BDO Global Rejects Private Equity as Network Pursues Aggressive Unit Consolidation

Professional services network BDO is moving forward with a major restructuring strategy that will significantly reduce its number of operating units, with leadership asserting that external funding remains unnecessary for future expansion. Trond-Morten Lindberg, who assumed the role of global chief executive officer this month, stated that the network intends to rely on internal consolidation rather than private equity investment to scale operations, acquire rivals, and adopt advanced technologies.

Streamlining the Global Network

Over the next eighteen to twenty-four months, BDO plans to shrink its total number of operating units from more than one hundred down to approximately forty. The consolidation process is already underway, with the network expecting to reduce unit counts to around eighty by the end of the year. Lindberg explained that bringing member firms together into larger, more cohesive groups allows the organization to pool resources effectively across multiple markets, eliminating the need to bring in outside capital.

This unified approach stands in contrast to broader industry trends. Across the accountancy and professional services sector, external capital has flooded in as firms seek funds to acquire competitors, integrate international networks, and deploy artificial intelligence capabilities. Competitors such as Grant Thornton have seen individual member firms sell stakes to private equity investors to accelerate their growth.

Prioritizing Independence and Shared Investment

Maintaining strict organizational independence is a primary driver behind BDO’s opposition to private equity. According to Lindberg, global leadership wants to prevent any client speculation regarding the network’s objective standing and professional independence. While leadership acknowledged that isolated member deals could theoretically occur if they strictly adhere to predefined independence and governance definitions, the overarching mandate discourages outside equity participation.

• BDO aims to cut operating units from over 100 to roughly 40 within two years.
• Network leadership advised member firms against taking private equity money.
• Pooled internal resources will fund technology integration, including artificial intelligence.

Lindberg emphasized that speed is essential as the firm navigates an increasingly uncertain global market and competes against rivals backed by external funding. By coordinating investments in domains like artificial intelligence collectively rather than duplicating efforts across separate regional markets, the network aims to maintain competitiveness. The organization employs more than 90,000 professionals across over 800 offices and reported global revenues of nearly $11 billion for 2025.