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Case Study 41: EisnerAmper and the Test of the Second Ownership Cycle
27. July 2026
In March 2026, TowerBrook Capital Partners completed a continuation vehicle transaction for its investment in EisnerAmper. Carlyle AlpInvest led the transaction, Hamilton Lane served as co-lead, and TowerBrook continued as sponsor. The transaction provided liquidity to investors in TowerBrook Fund V and to participating EisnerAmper partners, while the firm continued under the same chief executive
Case Study 40: WTS, EQT and the New Institutional Design of Tax
15. July 2026
When EQT acquired an anchor stake in WTS Germany in April 2025, the transaction entered a professional-services market already being reshaped by private capital. Grant Thornton, Baker Tilly, Citrin Cooperman and a growing collection of accounting platforms had established that businesses historically organised around partnerships could attract institutional investors. WTS nevertheless represented a different proposition.
Case Study 39: When Clients No Longer Fit the Economics of the Big Four
29. June 2026
Why Deloitte, PwC, EY, KPMG and BDO Are Separating Parts of Their Nordic Businesses In July 2026, Deloitte Denmark announced what appeared to be a relatively straightforward strategic transaction. Four regional offices in Aalborg, Silkeborg, Kolding, and Odense, together with selected client portfolios in Copenhagen and Aarhus, would be transferred to Cedra Denmark. Approximately 460
Case Study 38: Crowe, KKR and the End of the Generational Contract
22. June 2026
Most discussions about private equity in professional services focus on capital. Firms need funding for acquisitions, technology platforms, artificial intelligence, cybersecurity, talent, and growth. Private-equity firms provide that capital. Partnerships receive liquidity and investment capacity. Ownership structures evolve. Transactions occur. The debate then usually turns to valuations, governance arrangements, audit independence, or whether private-equity ownership
Case Study 37: Xeinadin, Sumer and the Hidden Assumption Behind Accounting Roll-Ups
15. June 2026
For years, accounting looked almost perfectly designed for private-equity consolidation. Thousands of fragmented firms operated across local markets with sticky SME client relationships, recurring revenues, and comparatively resilient demand even during economic downturns. Businesses still needed payroll, bookkeeping, tax filings, accounts preparation, and compliance support regardless of whether growth accelerated or slowed. At the same
Case Study 36: RSM and the Search for Platform Economics Without Private Equity
8. June 2026
Originally published June 2026, updated June 2026. For a long time, the global mid-tier accounting networks could tell a simple story about themselves. They were large enough to serve international clients, broad enough to offer audit, tax and consulting, and still close enough to the market to avoid the distance, bureaucracy and internal machinery often
Case Study 35: EY, Wirecard and the Real Economics of Public-Interest Audit
4. June 2026
When Wirecard collapsed in June 2020 after €1.9 billion in supposed cash balances could no longer be verified, the scandal immediately became one of the defining corporate failures of modern Germany. Public attention focused naturally on the missing cash, failed oversight, weak controls, regulatory failures, and the role of EY as long-standing auditor. But for
Case Study 34: Grant Thornton Australia and the Real Economics of Private Equity in Professional Services
1. June 2026
Private equity entering professional services is no longer a theoretical discussion. Over the past several years, accounting, tax and advisory firms have increasingly explored external capital, alternative practice structures, platform consolidation and sponsor-backed expansion models. The pattern is now visible across Grant Thornton, Baker Tilly, Citrin Cooperman, MHA, Interpath, Vialto and multiple regional accounting roll-ups.
Case Study 33: Deloitte EMEA – The Quiet Centralization of a Global Partnership
25. May 2026
In February 2026, Deloitte announced the planned launch of Deloitte EMEA, effective 1 June 2026, bringing together 16 participating firms across more than 80 countries into a regional structure representing approximately €20 billion in reported revenue, 6,000 partners and 132,000 professionals. The firm also announced more than €1.5 billion of incremental investment over four years,
Case Study 32: PwC, Vialto, and the Private Equity Constraint Shift in Professional Services
17. May 2026
In October 2021, PwC agreed to sell its Global Mobility Tax and Immigration Services business to Clayton, Dubilier & Rice. PwC described the unit as a global leader in employee tax, immigration, business travel, mobility managed services, and payroll solutions for multinational organizations. Reuters reported that the deal valued the business at approximately $2.2 billion,