Grant Thornton Ireland to merge with US firm

Grant Thornton Ireland is to merge with its Grant Thornton US in a deal backed by New York private equity firm New Mountain Capital.
The Irish firm, which generated about €300 million of revenues last year, is the fifth-largest part of the global Grant Thornton network. The US firm are the largest.
“This transformational partnership will enhance our appeal to a much broader international client base, as the first truly integrated US and Irish professional services firm, combining the expertise and reach of both firms,” said Steve Tennant, chief executive of Grant Thornton Ireland.
“This is a key moment in shaping the future of professional services in a rapidly evolving global landscape, and we are looking forward to partnering together to accelerate growth and deliver impactful benefits for our people and clients across diverse industries and geographies.”
The Irish firm had hired Deutsche Bank earlier this year to advise on its future strategy, after fielding numerous approaches from private equity firms that are swarming the sector globally, sources previously said.
It was reported in July that the US, UK and Irish firms in the Grant Thornton network were considering a three-way tie-up. However, Grant Thornton UK is currently said to be courting three private equity firms, Cinven, EQT and New Mountain Capital.