Grant Thornton Advisors in the U.S. and Grant Thornton Ireland have closed their previously announced transaction aimed at creating a global multidisciplinary platform providing audit, advisory and tax services to a growing international client base.
The transaction was backed by an investor group led by New Mountain Capital, a growth-oriented investment firm with approximately $55 billion in assets under management.
The new platform of roughly 12,000 professionals will include a united Trans-Atlantic advisory and tax practice, as well as independent audit practices. Its more than 50 global offices will span the U.S., Ireland and other territories. The new organization will continue to be part of the Grant Thornton International network.
Grant Thornton Advisors’ CEO, Seth Siegel, will continue in his leadership role and Ireland’s Steve Tennant will become a member of Grant Thornton Advisors’ executive committee.
“Today marks a pivotal moment as we create a unique organization within the Grant Thornton network, and a compelling new platform within our industry,” Siegel said. “We will be at the forefront of exceptional quality and differentiated solutions for a growing international client base — offering seamless cross-border collaboration and cutting-edge technologies. This is a transformative step as we become the destination of choice for clients and talent alike.”
“This new platform’s unmatched talent, comprehensive solutions and international reach — backed by a commitment to quality — will deliver exceptional results for clients and foster sustainable success for years to come,” Tennant said. “At the same time, we’ll become an employer of choice across global markets with a common client-centric culture.”
“We are pleased to support Grant Thornton in the U.S. and Ireland as they create a global platform. This represents a strong first step in bringing together two of the highest quality firms in the Grant Thornton network, under a unified structure,” Andre Moura, managing director at New Mountain Capital, said. “We believe the enhanced scale and capability-set of the new platform will bring significant benefits to Grant Thornton’s clients, partners and staff, and we look forward to continuing to support the organization as it pursues additional M&A opportunities.”
“We believe with the new global platform, Grant Thornton can bring its top tier quality and client service to an even greater international audience,” Adam Weinstein, chief financial officer and chief operating officer at New Mountain Capital, said.
The audit practice in Ireland will operate under an alternative practice structure similar to Grant Thornton in the United States.
Deutsche Bank Securities served as sole financial adviser to Grant Thornton Ireland, while A&L Goodbody acted as Grant Thornton Ireland’s legal adviser in relation to the transaction. Jefferies and William Blair & Company served as financial advisers to Grant Thornton Advisors and New Mountain Capital, and Simpson Thacher & Bartlett and William Fry with Arthur Cox served as legal advisers.
