Grant Thornton LLP, a provider of audit, tax, and advisory services in the United States, and New Mountain Capital, LLC, an investment firm managing around $50 billion in assets, announced a significant growth investment aimed at propelling Grant Thornton’s business strategy forward.
This collaboration is expected to harness Grant Thornton’s ongoing momentum, following a fiscal year of record revenues ending July 31, 2023.
Under the leadership of CEO Seth Siegel, Grant Thornton has been committed to offering services through strategic investments in its core business segments, alongside a focus on client-centricity and high-quality personalized services.
The partnership with New Mountain Capital is set to enhance the firm’s value in the market, providing it with the necessary scale, resources, and agility to further invest in talent, technology, and infrastructure, ensuring its position as a top choice in the industry.
Andre Moura, Managing Director at New Mountain Capital, expressed admiration for Grant Thornton’s team and the exceptional quality of its services, which stand out in the U.S. market for both excellence and affordability.
New Mountain Capital anticipates further investments in technology, talent, and new service capabilities under this partnership, aiming for rapid growth while maintaining a strong focus on quality and client experience.
Nikhil Devulapalli, also a Managing Director at New Mountain Capital, highlighted Grant Thornton’s compelling value proposition and its potential for expansion and strategic acquisitions under this new venture.
As Grant Thornton approaches its 100-year anniversary, Siegel views the partnership with New Mountain Capital as a pivotal milestone that will shape the firm’s future, aligning with shared standards and visions to redefine the industry landscape and enhance value for stakeholders.
The transaction, awaiting regulatory approval and standard closing conditions, is expected to conclude in the second quarter of 2024.
Post-transaction, Grant Thornton will introduce an alternative practice structure to continue providing top-tier client service and maintain its focus on quality. Deutsche Bank Securities Inc., Dechert LLP, Vedder Price P.C., Mayer Brown LLP, Simpson Thacher & Bartlett LLP, and Hunton Andrews Kurth LLP are advising on the deal, underscoring the significance and complexity of this strategic investment. – PEVCJournal.com