Grant Thornton Goes Global While the Big Four Hit Pause

What do you get when you mix private equity with accounting firms in financial hot spots? A bold global makeover. Grant Thornton US, once considered a strong mid-tier player, is now rolling like it’s got Big Four ambitions, and the gas in the tank is a private equity consortium led by New Mountain Capital. With a $55 billion asset portfolio behind it, this isn’t your average expansion plan. It’s a shake-up, and the accounting world is watching. Let’s break it down. Because if you blink, you might miss how fast this thing is moving.

The Roll-Up Heard ’Round the World

What started as a domestic player just pulled a fast one, linking arms with Grant Thornton firms across Ireland, the UAE, Luxembourg, and the Cayman Islands. And talks with the Netherlands? Already in the "advanced" category. This isn’t just about adding pins to a map. It’s about merging economics, operations, and brainpower under one roof: Grant Thornton Global Advisors. Think of it as the new clubhouse, where US partners, local firm leaders, and New Mountain Capital are now equity-holding roomies. And while many mid-tier networks have struggled with collaboration due to fragmented profit pools and tech silos, GT's new structure aims to fix that. Shared wallet, shared tech, and, ideally, no more awkward turf wars.

Why This Strategy Actually Tracks

Sure, a PE-fueled buying spree sounds flashy. But let’s talk motivation. CEO Jim Peko isn’t just looking for bragging rights. He’s going after client alignment, service consistency, and multinational synergy in industries like banking, asset management, insurance, and energy. These are markets that don’t wait for internal red tape to clear. Fun fact: Once GT Ireland merged in, it sparked a spike in cross-border work. Proof that this roll-up isn’t just paperwork and press releases—it’s changing behavior and booking business. And it’s not just good news for Grant Thornton. You're a CFO juggling audits in three countries. Do you want three invoices, three logins, and three wildly different approaches? Of course not. That’s where this strategy starts to shine:

• Unified service experience: One team across borders, not a patchwork of local firms.
• Access to broader expertise: 13,000+ pros, 50+ offices, deeper specialization.
• Better tech and data flow: Integrated platforms, not Frankenstein systems.
• Aligned incentives: Everyone on the same page, with skin in the game.

Andre Moura, Managing Director at New Mountain Capital, made it plain: “We’re just getting started. We plan to bring in the very best, fastest-growing firms.” Translation? This isn’t a one-hit wonder. It’s a world tour.

Big Four Vibes with a Mid-Tier Badge

Historically, the Big Four have had centralized command and control. Meanwhile, the rest of the field has looked more like a pick-up basketball game, some good players, no common playbook. Grant Thornton wants to be the first non-Big Four firm to flip the script. With more than 13,000 professionals across 50+ offices (and counting), their new multinational platform is starting to look like a serious contender. And it’s not just about headcount. The money’s talking too:

• $8 billion in global revenue for FY 2024 (an 8.8% increase year-over-year in constant currency)
• $2.4 billion in U.S. revenue for FY 2023, a healthy 11.6% bump post-divestiture of their public sector advisory unit

And let’s be real, when was the last time a mid-tier firm made a move that had PwC or EY side-eyeing their LinkedIn feeds? Unlike many peers still working in loosely affiliated networks, GT now offers the kind of integrated structure that allows it to compete head-to-head with the Big Four, especially for cross-border mandates. That’s not just a bold strategy; it’s a business model shift.

GT Sprints, Others Shuffle

And while Grant Thornton is charging ahead, the Big Four aren’t exactly standing still—but their moves tell a different story. PwC, with its historic global reach, is reportedly scaling back operations in several countries, signaling a more cautious stance. KPMG is consolidating its structure, aiming to shrink its global economic units from over 100 to around 32 by 2026—a massive shake-up driven by efficiency, profit, and regulator pressure. Meanwhile, a brand-new contender is entering the ring: Unity Advisory, a PE-backed firm led by EY's former UK head and PwC’s ex-COO, is quietly building steam with plans to poach British clients and talent. Launch is slated for June, under chairman Steve Varley. In a market where even the giants are recalibrating, Grant Thornton’s full-speed-ahead global strategy feels less like a leap and more like smart timing.

PE’s Rising Swagger in Accounting

If you’re still scratching your head over why private equity cares about accountants, here’s the kicker: One in three of the top 30 US accounting firms has taken on a private equity backer in the past four years. Most of them? Used the capital to gobble up smaller US firms. Grant Thornton, on the other hand, said, “Why stop there?” and went international, something no other PE-backed accounting firm has done at this scale. And they didn’t just buy into new zip codes—they’re trying to build a unified experience with seamless tech, centralized services, and a shared incentive model. Call it the Netflix of audits, minus the buffering. Meanwhile, competitors like RSM are still working on finalizing deals within their networks. GT’s already moving on to its next acquisition.

So, What’s Next?

Grant Thornton Global Advisors is not slowing down. Expect more M&A activity in markets where multinational clients already hang their hats. The firm is eyeing additional service lines and sectors where growth is red hot. Transactions with Luxembourg and the Cayman Islands are still subject to regulatory approvals (because, hey, this is accounting), but the platform is already sprinting ahead. And leadership? Peko stays at the helm, while each newly acquired geography keeps its local leadership. It’s a “think global, lead local” kinda deal. GT’s move may not dethrone the Big Four just yet, but they’ve upgraded from economy to business class. And if their plan sticks, mid-tier might not mean middle-of-the-pack anymore. Let’s just say… if you're a partner at a mid-sized firm wondering what your next move is, you might want to take that call from private equity. Sign up now and get expert tax insights delivered fresh every week with MYCPE ONE Insights.