Grant Thornton consolidation: PE-driven multinationalization reaches Germany

New Mountain Capital orchestrates systematic network integration - Germany as a strategic target of the 1.4 billion platform.

PE catalyst transforms network structures

May 31, 2024 marked a paradigm shift for Grant Thornton: New Mountain Capital, together with CDPQ and OA Private Capital, acquired 60 percent of the US company for EUR 1.4 billion. The transaction separated audit from advisory activities to avoid conflicts of interest and established Grant Thornton Advisors as an autonomous entity.

CEO Jim Peko positioned the PE investment as a key growth accelerator: "With this additional support, including access to enhanced technology and other resources, we see great potential to rapidly expand our current capabilities and provide our customers with even better end-to-end support and execution."

This strategic realignment laid the foundation for an aggressive expansion strategy that fundamentally changed the traditional network model. Immediately after its entry, the New Mountain platform initiated a systematic takeover offensive that consolidated significant parts of the global Grant Thornton network within a few months.

Systematic acquisition strategy transforms market presence

October 2024 marked the beginning of the wave of integration with the acquisition of the companies in Ireland, Bermuda, the Isle of Man and Gibraltar. These first acquisitions established the foundation for a multinational platform covering strategically important financial centers. In April 2025, the portfolio expanded to include the United Arab Emirates, Luxembourg and the Cayman Islands, followed by the Netherlands in May and finally Switzerland, Liechtenstein and the Channel Islands in June. The resulting multinational platform now comprises 60 branches with 13,500 employees on three continents and represents one of the most comprehensive consolidations in the Next Seven segment. This geographic diversification allows for seamless servicing of international mandates and positions the platform as a serious competitor to established Big Four firms. In parallel with the geographical expansion, Grant Thornton USA is investing heavily in AI applications, exemplified by the CompliAI rollout. This technology offensive aims to achieve sustainable competitive advantages over traditional next-seven competitors and underlines the strategic importance of digital transformation for the business model.

Synergy effects confirm integration benefits

Grant Thornton Switzerland/Liechtenstein is already communicating substantial benefits from the integration: "The merger with Grant Thornton Advisors gives us access to more financial and human resources, enabling us to drive forward our growth strategy much faster. "The multinational structure enables expanded service portfolios and optimized customer service through coordinated cross-border consulting. Industry analyst Jörg Hossenfelder from Lünendonk & Hossenfelder identifies Rödl & Partner as a successful structural model for this development: "A multinational platform allows internationally active clients to be better served and decisions to be implemented more easily and quickly." In addition, scaling enables more efficient process design through shared services and better financing of larger technology investments.

Germany as a strategic expansion target

Financial Times reports suggest concrete Grant Thornton Advisors interest in the German company, which would complete its presence in the three largest western markets. This potential acquisition would enable significant mandate scaling and substantially strengthen the competitive position against German Big Four firms. However, the integration of the German company also implies entrepreneurial restrictions for existing partners: increased controlling, standardized reporting and cultural adjustments to American business practices. HR consultant Hellmuth Wolf from Signium warns of potential partner resistance to the loss of autonomy: "Some partners will not want to give up their entrepreneurial freedom. The cultural fit can also be difficult if monthly reporting is suddenly required."

Market dynamics transformation intensifies competition

Hossenfelder welcomes the development as an intensification of Big Four competition: "It can only be good for the profession and also for the Big Four if there are more players on the market competing for the big tickets." This market concentration creates greater client choice and could generate price competition pressure on established providers. The Grant Thornton platform could generate a serious big-four alternative, particularly in the area of tax advice, while large auditing mandates are likely to remain capacity-limited. The systematic consolidation reflects the ongoing structural change in the international consulting market and could catalyze further PE-driven mergers.

Grant Thornton Germany did not comment on current developments and potential effects of the international consolidation strategy.