Monday, July 15, 2024

Driving Business Trajectory: New Mountain Capital and Grant Thornton Finalize Significant Growth Investment


New Mountain Capital and Grant Thornton Close Growth Investment

Grant Thornton LLP, a premier American service provider known for its audit, assurance, tax, and advisory services, in partnership with New Mountain Capital, a growth-oriented investment firm overseeing approximately $50 billion in assets, has announced the completion of a significant growth investment aimed at fueling the firm’s business trajectory. This strategic move is augmented by minority investments from CDPQ and OA Private Capital, marking a notable collaboration designed to enhance Grant Thornton’s market presence.

Andre Moura, a managing director at New Mountain Capital, expressed admiration for Grant Thornton’s dedication to quality and client service. Moura outlined plans to bolster the firm’s growth through investments in people, technology, and service lines. Nikhil Devulapalli and Adam Weinstein, also managing directors at New Mountain Capital, shared similar sentiments, highlighting the opportunities for technological advancements and the firm’s strong cultural and quality-driven business model as key investment rationales.

Seth Siegel, CEO of Grant Thornton Advisors LLC, reflected on the firm’s century-long history of momentum and achievement, anticipating the investment to accelerate their strategic initiatives, benefiting clients and team members alike. Jim Peko, COO at Grant Thornton Advisors LLC, envisages enhanced technological support and resources as a catalyst for expanded capabilities and improved client support and execution.

The investment structure sees Grant Thornton Advisors LLC in an innovative alternative practice structure, emphasizing the utmost quality in client service. Meanwhile, Grant Thornton LLP continues to offer audit and attest services, affirming the firm’s footprint within the Grant Thornton International Limited network and its global reach.

Supporting this venture are also CDPQ, a global investment group, and OA Private Capital, both making minority equity investments and contributing to the strategic growth ambitions of Grant Thornton alongside New Mountain Capital.

The collaboration among these entities underscores a shared confidence in Grant Thornton’s storied legacy and its forward-looking vision. This partnership not only promises enhanced service offerings through technological advancement but also reaffirms Grant Thornton’s role as a leader and innovator in the professional services industry.

About Grant Thornton

Grant Thornton encompasses two professional entities: Grant Thornton LLP, providing audit and assurance services, and Grant Thornton Advisors LLC, offering non-attest tax and advisory services. With a revenue of $2.4 billion in the fiscal year ending July 31, 2023, and a nationwide presence, Grant Thornton represents a community of over 9,000 specialists committed to impactful client service. The firm’s unique alternative practice structure ensures compliance with the highest standards and regulations, maintaining its prestigious standing within the Grant Thornton International Ltd (GTIL) network.

About New Mountain Capital

New Mountain Capital is a New York-based investor focusing on long-term capital appreciation through business building and growth, with around $50 billion in managed assets. The firm targets high-quality growth leaders across selected sectors, working closely with management to enhance company value.

About CDPQ and OA Private Capital

CDPQ operates as a global investment group, managing funds for public pension and insurance plans, aiming for sustainable long-term returns. OA Private Capital, an investment advisory firm, collaborates with middle-market private equity firms in the U.S. and Western Europe on behalf of the DeVos family and other offices, focusing on private equity engagements, fund commitments, co-investments, and GP stakes.

Natalie Kimura
Natalie Kimura
Natalie Kimura is a business correspondent known for her in-depth interviews and feature articles. With a background in International Business and a passion for global economic affairs, Natalie has traveled extensively, providing her with a unique perspective on international trade and global market dynamics. She started her career in Tokyo, contributing to various financial journals, and later moved to London to expand her expertise in European markets. Natalie's expertise lies in international trade agreements, foreign investment patterns, and economic policy analysis.

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