Grant Thornton US buys sister firms in France, Spain and Belgium in blow to UK rival

Grant Thornton’s private equity-backed US business has agreed to buy sister firms in France, Spain and Belgium, dealing a blow to its UK rival in their battle to consolidate the world’s seventh largest accounting network.

The three European firms, which together have annual revenue of €423 million, about 6 per cent of Grant Thornton’s global network, were readying announcements of the deals as early as Monday, according to people familiar with the matter.

They follow Grant Thornton member firms in Ireland, Switzerland, the United Arab Emirates and five other territories that have already sold out to the US business, which is majority owned by New Mountain Capital.

Unlike multinational companies, global accounting firms are typically structured as a network of independent, locally owned partnerships that share a common brand. The arrival of private equity in the industry in the past five years has introduced new competitive dynamics, however.

[ Grant Thornton Ireland and US firm to merge non-audit businessesOpens in new window ]

Grant Thornton Germany this month agreed to be acquired by Cinven, the London-based private equity group that controls Grant Thornton UK. Cinven has been offering potential acquirees a looser arrangement that involves greater cross-border collaboration but with local leadership keeping control over strategy, according to people familiar with the matter.

The US firm is pitching full financial integration as a way for sister firms overseas to turbocharge growth, making it easier to serve multinational clients and providing an injection of new capital to fund IT investment.

Grant Thornton France had discussed approaches from both sides, said Adam Nicol, president of Grant Thornton France, but the US provided “the only platform that is fully integrated, that allows us to deliver seamlessly across the major countries and allows to work on the technological aspect”.

The transatlantic rivalry has been brewing since Grant Thornton UK spurned a bid from the larger US firm last year, instead selling a majority stake to Cinven.

The Financial Times has previously reported that the US and UK businesses were vying to acquire Grant Thornton’s Spanish and Indian firms, among others in the network.

More deals were in the pipeline, said Andre Moura, managing director at New Mountain Capital. “Within 12 or 18 months, we’ll have figured out who’s who, who shares our vision around integration and growth and who wants to stay independent,” he said.

Grant Thornton France is the largest of the latest acquisitions, with 2,800 staff and annual revenue of €288 million. Grant Thornton US raised €850 million in debt last week to fund the European acquisition spree, increasing the fundraising from €750 million after strong demand from investors.

Jim Peko, chief executive of Grant Thornton US, said the new deals strengthened the business’s footprint in the financial services sector, among others.

“We have no intention of trying to roll up the entire Grant Thornton international network, but what we are interested in is where we have client crossover,” he said. – Copyright The Financial Times Limited 2025