BDO CEO sees no need for private equity as it consolidates units

BDO’s strategy of merging member firms into larger groups means it doesn’t need to take private equity investment to grow, said the network’s new global head, Trond-Morten Lindberg, as more accounting and consulting services lean on external funding.

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The professional services network plans to shrink the number of its units to around 40 from more than 100 over the next 18 to 24 months, Lindberg said in an interview. 

“We strongly believe the strength of the network brings us into a position right now, and in the future, where we don’t necessarily need to take any external capital,” said Lindberg, who assumed the role as global chief executive officer this month. 

External capital has flooded into the accountancy sector in recent years with firms using money from private equity to acquire rivals, integrate international networks and invest in artificial intelligence.

Forming larger units that can pool investment in areas such as AI will mean member firms won’t need to take private equity money to fund their growth, according to Lindberg. 

“Identifying these domains where we simply need to invest together rather than in parallel across quite a few markets is really what we’re trying to do on that integration journey,” he added. By year-end, the firm will have shrunk its number of units to around 80. 

BDO Global last year advised its member firms not to take private equity money, in contrast to rivals such as Grant Thornton where a series of member firms have sold out to private equity firms.

Lindberg said that despite BDO’s stance, it wasn’t impossible to conceive that some member firms could use external capital to fund growth. However, any deal would have to fall within what the business “defined as independent,” meaning it wouldn’t change its governance structure, he said.

Lindberg said the independence of BDO was vital to the business and that was part of the motivation for the global leadership’s stance on private equity.

“What we don’t want to happen is having clients speculate whether we are independent or not,” he said, declining to comment on specific situations.

Lindberg said he wanted the firm’s integration to happen at speed, reflecting the urgent need to adapt to AI, an uncertain world and rivals taking on external capital.

“The cost of hesitation has never been bigger,” he said.

BDO, which has more than 90,000 people and over 800 offices, posted global revenue of nearly $11 billion in 2025. Lindberg previously led BDO’s Norway firm, its Europe, Middle East and Africa business and most recently was the network’s chief strategy and operations officer. He succeeded Pat Kramer as BDO Global CEO on Nov. 1.