{
  "meta": {
    "generated_at": "2026-11-02",
    "sources": [
      "SEC EDGAR Form 10-K & DEF 14A Filings (CBIZ, Inc. CIK 0000944148 FY2025 10-K filed 2026-02-26; H&R Block CIK 0000012659)",
      "Australian Securities Exchange (ASX: KPG) Filings & Kelly Partners Group Owner's Manual v3.0",
      "Live EODHD Fundamentals API (CBZ.US, KPG.AU, HRB.US, RGP.US, FCN.US, CRAI.US)",
      "Public PE-Backed CPA APS Transaction Disclosures (Blackstone / New Mountain / Citrin Cooperman, TowerBrook / EisnerAmper, Hellman & Friedman / Baker Tilly + Moss Adams, Apax / CohnReznick, Centerbridge / CRI)"
    ]
  },
  "public_listed_firms": [
    {
      "ticker": "CBZ.US",
      "name": "CBIZ, Inc. + CBIZ CPAs P.C. (fka Mayer Hoffman McCann) + Marcum LLP",
      "exchange": "NYSE: CBZ",
      "country": "United States",
      "structure_archetype": "Pure Two-Entity Alternative Practice Structure (0% Equity in Attest Firm; 100% Ownership of Non-Attest ServiceCo + Long-Term ASA)",
      "market_cap_m_usd": 3020.6,
      "ev_ebitda": 12.63,
      "revenue_2025_m": 2758.0,
      "ebitda_2025_m": 366.3,
      "ebit_2025_m": 234.0,
      "ebitda_margin_pct": 13.3,
      "licensed_entity_ownership": "0% owned by CBIZ, Inc. \u2014 100% owned by 421 licensed CPA stockholders (as of Dec 31, 2025, 11-member CPA board; zero overlap with CBIZ senior officers).",
      "serviceco_ownership": "100% public shareholders (NYSE: CBZ; Marcum partners received 13.6M CBZ shares = $934.7M + $1,063.0M cash in Nov 1, 2024 merger, delivered in monthly installments over 36 months).",
      "msa_fee_mechanism": "Administrative Service Agreement (ASA, 25+ year history): CBIZ leases all professional staff, office space, IT/computer equipment, bookkeeping, marketing, and admin support to CBIZ CPAs P.C. (and Myers & Stauffer LC, 43 CPA members) in exchange for an administrative service fee (~85%\u201390% of attest gross collections).",
      "consolidation_accounting": "Does NOT consolidate CBIZ CPAs P.C. under US GAAP VIE rules; instead, CBIZ records the ASA fees earned from CBIZ CPAs P.C. directly as CBIZ revenue, and holds $21.7M in working-capital notes receivable from CBIZ CPAs P.C.",
      "licensed_vs_nonlicensed_split": "Attest (audits, reviews, PCAOB/SEC opinions) sits strictly in CBIZ CPAs P.C.; Tax, advisory, valuation, benefits/insurance, and all technology/staffing sit in CBIZ, Inc. (Marcum Advisory Group LLC).",
      "sec_independence_note": "SEC Staff treats CBIZ, Inc. as an 'associated entity' of CBIZ CPAs P.C. under Regulation S-X; Marcum merger triggered SEC/PCAOB conflict checks where CBIZ had to terminate prohibited non-audit services to Marcum SEC audit clients.",
      "lesson_for_accord": "Proves a ServiceCo can capture ~85\u201390% of attest economics purely via a leased-staff + technology + facilities ASA without consolidating the CPA firm, AND shows how M&A splits the target at closing into (1) Non-Attest Assets \u2192 ServiceCo and (2) Attest Assets \u2192 Licensed Firm."
    },
    {
      "ticker": "KPG.AU",
      "name": "Kelly Partners Group Holdings Limited",
      "exchange": "ASX: KPG",
      "country": "Australia / USA / Hong Kong",
      "structure_archetype": "51/49 Partner-Owner-Driver (POD) Roll-Up + Mandatory 9% Gross Revenue Central IP & Services Levy",
      "market_cap_m_usd": 196.5,
      "ev_ebitda": 7.16,
      "revenue_2025_m": 159.2,
      "ebitda_2025_m": 46.0,
      "ebit_2025_m": 29.2,
      "ebitda_margin_pct": 28.9,
      "licensed_entity_ownership": "51% owned by listed parent (KPGH) / 49% retained by local operating CPA partners ('Partner-Owner-Drivers') across 43+ offices.",
      "serviceco_ownership": "100% owned by listed parent (KPGH) \u2014 houses central management, proprietary 'KPG Intelligence' AI/software stack, and a 1,150-seat offshore BPO hub.",
      "msa_fee_mechanism": "Two-tier extraction: (1) Mandatory 9.0% of Gross Revenue central levy charged off the top of every operating practice (split explicitly into a 6.5% Central Services Fee for HR/IT/marketing/admin + a 2.5% IP & Software Licence Fee), PLUS (2) 51% of remaining operating profit via equity dividends.",
      "consolidation_accounting": "Consolidates 100% of revenue and EBITDA of all 51%-owned operating practices under IFRS 10, deducting the 49% partner share as Non-Controlling Interest (NCI) on the second bottom line.",
      "licensed_vs_nonlicensed_split": "Because Australia (and KPG's US non-attest/tax focus) permits 51% corporate ownership of tax/accounting practices, KPG holds 51% directly in each practice while centralizing IP, software, and offshore BPO in the parent.",
      "sec_independence_note": "Acquires SME firms at 4.0x\u20136.0x EBIT using OpCo-level ring-fenced debt repaid over 4\u20135 years from the target's own cash flows; expands EBITDA margins from ~18% industry average to 30%+ via the central platform and offshore BPO.",
      "lesson_for_accord": "Directly validates Accord's playbook: combining a top-line Platform/IP + Central Services fee (9% of gross revenue = ~30% of pre-fee EBITDA) with equity ownership lifts parent effective economics well above the raw equity percentage while expanding firm EBITDA margins from ~18% to ~30%."
    },
    {
      "ticker": "HRB.US",
      "name": "H&R Block, Inc. (RSM McGladrey / McGladrey & Pullen APS Precedent)",
      "exchange": "NYSE: HRB",
      "country": "United States",
      "structure_archetype": "Pioneer US Corporate APS (1999\u20132011 RSM McGladrey Precedent; Current Wave / Block Advisors Platform)",
      "market_cap_m_usd": 6285.1,
      "ev_ebitda": 7.03,
      "revenue_2025_m": 3945.4,
      "ebitda_2025_m": 1056.9,
      "ebit_2025_m": 828.0,
      "ebitda_margin_pct": 26.8,
      "licensed_entity_ownership": "0% equity in McGladrey & Pullen LLP (remained 100% partner-owned CPA partnership during the 1999\u20132011 APS).",
      "serviceco_ownership": "100% owned by H&R Block (RSM McGladrey, Inc. acquired non-attest tax, consulting, and operational infrastructure).",
      "msa_fee_mechanism": "Administrative Services Agreement + Personnel Lease + Brand/Network Royalty: RSM McGladrey leased staff and infrastructure to McGladrey & Pullen LLP.",
      "consolidation_accounting": "Consolidated 100% of RSM McGladrey, Inc. (ServiceCo + non-attest advisory); did not consolidate the attest partnership.",
      "licensed_vs_nonlicensed_split": "Historical cautionary lesson: in 2011, disputes over the MSA fee formula, capital investment, and partner compensation between H&R Block and the McGladrey & Pullen CPA partners led McGladrey partners to threaten non-renewal of the MSA, forcing H&R Block to sell RSM McGladrey back to the CPA partnership for $610M.",
      "sec_independence_note": "Created the modern regulatory blueprint accepted by the AICPA and State Boards of Accountancy for all post-2021 PE APS transactions.",
      "lesson_for_accord": "The McGladrey divorce proves why Accord's 3 structural protections are non-negotiable: (1) Accord must hold 25%\u201330% direct equity INSIDE the Licensed Firm with a Shareholder Reserved Matter veto over MSA termination/amendment, (2) shares of the Licensed Firm and ServiceCo must be stapled under SJSC Arts. 151\u2013152, and (3) CPA partners must hold meaningful rollover equity (e.g. 46% in ServiceCo) so both sides eat from the same economic pot."
    },
    {
      "ticker": "RGP.US",
      "name": "Resources Connection, Inc. (RGP \u2014 ex-Deloitte Spin-Out)",
      "exchange": "NASDAQ: RGP",
      "country": "United States / Global",
      "structure_archetype": "Pure Non-Attest Accounting Execution, Finance Transformation & Secondment Platform",
      "market_cap_m_usd": 92.3,
      "ev_ebitda": 9.71,
      "revenue_2025_m": 452.0,
      "ebitda_2025_m": 41.3,
      "ebit_2025_m": 28.8,
      "ebitda_margin_pct": 9.1,
      "licensed_entity_ownership": "0% \u2014 Deliberately spun out of Deloitte in 1996\u20131999 as a non-CPA corporate entity so it could serve Big-4 audit clients without independence conflicts.",
      "serviceco_ownership": "100% public shareholders (NASDAQ: RGP).",
      "msa_fee_mechanism": "Time-and-materials secondment and fixed-scope ERP/finance transformation contracts (gross margin ~38%\u201340%, SG&A ~29%, EBITDA margin ~9%\u201311%).",
      "consolidation_accounting": "100% consolidated commercial corporation.",
      "licensed_vs_nonlicensed_split": "Performs internal audit co-sourcing, technical accounting (IFRS/GAAP), close remediation, and ERP implementation under client management direction \u2014 never signs audit opinions.",
      "sec_independence_note": "Demonstrates the standalone economics of a pure staffing/secondment ServiceCo when it does NOT own proprietary software or an exclusive captive CPA firm.",
      "lesson_for_accord": "Shows why a pure staffing/secondment ServiceCo only earns ~9%\u201312% EBITDA margins (Cost + 10%\u201315%), whereas pairing staffing with a proprietary AI platform licence (Accord OS) and an exclusive CPA firm MSA captures 25%\u201335%+ margins."
    }
  ],
  "pe_aps_precedents": [
    {
      "firm": "Citrin Cooperman",
      "sponsors": "New Mountain Capital (Nov 2021 @ ~$500M EV / ~11x EBITDA) \u2192 Blackstone (Jan 2025 @ ~$2.0B EV / ~15x EBITDA)",
      "revenue_scale": "$350M (2021) \u2192 $850M+ (2025)",
      "structure": "Classic PE APS: 'Citrin Cooperman Advisors LLC' (PE-controlled ServiceCo + Tax/Advisory) & 'Citrin Cooperman & Company, LLP' (100% CPA-partner-owned Attest LLP). Linked by a 20\u201330 year MSA with automatic renewals, non-compete covenants, and shared partner equity in the parent.",
      "deal_terms_and_multiples": "First PE-to-PE flip in US accounting history. Partners rolled ~30%\u201340% equity into the parent ServiceCo/HoldCo; 15+ tuck-in acquisitions executed at 6x\u20139x EBITDA and re-rated to 15x at the Blackstone exit."
    },
    {
      "firm": "Baker Tilly US + Moss Adams",
      "sponsors": "Hellman & Friedman + Valeas Capital Partners (Feb 2024 @ ~$1B+ investment; combined with Moss Adams Jun 2025 to form #6 US CPA firm)",
      "revenue_scale": "~$3.0B+ combined",
      "structure": "'Baker Tilly Advisory Group, LP' (PE-backed non-attest & ServiceCo) + 'Baker Tilly US, LLP' (CPA-owned attest partnership). All non-attest partners, tax, consulting, technology, and admin personnel transferred to Advisory Group LP.",
      "deal_terms_and_multiples": "Majority PE control of Advisory Group LP with significant partner equity rollover; MSA prices leased audit staff at Cost + arm's-length mark-up plus technology/brand royalty."
    },
    {
      "firm": "Grant Thornton US",
      "sponsors": "New Mountain Capital (majority) + CDPQ + OA Private Capital (Closed May 2024)",
      "revenue_scale": "$2.36B (FY2023)",
      "structure": "'Grant Thornton Advisors LLC' (PE-controlled non-attest & infrastructure entity) + 'Grant Thornton LLP' (licensed CPA attest firm).",
      "deal_terms_and_multiples": "Implied ~$4B\u2013$5B enterprise valuation (~12x\u201314x adjusted post-carveout EBITDA)."
    },
    {
      "firm": "CohnReznick & Carr, Riggs & Ingram (CRI)",
      "sponsors": "Apax Partners (51% of CohnReznick non-attest, Feb 2025, $1.12B rev); Centerbridge + Bessemer Venture Partners (51% of CRI, Nov 2024, $455M rev)",
      "revenue_scale": "$455M \u2013 $1.12B",
      "structure": "Exact 51% Investor / 49% Partner split in the non-attest ServiceCo/Advisory entity alongside a partner-owned Attest LLP under a long-term MSA.",
      "deal_terms_and_multiples": "Mirrors Accord's 54/46 ServiceCo target: sponsors take a 51% majority in ServiceCo while partners retain 49% of ServiceCo so partners are economically aligned with growing ServiceCo's EBITDA."
    }
  ]
}