Private equity is increasingly eyeing the fragmented and high-margin market of audit and tax advisory firms. Dr Amir-Said Ghassabeh on how regulatory frameworks shape access and investment strategies.
The audit and tax advisory sector is increasingly attracting private equity interest. Its fragmented landscape, stable margins, and succession issues offer strong potential for buy-and-build strategies. At the same time, access is limited by professional regulations – especially in Germany, where non-professionals are generally prohibited from directly holding shares in audit and tax firms.
However, regulatory frameworks are evolving, and there is more structural flexibility than commonly assumed. For instance, under certain conditions, indirect investments via EU/EEA-based entities and specific holding structures are legally feasible – provided that professional independence and voting control by licensed professionals remain intact.
Specialised legal forms, multi-tier structures, and tailored governance models can help private equity investors access this high-potential market without breaching regulatory boundaries. Key is to understand where investor rights end – and professional autonomy must begin.
At Taylor Wessing, we advise private equity clients on structuring and executing investments in regulated sectors – combining transactional expertise with in-depth regulatory insight.
Learn more about Buy & Build in a regulated environment and what Private Equity needs to know now:
https://www.taylorwessing.com/en/insights-and-events/insights/2025/05/buy-and-build-im-regulierten-umfeld
Learn more about Taylor Wessing´s Private Equity practice:
https://www.taylorwessing.com/en/expertise/services/private-equity
