Top 10 accounting firm Grant Thornton US said last week it has agreements in place to add sister firms in Switzerland, Liechtenstein, and the Channel Islands to the multinational platform of firm affiliates the U.S. business created when it acquired Grant Thornton Ireland late last year.
The transactions are expected to close later this year, subject to regulatory approvals and other standard closing conditions.
Earlier this year, Grant Thornton US announced that its affiliates in the United Arab Emirates, Luxembourg, Cayman Islands, and the Netherlands would also be joining the platform. The U.S. firm 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 May 2024.
Through this expanded multinational platform, clients across three continents will have access to enhanced cross-border services, which are underpinned by investments in technology, people, and quality, Grant Thornton US said on June 17.
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Adding Grant Thornton Switzerland/Liechtenstein and Grant Thornton Channel Islands strengthens the platform’s advisory and tax solutions, as well as its independent audit and assurance practices, the U.S. firm said. It also creates a vast network of professionals in European financial hubs—from Zurich and Geneva to Jersey and Guernsey, in addition to Bermuda, the Cayman Islands, and UAE.
“I am delighted about this positive development and am convinced that it is the right step for our firm in the current turbulent market environment,” Erich Bucher, CEO of Grant Thornton Switzerland/Liechtenstein, said in a statement. “It opens up completely new perspectives for us and will enable us to push ahead with our growth strategy much more quickly.”
Adam Budworth, managing partner of Grant Thornton Channel Islands, added, “This is an exciting opportunity to support our growth in the Channel Islands with access to new service offerings, technologies, and investment capital. Joining the platform will only enhance the reputation of the Channel Islands on a bigger stage, while at the same time creating unique opportunities for our people.”
With the latest agreements, the Grant Thornton multinational platform will include approximately 13,500 professionals across nearly 60 offices stretching from the Americas across Europe to the Middle East.
The expanded platform will 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.
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 last 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.
“We are very pleased to have our colleagues in the Channel Islands, Switzerland, and Liechtenstein join our differentiated and expanding platform,” Jim Peko, CEO of Grant Thornton Advisors, said in a statement. “We’re building the world’s most talented team—delivering seamless offerings through an expanded footprint. The result: an unparalleled client experience and unmatched quality.”
“Today’s announcement represents further strong additions to our platform, with a shared focus on client centricity, quality and industry-service alignment,” Steve Tennant, managing partner of Grant Thornton in Ireland, said in a statement on June 17. “We look forward to welcoming new colleagues across Europe as we expand in several of the world’s leading finance centers.”
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