EisnerAmper is working on an expansive acquisition pipeline, CEO Charly Weinstein told Mergermarket, two weeks after the announcement of a continuation vehicle (CV) transaction with longtime sponsor TowerBrook.

“We have a pretty robust pipeline,” Weinstein said, adding that the firm expects to “have our fair share” of deals in the coming months.

In March, TowerBrook announced the completion of a CV for its stake in the accounting, tax, outsourcing, and business advisory firm.

“We did take a little time out while we were working on our transaction, but the pipeline is pretty strong,” Weinstein said.

The transaction was meant to provide liquidity to existing investors while enabling TowerBrook to continue its partnership with EisnerAmper. Carlyle AlpInvest led the transaction, with Hamilton Lane acting as co-lead, as well as participation from syndicate investors, according to a release.

With TowerBrook’s support, EisnerAmper has made 27 add-on acquisitions alongside investments in its technology platform and AI capabilities.

Weinstein said the pipeline increasingly includes targets outside traditional accounting, with the firm actively evaluating outsourcing providers, technology-enabled services firms and consulting platforms as client demand evolves and talent shortages persist.

Under TowerBrook’s ownership, the firm has expanded its offerings into areas including fund administration, outsourcing and wealth management, as well as investing in its tech and AI capabilities.

This shift is the result of growing demand from mid-market clients for external support across functions such as cybersecurity, artificial intelligence, HR and finance operations.

“Clients are increasingly asking, ‘why don’t you do this for us?’,” Weinstein said, pointing to outsourcing as one of the fastest-growing areas of the business.

EisnerAmper is eyeing targets with up to USD 100m in revenue in the near term, while leaving room for larger opportunities as the platform scales.

“There could be more transformational opportunities over the next one to three years,” Weinstein added.

The M&A strategy remains anchored around four pillars: talent, services, industry depth and geography, with cultural fit continuing to act as a gating factor. Execution is supported by a combination of internally sourced opportunities and advisor-led processes, with the firm leveraging its corporate development team alongside partner relationships across the industry.

From a geographic perspective, the firm is looking to deepen its presence in existing markets; M&A could help expand into new geographies such as the Northwest and parts of the Mountain West, including Denver and Utah. Operations remain primarily focused on the US, where it sees a significant runway for consolidation.

EisnerAmper has grown rapidly over the past four years, tripling in size and more than tripling EBITDA, and is now targeting a similar trajectory in its next phase of growth.

“We think we can double in size again in the next four to six years, with continued M&A and meaningful margin expansion,” Weinstein said. Since TowerBrook first invested in the business, EisnerAmper has grown to become the 13th largest accounting firm in the US, with more than USD 1.2bn in revenue.

“Organic growth will be high single digits, M&A will fill in the rest,” Weinstein said.

The firm currently employs close to 5,000 people and expects revenue growth to outpace headcount expansion as it invests in technology and higher-margin service lines. “We expect to double revenue over the next four to five years, but not double headcount,” Weinstein said.

Management also sees significant potential for margin expansion as the business scales and shifts toward higher-value services, Weinstein said.

EisnerAmper is currently developing four core AI use cases, with some already deployed and others expected to roll out over the course of the year. The firm is also engaging with external providers and startup companies to develop tailored AI solutions. “We’re actively engaged in conversations with startup AI companies,” Weinstein said.

The aim is to redesign workflows, rather than simply layering technology onto existing processes. “Applying new technology to old processes is much less effective than building new processes around that technology,” he noted, adding that these investments are expected to drive operating leverage over time.

To be continued

Weinstein said continuity was a key factor in the decision to pursue a CV. The firm first launched a broad process last spring to evaluate strategic options, engaging with multiple sponsors, alongside assessing a CV structure in parallel.

The dual-track approach was designed to test market appetite and establish a clear third-party valuation benchmark, which was critical for aligning stakeholders. Interest from sponsors was strong, with the decision to proceed with the CV route crystallizing in the fall after valuation parameters were established, he added.

“TowerBrook has been an excellent partner. We’ve had strong results together, and they know the business very well. Continuing that relationship was important,” he said. “Second, a significant portion of our partners rolled over equity into the new structure. Given that, we felt it was critical to maintain continuity with a partner that understands and supports the business.”

The broader accounting and advisory sector is undergoing structural change, with private equity playing an increasingly prominent role in driving consolidation and enabling investment in technology and talent.

“Private equity is a really good option for firms that want to grow and create value. We expect more firms to pursue that path,” Weinstein said.

TowerBrook initially invested in EisnerAmper in 2021 in what was the first major private equity partnership with a top 20 US accounting firm. The CV marked a “significant realization” for TowerBrook’s Fund V, the deal announcement noted.

EisnerAmper is keeping its options open on future ownership and exit pathways.

“All options are on the table. When we get closer, we’ll determine the best path,” Weinstein said.