Grant Thornton US is pursuing a wave of international acquisitions backed by private equity, marking one of the most ambitious consolidation efforts in the mid-tier accounting sector to date.

The firm, which sold a majority stake to a New Mountain Capital-led consortium last year, is using its newly strengthened capital base to acquire more than six sister firms across Europe and the Middle East.

The firm has already completed its acquisition of Grant Thornton Ireland and reached agreements to buy operations in the UAE, Luxembourg, and the Cayman Islands. Advanced talks are also underway with the Dutch office, with further expansion planned in jurisdictions where multinational clients operate.

These acquisitions will be integrated into Grant Thornton Global Advisors, a newly formed holding company that aligns economic interests between New Mountain Capital, US partners, and the partners of acquired member firms.

“We are just getting started. We plan to bring in the very best, fastest-growing firms,” said Andre Moura, Managing Director at New Mountain Capital.

While the Big Four have centralised structures to deliver cross-border services, mid-tier firms have traditionally remained fragmented. Grant Thornton’s strategy aims to change that by aligning economic incentives and standardising service delivery across key markets. CEO Jim Peko highlighted that the US–Ireland combination had already generated new cross-border opportunities.

This approach marks a significant shift in the accounting industry, where private equity ownership is becoming more prevalent. Roughly one-third of the top 30 US firms have sold to financial sponsors in the last four years, but Grant Thornton is the first to deploy private capital toward international consolidation.

Source: Financial Times