Top 10 accounting firm Grant Thornton US said on May 16 that Grant Thornton Netherlands will be joining a multinational platform of firm affiliates the U.S. business created when it acquired Grant Thornton Ireland late last year.
Grant Thornton US set international consolidation as a priority after selling a majority stake to a group led by private equity firm New Mountain Capital in a deal that closed at the end of last May. Grant Thornton US added or signed agreements to add affiliates in the United Arab Emirates, Luxembourg, and the Cayman Islands to the platform earlier this month.
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The six-firm platform would continue to be part of the Grant Thornton International Ltd. network, which comprises member firms in more than 150 markets worldwide. The Grant Thornton global network of accounting firms pulled in a record $8 billion in revenue during its most recent financial year that ended Sept. 30, 2024.
The transaction with Grant Thornton Netherlands is pending regulatory approvals and other standard closing conditions, Grant Thornton US said.
Grant Thornton Netherlands’ team of almost 800 professionals across eight Dutch offices will join the platform’s nearly 13,000 team members in almost 60 offices.
Grant Thornton Netherlands CEO Marcel Blöte will remain in his current position as head of that geography. The audit practice of Grant Thornton Netherlands will operate independently under an alternative practice structure.
“Joining forces with Grant Thornton Advisors empowers us to deliver enhanced value for clients as a diversified platform poised for growth and expansion,” Blöte said in a statement. “We’ll be able to offer our people extremely attractive paths for career development while maintaining our hallmark entrepreneurial culture and commitment to quality. Collectively, we will ensure our status as a top 10 firm in our market well into the future—one that can flexibly respond to a dynamic market and changing regulations.”
After its deal with New Mountain Capital closed, Grant Thornton US shifted to an alternative practice structure: Grant Thornton LLP, a licensed CPA firm, provides attest services, and Grant Thornton Advisors LLC provides business advisory and non-attest services.
The Financial Times reported earlier this month that Grant Thornton firms that are added to the multinational platform will become equity holders in a newly formed holding company, Grant Thornton Global Advisors, alongside U.S. partners, New Mountain Capital, and the partners of acquired member firms.
“By uniting with preeminent high-growth firms such as Grant Thornton Netherlands, we’ve established a world-class service provider platform spanning multinational markets,” Jim Peko, CEO of Grant Thornton Advisors, said in a statement. “We will continue to solidify our standing as the industry’s destination of choice for clients and team members alike, providing a singular experience focused on quality and unparalleled service delivery.”
“We welcome Grant Thornton Netherlands to our expanded platform,” added Steve Tennant, managing partner of Grant Thornton in Ireland, who leads international M&A on behalf of Grant Thornton Advisors. “The Dutch firm brings complementary ambition and talent as we look to extend our capabilities, services, and geographic reach to benefit our clients and our people.”
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