$50 Billion New York Private Equity Firm New Mountain Capital Buys Majority Stake in World 7th Largest Accounting Firm Grant Thornton, Other Investors Including $314 Billion Canada Pension Fund CDPQ & United States-Based OA Private Capital
11th June 2024 | Hong Kong
New York private equity firm New Mountain Capital with $50 billion AUM has bought a majority stake in the world’s 7th largest accounting firm Grant Thornton, alongside other investors including $314 billion Canada pension fund CDPQ (Caisse de dépôt et placement du Québec) and United States-Based OA Private Capital. Grant Thornton (31/5/24): “ Grant Thornton LLP, one of America’s leading providers of audit, assurance, tax and advisory services, and New Mountain Capital, a leading growth-oriented investment firm with approximately $50 billion in assets under management, today announced the closing of a significant growth investment in Grant Thornton that will accelerate the firm’s business strategy. CDPQ and OA Private Capital made minority investments in Grant Thornton alongside New Mountain Capital. With the completion of this investment in Grant Thornton Advisors LLC, Grant Thornton operates in an alternative practice structure, maintaining an unwavering focus on providing the highest quality client service. Grant Thornton Advisors LLC provides business advisory and non-attest services. Grant Thornton LLP, a licensed CPA firm, provides attest services. Grant Thornton remains part of the Grant Thornton International Limited network of member firms, providing global reach to its clients. CDPQ, a global investment group headquartered in Canada, and OA Private Capital, a family office investment advisory firm located in Michigan, made minority equity investments in Grant Thornton alongside New Mountain Capital. Guggenheim Securities, LLC and Jefferies LLC served as financial advisers to New Mountain Capital. Simpson Thacher & Bartlett LLP and Hunton Andrews Kurth LLP served as legal advisers to New Mountain Capital. Jones Day served as legal adviser to CDPQ and Gibson, Dunn & Crutcher LLP served as legal advisers to OA Private Capital. Deutsche Bank Securities Inc. served as sole financial adviser to Grant Thornton. Dechert LLP and Vedder Price P.C. served as legal advisers to Grant Thornton. Mayer Brown LLP acted as legal adviser to Grant Thornton’s Partnership Board.”
“ $50 Billion New York Private Equity Firm New Mountain Capital Buys Majority Stake in World 7th Largest Accounting Firm Grant Thornton, Other Investors Including $314 Billion Canada Pension Fund CDPQ & United States-Based OA Private Capital “
Andre Moura, Managing Director at New Mountain Capital: “We continue to be impressed by the Grant Thornton team and their unwavering focus on delivering the highest levels of quality and client experience. In this next chapter, we look forward to partnering with the team to invest even further in people, technology and new service line capabilities to accelerate the growth trajectory Grant Thornton is already on.”
Nikhil Devulapalli, Managing Director at New Mountain Capital: “We see numerous opportunities to further enable Grant Thornton’s top tier talent with targeted technology investments and are excited to support the company in bringing its services to even more clients across key markets.”
Adam Weinstein, Managing Director, COO & CFO of New Mountain Capital: “Grant Thornton exemplifies the business qualities that New Mountain Capital looks to invest behind and its leading quality and strong culture position it well for the future.”
Seth Siegel, CEO of Grant Thornton Advisors LLC: “Grant Thornton will soon celebrate our 100th year in business — an anniversary distinguished by our firm’s strong momentum, unparalleled team and recent record-setting revenues. Partnering with New Mountain Capital, CDPQ and OA Private Capital will empower us to accelerate our winning strategy, benefit our clients and team members, and solidify our position as the industry’s platform of choice for the next 100 years.”
Jim Peko, COO of Grant Thornton Advisors LLC: “With additional support behind us, including access to enhanced technology and other resources, we see great potential to quickly expand upon our current capabilities and drive even better holistic support and execution for our clients.”
About Grant Thornton – “Grant Thornton” is the brand for two professional-services entities: Grant Thornton LLP, a licensed, certified public accounting (CPA) firm that provides audit and assurance services ― and Grant Thornton Advisors LLC (not a licensed CPA firm), which exclusively provides non-attest offerings, including tax and advisory services. With revenues of $2.4 billion for the fiscal year that ended July 31, 2023, and dozens of offices nationwide, Grant Thornton represents a community of more than 9,000 problem solvers, relationship builders, and industry specialists who know that how we serve matters as much as what we do. Grant Thornton LLP, Grant Thornton Advisors LLC and their respective subsidiaries operate as an alternative practice structure (APS). The APS conforms with applicable laws, regulations and professional standards, including those from the American Institute of Certified Public Accountants. Grant Thornton LLP and Grant Thornton Advisors LLC serve as the U.S. member firms of the Grant Thornton International Ltd (GTIL) network. GTIL and its member firms are not a worldwide partnership and all member firms are separate legal entities. Member firms deliver all services; GTIL does not provide services to clients.
About New Mountain Capital – New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease investment strategies with approximately $50 billion in assets under management. New Mountain Capital seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies.
About CDPQ – At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2023, CDPQ’s net assets totaled CAD 434 billion. CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.
About OA Private Capital – OA Private Capital is an investment firm that invests with middle-market private equity firms in the U.S. and Western Europe. Private equity investments include fund commitments, co-investments, and GP stakes. Investments are made on behalf of the DeVos family and other family offices. OA Private Capital is headquartered in Grand Rapids, Michigan.
$50 Billion New York Private Equity Firm New Mountain Capital Buys Majority Stake in World 7th Largest Accounting Firm Grant Thornton, Other Investors Including $314 Billion Canada Pension Fund CDPQ & United States-Based OA Private Capital
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