Grant Thornton's CEO Jim Peko is actively defending the firm's decision to embrace private equity ownership, despite initial skepticism. Speaking at the Intapp Amplify conference, Peko explained that shedding the firm's public sector practice, a solid but non-strategic performer, paved the way for changes in governance and capital structure. This ultimately led to private equity investment, which Peko asserts has not altered the firm's core identity but instead fueled its ambitions, enabling faster growth and more decisive scaling.
The private equity infusion has dramatically accelerated Grant Thornton's M&A activity and revenue growth. In 2025 alone, the firm closed 15 transactions, a stark contrast to only one acquisition in the six years prior. This surge in activity saw Grant Thornton's revenue platform jump from over $2 billion at the start of 2025 to $4 billion by year-end, expanding its workforce to 24,000 across the Americas, Europe, the Middle East, and Asia Pacific. The firm has already completed one acquisition in 2026, with more underway.
Peko emphasizes that speed has become a crucial differentiator for Grant Thornton, attributing this to the private equity investment and revamped governance model. He cited a recent instance where the firm successfully outmaneuvered larger competitors for a major client by rapidly assembling a multidisciplinary team spanning various service lines and geographies. This strategic shift is aimed at allowing Grant Thornton to better compete with the Big Four accounting firms, as highlighted by its UK counterpart's partnership with Cinven for a £1.5 billion deal.
Grant Thornton UK's CEO, Malcolm Gomersall, echoed similar sentiments regarding their Cinven partnership, stating that external equity allows for greater investment in talent and technology while maintaining its partnership structure. This move is expected to boost recruitment, digital transformation, and M&A activity to achieve quicker scaling than organic growth alone. The UK firm aims to reach £1 billion in revenue, up from £724 million in 2024, supported by this investment.
While acknowledging potential challenges like cultural clashes and regulatory concerns from bodies like the Financial Reporting Council regarding private capital's impact on audit independence, Grant Thornton leadership remains confident. They stress that the partnership model remains intact, and the private equity investment primarily serves to accelerate growth and strengthen decision-making, without compromising the firm's culture or quality of service.
