Grant Thornton’s US and Irish advisory and tax businesses are to merge.
The deal is being backed by a group of investors led by American based private equity firm, New Mountain Capital.
Following the merger of Grant Thornton Advisors LLC and Grant Thornton Ireland, the audit business here will continue to operate as an independent partnership.
It will also operate under an alternative structure.
“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, CEO 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 combined business will be led by Grant Thornton Advisors’ CEO, Seth Siegel, while Steve Tennant will take on the role of president of Grant Thornton Ireland.
He will also become a member of Grant Thornton Advisors’ Executive Committee.
“We share a common focus on client centricity, culture and delivering the highest quality results on a global scale,” said Seth Siegel, CEO of Grant Thornton Advisors.
“This strategic move signals a pivotal time in our industry that enables our clients to benefit even more from our innovative services with industry-leading execution, and bolsters accelerated and meaningful career-growth opportunities for all our professionals.”
Grant Thornton Ireland had record annual revenue in excess of €300 million in its most recent financial year.
Together the US based advisory firm, Grant Thornton Advisors, and Grant Thornton LLP, the accounting business, had record annual revenue of $2.4 billion.
Trading under the name Grant Thornton, they have over 40 US offices and collectively employ almost 10,000 professionals.
Here Grant Thornton employs around 2,800 people in offices in Ireland, Bermuda, Isle of Man and Gibraltar.
The deal is the first announced by Grant Thornton Advisors since New Mountain Capital’s investment in it in May.
“There is a significant opportunity for accelerated growth together, and we look forward to helping Grant Thornton bring its exceptional quality and client service to even more global clients,” stated Adam Weinstein, chief operating officer at New Mountain Capital.
The deal is expected to close in the first quarter of next year.