Grant Thornton US is pursuing a bold international expansion strategy, acquiring more than half a dozen member firms across Europe and the Middle East, as it seeks to reshape its global footprint under the ownership of private equity firm New Mountain Capital, according to a report by the Financial Times.
The initiative, confirmed this week, follows the firm’s landmark deal last year to sell a majority stake to New Mountain – the largest-ever private equity takeover in the accounting sector. The capital injection has paved the way for a rapid consolidation push, with a focus on aligning operations and strengthening cross-border capabilities for multinational clients.
In recent months, Grant Thornton US has also struck deals to bring member firms in the United Arab Emirates, Luxembourg, and the Cayman Islands into the fold. Talks are also at an advanced stage with its Dutch counterpart, and further discussions are ongoing with additional network firms, according to sources familiar with the matter.
The strategic roll-up reflects a growing trend among mid-tier accounting networks to emulate the more integrated models of the Big Four.
While global firms like Deloitte and PwC have long operated with centralised structures and shared profit pools, second-tier players have traditionally maintained looser affiliations, limiting their ability to scale shared services or invest collectively in technology.
The acquired firms will be rolled into a newly formed holding company, Grant Thornton Global Advisors, with partners joining New Mountain and existing US stakeholders as equity holders. The firm is not aiming for full network consolidation but is targeting jurisdictions with strong client synergies.
Grant Thornton remains the only US accounting firm to have taken a private equity-backed approach to international consolidation, setting it apart in a sector where PE activity has largely focused on domestic acquisitions. One-third of the top 30 US firms have taken on PE investment in the last four years, though most have used the capital to build regional scale.
RSM US, by contrast, has declined PE offers and is pursuing its own merger with RSM UK through traditional means – though that deal has yet to close.
