Cinven has acquired a majority stake in UK professional services group Grant Thornton UK, beating rival suitors EQT and New Mountain Capital.
The value of the transaction was not disclosed, but an earlier report from The Financial Times put the valuation at around £1.3 billion ($1.5 billion-plus).
As a result of the deal, Grant Thornton UK—which also attracted early interest from Carlyle and Permira—will be spared a merger with its New Mountain-backed sister operation in the US. Current owners UK Partner group will still retain a significant shareholding.
Earlier this month, Bahrain-based private equity firm Investcorp and Canadian pension fund PSP Investments acquired PKF O’Connor Davies, the 25th largest accountancy firm in the US by revenue, marking a continued expansion into professional services.
At the same time, Alabama-based Carr, Riggs & Ingram, ranked 23rd largest, revealed plans to sell a majority stake to an investment group led by Centerbridge Partners, which manages $40 billion in assets across private equity, credit and real estate.
In March 2024, Cinven also acquired Alter Domus, a Luxemburg-based fund and corporate advisory services provider, in a €4.9 billion LBO.
PE investment in Europe’s professional service sectors this year has reached €79 billion across 1,580 deals. Investment activity in the sector previously peaked in 2022, when €156.6 billion was transacted across 1,842 deals.
In the UK, PE investment totalled £19.9 this year, up from £18.7 billion in 2023—not including the most recent deal.
Founded in 1904, Grant Thornton UK has a network of over 240 partners and 5,500 employees across 20 offices.
The acquisition comes after Grant Thornton UK changed its CEO in January 2024 following a surprise exit by former chief exec Dave Dunckley. Malcolm Gomersall, a 20-year veteran at the company, took over from him.
Featured image by JustinHMoss/Getty Images
Learn about our editorial standards.
