Key Takeaways
- • Smith + Howard announced a significant investment from TPG (assets under management: $306 billion), with private equity investor Broad Sky Partners selling substantially all of its stake in the accounting firm, expected to close in Q3 2026.
- • This transaction represents a rare "investor flip" in professional services — transferring PE ownership to an alternative asset manager rather than to another PE firm, positioning Smith + Howard for expanded growth with TPG's global network and technology expertise.
- • Smith + Howard, a Top 100 accounting firm, was initially backed by Broad Sky Partners in 2022 to accelerate its transition from regional to national professional services platform; TPG's involvement signals the firm's readiness for the next scaling phase.
- • The deal joins a growing trend of accounting firm ownership transitions: Citrin Cooperman received Blackstone investment (acquiring from New Mountain Capital in January 2025), and EisnerAmper completed a continuation vehicle with TowerBrook Capital Partners (March 2026).
- • CEO Sean Taylor emphasized TPG's value-add beyond capital, citing the firm's "massive global network, specialized operational resources, and technology and AI expertise" as critical to expanding Smith + Howard's competitive runway.
Summary
Smith + Howard, a Top 100 accounting and advisory firm, has secured a significant investment from TPG, the San Francisco-based alternative asset management firm with $306 billion in assets under management. As part of the transaction, Broad Sky Partners will divest substantially all of its ownership stake in Smith + Howard. The deal is expected to close in the third quarter of 2026, with financial terms undisclosed.
This move represents a noteworthy shift in how professional services firms access growth capital. Rather than transitioning from one private equity investor to another, Smith + Howard is moving from PE backing (Broad Sky Partners, which invested in 2022) to alternative asset management capital (TPG). CEO Sean Taylor characterized the transition as "the natural next phase of our growth evolution," noting that Broad Sky's 2022 investment helped accelerate the firm's scaling from a regional to national platform. With TPG's involvement, Taylor emphasized the firm would benefit from "a massive global network, specialized operational resources, and technology and AI expertise."
The transaction positions Smith + Howard within an emerging pattern of ownership restructuring in the accounting profession. The trend gained visibility in January 2025 when Citrin Cooperman announced it would receive investment from Blackstone, which acquired a majority stake from New Mountain Capital. In March 2026, EisnerAmper completed a continuation vehicle transaction with existing investor TowerBrook Capital Partners—effectively a flip that retained the current PE sponsor rather than introducing a new one. Industry observers note that flips of this nature remain relatively uncommon in accounting, making Smith + Howard's move noteworthy for signaling both the maturity of the firm and investor confidence in the accounting services sector's consolidation trajectory.
The strategic rationale centers on growth acceleration and technological capability. Smith + Howard's leadership identified TPG's global network, operational resources, and AI and technology expertise as competitive differentiators for the next stage of expansion. The firm will continue operating under its existing brand, leadership structure, and alternative practice model, preserving operational continuity while gaining access to TPG's institutional infrastructure and growth toolkit.
This move represents a noteworthy shift in how professional services firms access growth capital. Rather than transitioning from one private equity investor to another, Smith + Howard is moving from PE backing (Broad Sky Partners, which invested in 2022) to alternative asset management capital (TPG). CEO Sean Taylor characterized the transition as "the natural next phase of our growth evolution," noting that Broad Sky's 2022 investment helped accelerate the firm's scaling from a regional to national platform. With TPG's involvement, Taylor emphasized the firm would benefit from "a massive global network, specialized operational resources, and technology and AI expertise."
The transaction positions Smith + Howard within an emerging pattern of ownership restructuring in the accounting profession. The trend gained visibility in January 2025 when Citrin Cooperman announced it would receive investment from Blackstone, which acquired a majority stake from New Mountain Capital. In March 2026, EisnerAmper completed a continuation vehicle transaction with existing investor TowerBrook Capital Partners—effectively a flip that retained the current PE sponsor rather than introducing a new one. Industry observers note that flips of this nature remain relatively uncommon in accounting, making Smith + Howard's move noteworthy for signaling both the maturity of the firm and investor confidence in the accounting services sector's consolidation trajectory.
The strategic rationale centers on growth acceleration and technological capability. Smith + Howard's leadership identified TPG's global network, operational resources, and AI and technology expertise as competitive differentiators for the next stage of expansion. The firm will continue operating under its existing brand, leadership structure, and alternative practice model, preserving operational continuity while gaining access to TPG's institutional infrastructure and growth toolkit.
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