GT US and their private equity overlords with deep pockets at New Mountain Capital just snatched up Grant Thorntons France, Spain, and Belgium. Suck it, GT UK. The addition of three more Grant Thorntons brings the US up to eleven total acquisitions since New Mountain Capital’s first check cleared with not a single one needing to change the signs on the building.
The press release is primarily nonsense you don’t care about so we’ll spare you. Ah no, let’s include this part because it appears to be a jab at the GT UK/Germany group:
With the new additions, the Grant Thornton Advisors platform will accelerate growth in the French, Spanish and Belgian markets – representing high-value, strategic footprints that solidify the platform’s preeminence across Europe. Clients will benefit from access to an even more extensive array of industry expertise and innovative solutions, amplified by substantial investments in technology and talent.
FT reports the three new Grant Thorntons have a combined revenue of €423 million ($496 million USD). Grant Thornton International Ltd reported global revenues of $8 billion USD for the financial year ended 30 September 2024, figures for fiscal 2025 should be out around December.
It was only a couple weeks ago that Grant Thornton UK announced it would be acquiring Grant Thornton Germany with the help of their own private equity overlords Cinven.
According to FT’s story, Cinven “has been offering potential acquirees a looser arrangement that involves greater cross-border collaboration but with local leadership keeping control over strategy” whereas 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.” Just how deep do New Mountain Capital’s pockets go anyway?
Is this just some weird race to acquire as many Grant Thorntons as possible to be declared king of the DYNAMIC international middle market? Is Grant Thornton US butthurt that Grant Thornton UK wouldn’t merge with them and has instead decided to create the superior GT Borg? Will it improve Grant Thornton’s business and market competitiveness in any meaningful way or is this just a multinational dick measuring contest?
GT Lion Voltron vs GT Vehicle Voltron.