‘You can blame us’: The firm that sparked accountancy private equity gold rushPrivate equity has circled the accountancy sector over the last few yearsBlick Rothenberg’s chief executive, Nimesh Shah, told City AM the firm ‘killed’ the traditional partnership model a decade ago, and now stands as the blueprint that every mid-tier accountancy competitor is trying to emulate. City-based Blick Rothenberg is widely recognised as the first major UK accountancy firm to receive private equity backing, after HgCapital invested in July 2016, a milestone that Shah describes to City AM as its “Super Bowl moment.” Blick Rothenberg’s CEO Nimesh ShahIn recent years, private equity firms have made significant moves into notable mid-tier accountancy brands, including Apax’s £700m investment in Evelyn Partners and Grant Thornton’s partnership with private equity firm Cinven. Currently, 20 to 30 per cent of UK accounting firms have private equity backing, and an even greater proportion are open to accepting external capital when offered. Traditionally, accountancy firms, like most of the professional services sector, have operated as limited liability partnerships (LLPs).