In a significant move to enhance its business strategy, Grant Thornton LLP, a prominent provider of audit, tax, and advisory services in the United States, has announced a growth investment from New Mountain Capital, LLC. The leading growth-oriented investment firm, with approximately $50 billion in assets under management, will provide Grant Thornton with added scale, resources, and agility.

Grant Thornton has a proven track record of delivering high-quality services to its clients and has experienced strong momentum, achieving record revenues for its fiscal year ending July 31, 2023. The firm has successfully implemented a business strategy that includes significant investments across its core business segments, improved client-centricity, personalized services, and quality.

The partnership with New Mountain Capital will empower Grant Thornton to deliver transformational outcomes for its clients, team members, and the industry as a whole. The investment will bolster the firm's value proposition in the marketplace and accelerate its current strategy. Grant Thornton will benefit from increased scale, resources, and agility, enabling targeted investments in talent, technology, infrastructure, and enhanced capabilities. This collaboration solidifies Grant Thornton's position as the industry's platform of choice.

New Mountain Capital expressed deep admiration for Grant Thornton's team and their exceptional service, as evidenced by high rankings for work quality and client satisfaction, even at competitive pricing. The investment firm plans to work closely with Grant Thornton to further invest in technology, automation, talent, and new service line capabilities, driving rapid growth while maintaining a focus on quality and client experience.

Grant Thornton's upcoming 100-year anniversary is seen as a milestone coinciding with the partnership with New Mountain Capital. Together, they aim to reshape the industry landscape and enhance Grant Thornton's value proposition for all stakeholders.

The transaction, subject to regulatory approval and other standard closing conditions, is expected to conclude in the second quarter of 2024. Following the completion of the deal, Grant Thornton will operate in an alternative practice structure, with Grant Thornton LLP providing attest services and Grant Thornton Advisors LLC offering business advisory and non-attest services. This purpose-built structure ensures the highest level of client service and an unwavering commitment to quality.

Grant Thornton has engaged Deutsche Bank Securities Inc. as its sole financial adviser, while Dechert LLP, Vedder Price P.C., and Mayer Brown LLP are serving as legal advisers. Simpson Thacher & Bartlett LLP and Hunton Andrews Kurth LLP are advising New Mountain Capital.

Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL), is one of the largest providers of audit, tax, and advisory services in the country. With revenues of $2.4 billion for the fiscal year ending July 31, 2023, and a network of nearly 50 offices nationwide, Grant Thornton is committed to building trust and providing personalized solutions.

New Mountain Capital, a New York-based investment firm, focuses on business building and long-term capital appreciation. With approximately $50 billion in assets under management, the firm seeks out high-quality growth leaders in select industry sectors and collaborates with management to enhance their value.

For more information about Grant Thornton LLP and New Mountain Capital, please visit their respective websites.