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Grant Thornton Takes Investment from New Mountain Capital
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Subscribe15 MAR 2024 / FINANCE
Grant Thornton Secures Significant Investment from New Mountain Capital
In March 2024, Grant Thornton LLP, a leading provider of audit, assurance, tax, and advisory services in the United States, announced a substantial growth investment from New Mountain Capital, a growth-oriented investment firm with approximately $50 billion in assets under management.
Strategic Objectives
This investment aims to accelerate Grant Thornton's business strategy by enhancing its scale, resources, and agility. The firm plans to utilize the capital to invest in talent acquisition, technology, infrastructure, and to expand its service offerings, thereby solidifying its position as a leading platform in the industry.
Industry Context
This move is part of a broader trend where accounting firms are partnering with private equity firms to drive growth and innovation. Notably, in 2021, EisnerAmper initiated this trend by securing an investment from TowerBrook Capital Partners. Subsequently, other firms such as Citrin Cooperman, Cherry Bekaert, and Baker Tilly have also entered into private equity deals.
Implications for the Profession
The partnership between Grant Thornton and New Mountain Capital is expected to reshape the accounting industry landscape by enabling Grant Thornton to make targeted investments that enhance client service and operational efficiency. This strategic alliance underscores the growing convergence between professional services firms and private equity investors, aiming to drive innovation and growth within the sector.
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