Grant Thornton
PE-Owned2 Documented ImpactsSixth-largest accounting firm in the US. New Mountain Capital acquired majority stake in 2024 — first major PE acquisition of a top accounting firm
Ownership Information
Grant Thornton is owned by New Mountain Capital. Private equity ownership often leads to cost-cutting, price increases, and reduced quality of service as firms prioritize returns for investors over customers and employees.Learn more about PE ownership impact →
Timeline
Grant Thornton founded
Auditor independence concerns as PE firms acquire accounting firms
New 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.
Audit and advisory fees expected to rise as PE consolidates accounting
Industry 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
Wall Street Journal →Before vs. After PE Acquisition
Projected audit fee increase
Reported 2025
Before PE
Market rate
After PE
15-25% higher
↑ 20%
Tracked Locations
CA (1)
Los Angeles
446 Main St
Los Angeles, CA 90001
555-883-3752
FL (1)
Miami
3090 Main St
Miami, FL 33101
555-805-3915
OR (1)
Portland
5780 Main St
Portland, OR 97201
555-245-7756