Simpson Thacher is representing New Mountain Capital in connection with its announced significant growth investment in the non-attest business of Grant Thornton LLP (“Grant Thornton”), one of America’s leading providers of audit and assurance, tax, and advisory services. Following the closing of the transaction, which is expected in the second calendar quarter of 2024, Grant Thornton will operate in an alternative practice structure: Grant Thornton, a licensed CPA firm, will provide attest services and Grant Thornton Advisors LLC will provide business advisory and non-attest services. The transaction represents the largest investment by a private equity firm in the accounting industry to date.
Grant Thornton has a long track record of providing clients with the highest quality, differentiated services and is operating with significant momentum, having generated record revenues for its fiscal year ending July 31, 2023.
The Simpson Thacher team included Ben Schaye, Eilidh Reid, John (Jack) Larkin, Cathleen Ye and Sichen Zhang (M&A); Andrew Purcell and Adam Hersch (Tax); Andrew Blau, Linda Barrett and Hannah Daniels (Executive Compensation & Employee Benefits); Lori E. Lesser, Marisa Geiger, Corina Holland and Alysha Sekhon (Intellectual Property); Peter Guryan, Kelly Karapetyan, James Goldfeier and Jamie Logie (Antitrust); Toby Chun and Deepa Sarkar (Environmental); Christopher Brown, Benjamin Persina, Janhvi Barthwal and Alexandra Cullen (Finance & Credit); Abram J. Ellis and Christine Tillema (Regulatory); Mark B. Skerry, Samantha Sergent and Liam Murray (CFIUS); Krista B. McManus and Dennis J. Loiacono (Real Estate); Vanessa K. Burrows and Nawa Lodin (HIPAA); and Steven DeLott (Insurance).