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Investment Banker·Accounting Roll-Ups

Erik Larson

Director, Business Services Team at Capstone Partners

Denver, CO

EL
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Why they matter

Capstone director actively advising accounting and business-services sellers on PE-backed growth deals — a direct pulse on roll-up valuations and sponsor appetite.

Background

Erik Larson is a Director on Capstone Partners' Business Services investment banking team, based in Denver, CO, with over 15 years of professional experience spanning investment banking, venture investing, IP/patent law, and physics research (including quantum refrigeration work at NIST). He holds an MBA in Finance from CU Boulder's Leeds School of Business and a BS in Electrical and Electronics Engineering, also from CU Boulder, and focuses on IT services and professional services M&A, including accounting and business-services roll-up transactions.

Notable deals

  • 2024
    Advised PKF O'Connor Davies (major U.S. accounting practice) as sole financial advisor on its strategic growth investment from Investcorp and PSP Investments
  • 2023
    Advised Five Star Golf Cars & Utility Vehicles on its sale to JLAM Holdings, Inc.
  • 2022
    Advised Charter Impact, a charter-school outsourced accounting/business-management provider, on its sale to Mercator Search Group
  • 2022
    Advised Bolton Remote, a customer-success/technical-support outsourcer, on its sale to SupportNinja

Call-prep brief

Erik Larson — Director, Business Services, Capstone Partners

Background

  • 15+ years across investment banking, venture investing (Deming Center Venture Fund), IP/patent law (Holland & Hart, Merchant & Gould), and applied physics research (NIST)
  • MBA (Finance), CU Boulder Leeds School of Business; BS Electrical/Electronics Engineering, CU Boulder
  • Based in Denver, CO; sits on Capstone's Business Services investment banking team

Current focus

  • IT services and professional services M&A, including accounting-firm alternative practice structure (APS) deals — directly relevant to accounting roll-up thesis
  • Lead deal team member on Capstone's 2024 PKF O'Connor Davies / Investcorp / PSP Investments transaction, a marquee accounting APS deal

What he cares about

  • Sell-side outcomes for founder-owned business-services and accounting-adjacent firms
  • Positioning clients for PE and strategic buyers amid rising sponsor interest in accounting roll-ups

Recent moves / recognition

  • 2023 M&A Advisor "Emerging Leader" award; 2022 Business Services "Deal of the Year"
  • Active on multiple 2022–2024 sell-side deals (Bolton Remote/SupportNinja, Charter Impact/Mercator, Five Star Golf Cars/JLAM, PKF O'Connor Davies/Investcorp-PSP)

Sensitivities

  • Sell-side advisor — will be guarded discussing live or unannounced mandates; frame questions around market color, not specific clients
  • May be conflicted on deals involving Capstone-represented sellers actively in-market

Questions to ask

  1. What multiples and structures are accounting APS deals (like PKF O'Connor Davies) commanding right now, and how is that shifting sponsor appetite for smaller roll-ups?
  2. Which sub-sectors within business/accounting services is he seeing the most inbound PE interest in over the next 12 months?
  3. What due-diligence issues (partner retention, succession, technology stack) most often kill accounting roll-up deals he's advised on?

Outreach draft

Subject
Quick call on accounting roll-up market trends
Hi Erik, I came across your work on the PKF O'Connor Davies growth investment and Capstone's broader business-services deal flow, and wanted to reach out. We're a deal team evaluating roll-up opportunities in the accounting and professional services space, and given your vantage point advising sellers in this market, I'd value 20 minutes to hear your read on current valuations, buyer appetite, and what's separating strong processes from stalled ones. Would you have time for a short call in the next couple of weeks? Happy to work around your schedule. Best, [Placeholder Name]

Linked companies

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