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    Home » Grant Thornton US and UK compete for German sister firm
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    Grant Thornton US and UK compete for German sister firm

    Arabian Media staffBy Arabian Media staffJuly 10, 2025No Comments3 Mins Read
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    Grant Thornton’s UK and US businesses are vying to take over their German sister firm, in a private equity-fuelled race to secure a greater share of the accounting firm’s global network.

    Grant Thornton Germany is reviewing bids from Grant Thornton US and Grant Thornton UK, according to people familiar with the talks.

    The competition underlines a new dynamic between the firms following their recent injection of private capital. Grant Thornton’s US arm has been on an acquisition spree after selling a majority stake to a consortium led by New Mountain Capital last year, in what was the biggest private equity takeover of an accounting firm.

    It agreed to buy the network’s Irish firm in October and also tried to acquire Grant Thornton UK, but was spurned when its sister firm instead sold a majority stake to European buyout group Cinven, opening up competitive tension between the American and British firms as they seek to expand.

    Discussions over the German business look set to be replicated in contests for other national member firms, people close to both sides said. Grant Thornton firms in Spain and India have also indicated they are open to being acquired, according to three people familiar with the matter.

    When contacted for comment, the network’s India arm, known as Grant Thornton Bharat, said it was open to discussions. Chief executive Vishesh Chandiok said: “We are open to acquiring a material interest in our US or UK firms as and when their private equity owners decide appropriate.” Grant Thornton Spain did not respond to a request for comment.

    Grant Thornton US has already reached deals to buy member firms in the United Arab Emirates, the Channel Islands, Luxembourg and the Netherlands, after Grant Thornton UK expressed interest in acquiring the first two, according to two people familiar with the matter.

    Global accounting firms — unlike multinational companies — are typically structured as a network of locally owned businesses that share a common brand and agree to abide by a common set of quality standards.

    The arrival of private equity has reshaped the sector, with one in three of the top 30 US firms selling to a financial buyer in the space of four years. While many of these firms have sought to combine with other American accountancies, Grant Thornton US was the first to begin rolling up its international sister firms.

    Two of the people said it offered member firms access to the lucrative US market and to big American multinationals, adding it was also benefiting from a first-mover advantage.

    But other firms may prefer to agree a tie up with Grant Thornton UK instead of becoming a subsidiary of a big US group with fewer obvious synergies, said one person familiar with the British firm’s pitch.

    Grant Thornton UK said: “As the two largest member firms within the Grant Thornton International network, the UK and US firms remain closely aligned and committed to the wider growth of the network.”

    It added that it would not comment on the “strategic choices member firms make or the options they explore”.

    Grant Thornton US said it continued to “collaborate closely with Grant Thornton UK and the broader network, which we deeply respect”.

    Grant Thornton Germany declined to comment. GT Channel Islands and GT UAE did not respond to requests for comment.



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