Grant Thornton unites firms in US, UAE, Luxembourg, Cayman

Grant Thornton Advisors is merging together more of the international firms in its network, adding firms in the United Arab Emirates, Luxembourg and the Cayman Islands to the January combination of its member firms in the U.S. and Ireland.

The private equity-fueled expansion comes after New Mountain Capital bought a majority stake in Grant Thornton last year, splitting it into an alternative practice structure, with Grant Thornton Advisors LLC becoming the name of the non-attest side while retaining Grant Thornton LLP as the name of the attest side for auditing. 

Grant Thornton UAE, Grant Thornton Luxembourg and Grant Thornton (Cayman) are now joining the multinational firm created by the earlier consolidation of Grant Thornton Advisors in the U.S. and Grant Thornton Ireland. The deals will bring more than 1,000 people to GT’s platform across all the firms and add nearly $150 million in annual revenue on top of GT’s existing annual revenue of $2.7 billion. The expansion will create a team of more than 13,000 professionals across more than 50 offices in the U.S., Ireland, the United Arab Emirates, Luxembourg, the Cayman Islands and other territories.

Grant Thornton Advisors CEO Jim Peko will continue to lead the combined firm, while the existing leadership in the newly added firms will continue to head their own geographies.

“Scaling our offerings and footprint underscores our focus on advancing a combined platform, with multinational experience and exemplary quality,” Peko said in a statement Wednesday. “In a fast-moving business environment, clients need trusted advisors that deliver high-quality and innovative solutions across dynamic high-growth sectors and geographies. Our focus is on creating a world-class client experience.”

“This marks an exciting new chapter for Grant Thornton UAE — unlocking greater expertise, technology and insights to deliver even more value to our clients and accelerate growth in the UAE and beyond,” said Grant Thornton UAE CEO Hisham Farouk in a statement. 

The transactions with Grant Thornton Luxembourg and Grant Thornton (Cayman) are still subject to regulatory approvals and other closing conditions.

“This move enhances the Grant Thornton experience for our clients and our people,” said Dara Keogh, managing partner of Grant Thornton (Cayman), in a statement. “Today’s top international asset management and insurance companies expect their service providers to be more aligned to their businesses. Being part of a larger platform provides us with multinational resources and know-how that are unique among our peers.”

“Today marks a pivotal milestone for Grant Thornton Luxembourg,” stated Ralph Bourgnon, a partner and board and management committee member at Grant Thornton Luxembourg. “It not only fuels our momentum and gives our professionals unique and exciting opportunities, it also bolsters our technology resources, access to solutions for the local market and across many regions, and expertise spanning financial hubs.”

Grant Thornton’s U.K. firm is also reportedly mulling the possibility of selling a stake to private equity investors.

“This platform is unlike any other in the accounting and consulting industry — delivering a singular experience and exceptional quality,” said Andre Moura, managing director of New Mountain Capital, in a statement. “We look forward to supporting Grant Thornton Advisors in bringing together additional service providers in our united, global structure.”

Grant Thornton isn’t the only international network that has member firms consolidating. Last October, the U.S. and U.K. firms of RSM International announced plans to combine by the end of 2025. KPMG is also reportedly looking to combine many of its member firms around the world, reducing the number from over 120 in 2023 to between 30 and 40 by the end of 2026, according to the Wall Street Journal, and last year its U.K. and Swiss firms merged into a $4.4 billion firm.