Grant Thornton Advisors and Ireland Unite for Strategic Growth
Grant Thornton Advisors LLC and Grant Thornton Ireland have officially announced a merger to create a formidable partnership that aims to enhance their advisory and tax services. This exciting development is backed by New Mountain Capital, a prominent investment firm focused on growth-oriented strategies and managing around $55 billion in assets.
Independent Operations and Enhanced Services
The merger will see Grant Thornton Ireland's audit business operating independently as a partnership under an alternative structure. This strategic decision ensures that both firms can leverage their unique strengths while providing comprehensive services to their clients.
Operating within the US market, Grant Thornton Advisors offers tailored tax and advisory services while functioning alongside Grant Thornton LLP, which focuses on audit and assurance. The collaborative efforts of these entities have led to significant achievements, including a remarkable annual revenue of $2.4 billion and a workforce of nearly 10,000 professionals across the US and India.
Celebrating a Century of Excellence
As the merger unfolds, it coincides with a significant milestone—Grant Thornton’s 100th anniversary in the US. Seth Siegel, CEO of Grant Thornton Advisors, expressed pride in this historical moment, stating that it exemplifies their commitment to creating a seamless integrated platform alongside Grant Thornton Ireland.
Siegel emphasized the shared vision of client-centricity and a culture of excellence, noting that this partnership represents a pivotal moment for both firms within a competitive industry landscape. The focus will be on delivering innovative solutions and enhancing career growth opportunities for staff.
Broader Global Impact
Steve Tennant, CEO of Grant Thornton Ireland, also highlighted the transformative potential of this partnership. By merging their operations, they aim to broaden their appeal to an international clientele, positioning themselves as the first truly integrated US and Irish professional services firm.
This partnership represents a vital step in redefining the future of professional services. With a focus on growth and effectively addressing the evolving demands of clients across various industries, they are committed to delivering significant benefits for both employees and clients.
Support from New Mountain Capital
New Mountain Capital’s involvement is a testament to their alignment with Grant Thornton’s growth strategy. Andre Moura, managing director at New Mountain Capital, expressed excitement about this collaboration, viewing it as an avenue for significant growth and enhancing the Grant Thornton brand on a global scale.
Adam Weinstein, chief operating officer of New Mountain Capital, echoed these sentiments, emphasizing the enormous potential for accelerated growth and the expansion of high-quality client services.
Future Strategies and Opportunities
The merger will proceed, pending regulatory approval, with both firms offering a comprehensive suite of advisory and tax solutions. The independent audit division of Grant Thornton Ireland will continue to deliver leading assurance services, ensuring clients maintain access to high-quality offerings.
As the combined entity prepares to enter new markets, it will be led by Seth Siegel, who will continue as the CEO. Steve Tennant will assume the role of president of Grant Thornton Ireland and become an integral part of the Executive Committee at Grant Thornton Advisors.
Collaborative Legal and Financial Advisory
To facilitate this merger, renowned legal firms Simpson Thacher & Bartlett LLP, William Fry LLP, and Arthur Cox LLP are providing legal advice to Grant Thornton Advisors and New Mountain Capital. Deutsche Bank Securities Inc. serves as the financial advisor for Grant Thornton Ireland, with A&L Goodbody LLP acting as its legal adviser.
About Grant Thornton US
Grant Thornton encompasses two distinct entities in the US: Grant Thornton LLP, a licensed CPA firm providing audit services, and Grant Thornton Advisors LLC, which focuses on non-attest offerings including tax advisory. With substantial revenues and numerous offices nationwide, Grant Thornton thrives as a community of dedicated professionals, all committed to quality service.
About Grant Thornton Ireland
As a key player in the international professional services space, Grant Thornton Ireland employs approximately 2,800 people across various locations. Their diverse expertise spans industries like technology, banking, life sciences, and more, reinforcing their commitment to delivering tailored solutions that drive success for clients.
About New Mountain Capital
New Mountain Capital distinguishes itself as a business-building firm that focuses on growth rather than debt. It manages a diverse portfolio and is passionate about collaborating with management teams to enhance the value of the companies it partners with.
Frequently Asked Questions
What is the purpose of the merger between Grant Thornton Advisors and Grant Thornton Ireland?
The merger aims to enhance their advisory and tax services, positioning them for greater global impact.
Will Grant Thornton Ireland's audit business change with the merger?
The audit business will remain independent and operate under an alternative structure, ensuring continuity of services.
Who will lead the combined business after the merger?
Seth Siegel, the current CEO of Grant Thornton Advisors, will lead the combined business.
What industries does Grant Thornton Ireland serve?
Grant Thornton Ireland works across various sectors including technology, banking, life sciences, and aviation.
Who is supporting the merger financially?
New Mountain Capital is backing the merger, aligning with their growth strategy to enhance the Grant Thornton brand.
