Cinven has secured a majority stake in Grant Thornton Germany, strengthening its push into the accountancy sector and building on recent deals in the UK and Singapore, according to sources cited by the Financial Times.

The private equity firm outbid Grant Thornton’s US arm, which has been aggressively expanding across international markets.

Grant Thornton Germany, with around 2,000 staff, reported €249m in revenue for the 2023/24 financial year, growing by about 15% annually over the past five years. The firm is currently ranked among Germany’s 10 largest accounting firms.

“Cinven brings valuable expertise, resources and access that will help us further expand our service offering,” said Heike Wieland-Blöse, chief executive of Grant Thornton Germany.

Bruno Schick, co-managing partner and head of German-speaking countries at Cinven, and Maxim Crewe, partner and head of the financial services sector team, said Cinven would make “targeted investments” in digitalisation and technology.

The deal, subject to approval by Grant Thornton Germany’s equity partners, aims to propel the firm into the country’s top five through recruitment and domestic acquisitions, according to a person familiar with the strategy.

Private equity activity is reshaping the global accounting industry, where firms traditionally operated as locally owned partnerships under a shared brand. The consolidation trend is producing larger, more competitive businesses capable of servicing multinational clients.

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