New Mountain Recently Acquired By Grant Thornton

Good news for Grant Thornton LLP which is poised for a groundbreaking transformation with an infusion of capital that promises to supercharge its growth and innovation.

This strategic investment, led by New Mountain Capital, alongside CDPQ and OA Private Capital, marks a new chapter for the firm, setting the stage for unparalleled advancements in its service offerings and client experience, as reported by various online sources.

business team

Grant Thornton is a brand representing two entities: Grant Thornton LLP, a licensed CPA firm providing audit and assurance services, and Grant Thornton Advisors LLC, offering non-attest services like tax and advisory. With $2.4 billion in revenues for the fiscal year ending July 31, 2023, and numerous offices nationwide, Grant Thornton is a community of over 9,000 experts dedicated to offering exceptional service.

Grant Thornton LLP and Grant Thornton Advisors LLC operate as an alternative practice structure, adhering to laws, regulations, and professional standards, including those from the American Institute of Certified Public Accountants. Both serve as U.S. member firms of Grant Thornton International Ltd (GTIL), a network of independent firms.

Much Excitement

The excitement was welcomed by many in the industry who had much to say about the sale.

“We are continually impressed by the Grant Thornton team and their dedication to providing exceptional quality and client experience,” said Andre Moura, managing director at New Mountain Capital. “We look forward to partnering with them in this next phase to invest further in their people, technology, and new service lines to accelerate their growth.”

Nikhil Devulapalli, another managing director at New Mountain Capital, added, “We see many opportunities to enhance Grant Thornton’s talent with targeted technology investments. We’re excited to support the company in expanding its services to more clients in key markets.”

Adam Weinstein, managing director, COO, and CFO of New Mountain Capital, noted, “Grant Thornton embodies the qualities we seek in our investments. Their commitment to quality and strong culture positions them well for future success.”

Seth Siegel, CEO of Grant Thornton Advisors LLC, shared his enthusiasm: “As we approach our 100th anniversary, marked by strong momentum and record-setting revenues, partnering with New Mountain Capital, CDPQ, and OA Private Capital will help us accelerate our strategy, benefit our clients and team, and solidify our industry leadership for the next century.”

Jim Peko, COO of Grant Thornton Advisors LLC, echoed this sentiment, saying, “With additional support and resources, including advanced technology, we see great potential to expand our capabilities and provide even better support and execution for our clients.”

Alternative Space Practice

This investment positions Grant Thornton Advisors LLC to operate in an alternative practice structure, maintaining its focus on delivering top-notch client service. Grant Thornton Advisors LLC will continue offering business advisory and non-attest services, while Grant Thornton LLP, a licensed CPA firm, provides attest services. Grant Thornton remains part of the Grant Thornton International Limited network, ensuring global reach for its clients.

workplace

CDPQ, a global investment group based in Canada, and OA Private Capital, an investment advisory firm from Michigan, also contributed minority equity investments in Grant Thornton.

Guggenheim Securities, LLC, and Jefferies LLC were financial advisers to New Mountain Capital, with Simpson Thacher & Bartlett LLP and Hunton Andrews Kurth LLP providing legal advice. Jones Day advised CDPQ legally, and Gibson, Dunn & Crutcher LLP advised OA Private Capital. Deutsche Bank Securities Inc. was the sole financial adviser to Grant Thornton, with legal advice from Dechert LLP and Vedder Price P.C. Mayer Brown LLP advised Grant Thornton’s Partnership Board.

New Mountain Capital

New Mountain Capital, based in New York, focuses on business building and growth. With around $50 billion in assets, the firm manages private equity, credit, and net lease investment strategies, seeking high-quality growth leaders in select industries. For more information, visit New Mountain Capital.

CDPQ is a global investment group that handles funds for public pensions and insurance plans, with net assets totaling CAD 434 billion as of Dec. 31, 2023. For further details, you can visit CDPQ.

OA Private Capital

OA Private Capital, headquartered in Grand Rapids, Mich., invests in middle-market private equity firms in the U.S. and Western Europe. Investments include fund commitments, co-investments, and GP stakes, primarily on behalf of the DeVos family and other family offices.

For further details, visit Grant Thornton.

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