Grant Thornton
Sixth-largest accounting firm in the US. New Mountain Capital acquired majority stake in 2024 — first major PE acquisition of a top accounting firm
- FOUNDED
- 1924
- OWNER
- New Mountain Capital
- IMPACTS
- 2 documented
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Editorial Record
maintained by DeathbyPE. Every claim links to a public source.Timeline
Grant Thornton founded
Auditor independence concerns as PE firms acquire accounting firms
HighQuality DeclineNew Mountain Capital's 2024 acquisition of Grant Thornton raised alarms about conflicts of interest. PE owners may pressure auditors to retain clients or avoid tough audit findings to protect revenue.
Private Equity's Push Into Accounting Raises Independence Fears
Audit and advisory fees expected to rise as PE consolidates accounting
MediumPrice IncreaseIndustry analysts predict audit fees will rise 15-25% as PE consolidation reduces competition among mid-tier accounting firms. Small businesses with limited options for auditors will be hardest hit.
The Private Equity Takeover of Accounting
Before / After
Projected audit fee increase
reported 2025
before Market rate
after 15-25% higher
+20%
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