Atlanta private equity raises competition for deals
Key points:
- • Atlanta private equity firms are sitting on more capital than there are companies to buy, tilting deal terms firmly toward sellers.
- • Rising deal volume is fueling new work for Atlanta’s accounting and advisory firms, from due diligence to quality-of-earnings reviews.
- • Not every firm wants PE money — some are betting independence, not outside capital, is what keeps clients and talent loyal.
September 2026 — U.S. private equity investment reached $545.1 billion in the first half of 2026, even as deal volume remained subdued, with 3,926 transactions completed during the period, according to KPMG. For Atlanta private equity investors and advisers, that national activity intersects with a large middle market, an established investment base, and a professional-services sector providing the accounting, legal, and advisory work behind transactions.
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Private equity-backed companies accounted for $61 billion in Georgia GDP as of August 2025, with 1,885 PE-backed businesses operating across the state, according to Sapling Financial Consultants. Atlanta alone had more than 50 private equity firms and 38 investment banks, while more than 78,000 privately held Georgia businesses were owned by people 55 and older. Technology, media and telecommunications accounted for 44% of PE-backed businesses in the state.
Private equity activity is increasing demand for due diligence, quality-of-earnings reviews, tax and other transaction services provided by accounting, legal and advisory firms. Financial sponsors accounted for 49% of accounting-services M&A activity in the 12 months through March 2026, up from 45% in 2025, according to KPMG. At the same time, firms are taking different approaches to outside capital, consolidation and independence.
Michael Platner of Lewis Brisbois, Ryan Mills of CohnReznick and Jeff Call of Bennett Thrasher shared their insights on Atlanta’s private equity market in interviews with Focus: Atlanta, discussing opportunities for business owners, demand for transaction advisory services and firms’ approaches to outside capital and independence.
Michael Platner, Managing Partner, Lewis Brisbois
That is the sweet spot of my daily practice: helping private business owners scale and create wealth through liquidity events and transactions. That requires helping clients assemble the right teams of CPAs, commercial bankers, insurance providers, and private wealth managers. Atlanta is a great place to do that because there is such depth of talent and so many choices among firms of all sizes and experiences.
We regularly represent companies in Atlanta that are not just seeking corporate finance, but are also looking for liquidity transactions that allow successful private owners to take chips off the table. Those owners often become investors in the community with the proceeds they create in a vibrant business environment like Atlanta.
Right now, private equity has a tremendous amount of money on the sidelines looking to buy or invest in middle- and lower-middle market companies. At the same time, the number of companies available to receive that funding is declining because so many private equity firms are buying them up.
If you own and are building your own company, you can be comforted by the fact that demand for companies like yours is increasing while supply is decreasing. We are entering another period where there is a vibrant market and many liquidity opportunities for companies that are properly positioned.
Ryan Mills, Office Managing Partner, Atlanta, CohnReznick
We have seen a lot of growth within our transaction advisory services. A lot of that comes from clients that we may have previously provided audit services for, but no longer do. Because our independence issues have changed, we are able to provide other services to them. It is also often where we are introduced to new clients.
We have many relationships with private equity groups, so as transactions are happening, we work with them to provide due diligence, quality of earnings reviews, and other services to make sure the information they are receiving is accurate.
We are seeing an uptick in that as more private equity transactions take place. That creates opportunities for us to assist those groups, and then down the line, there may be audit work or tax work we can help with.
Jeff Call, Managing Partner & CEO, Bennett Thrasher
Across the accounting industry, there have been significant mergers and acquisitions, with many firms taking private equity investment. We’ve remained committed to staying independent because we believe it’s the best path for us. We’re now the largest independent accounting firm in Georgia outside the Big Four that does not have private equity backing, and we’re the 65th-largest accounting firm in the United States.
Our focus continues to be growing the business with a people-first mindset. If we take great care of our people, they’ll take great care of our clients, and that helps fuel our growth.
Remaining independent has also allowed us to maintain a strong focus on delivering five-star client service. We’ve heard from clients who felt service declined after their firms became private equity-backed, and we’ve been able to earn new business because we’ve stayed focused on serving clients.
It’s also helped us attract talented professionals who wanted an alternative after becoming dissatisfied with changes at private equity-backed firms. Our culture has been an important differentiator in attracting both clients and talented professionals.
Want more? Read the Focus: Atlanta report.
