Grant Thornton US has completed the sale of a majority stake to private equity firm New Mountain Capital. This deal represents the largest of its kind in the accounting sector, as private equity firms increasingly invest in the industry.
The transaction with New Mountain Capital positions Grant Thornton US to expand its global reach and operations. This is part of a broader trend where private equity-backed accounting firms are actively consolidating the global accounting network, with Grant Thornton US already having acquired sister firms in France, Spain, and Belgium, and planning to buy the Australian sister firm as well.
Simultaneously, there has been significant private equity interest in Grant Thornton's UK business. Firms like Carlyle, Blackstone, Permira, EQT, and Cinven have all considered or pursued stakes. In a separate development, Cinven completed its buyout of Grant Thornton UK, resulting in partners at Grant Thornton UK being paid £682,000.
The competitive landscape for Grant Thornton's international network is intensifying. Grant Thornton US and Grant Thornton UK have been vying to acquire their German sister firm. This global buying spree, fueled by private equity backing, highlights a strategic push to consolidate and expand the accounting firm's international presence.
The US deal on March 15, 2024, is a significant part of this trend. It underscores the growing influence of private equity in the accounting and consulting services sector, aiming for rapid growth and market consolidation.
