Grant Thornton US and UK vie for German affiliate

Accounting giant Grant Thornton's UK and US entities are currently engaged in a competitive bid to acquire their German counterpart.

Grant Thornton Germany is evaluating offers from both the American and British branches, reported the Financial Times (FT), citing sources.

The US arm of Grant Thornton has been expanding since selling a majority stake to a consortium led by New Mountain Capital in 2024, marking the largest private equity takeover in the accounting sector.

This move initiated an acquisition spree, including the network's Irish firm in October 2025 and an attempted, but unsuccessful, bid for Grant Thornton UK, which instead partnered with Cinven.

The contest for the German firm is indicative of a broader trend, with similar battles expected for other national member firms.

Grant Thornton firms in Spain and India have also shown openness to acquisition, with the Indian arm Grant Thornton Bharat confirming it.

FT quoted Grant Thornton Bharat CEO Vishesh Chandiok as saying: "We are open to acquiring a material interest in our US or UK firms as and when their private equity owners decide appropriate."

Grant Thornton US has already secured deals with member firms in the UAE, the Channel Islands, Luxembourg, and the Netherlands.

These acquisitions occurred after the UK firm showed interest in the UAE and Channel Islands entities, as per two people familiar with the matter, the news publication stated.

Global accounting networks typically consist of locally owned firms sharing a brand and quality standards.

However, the influx of private equity is transforming the industry, with one-third of the top 30 US firms having been acquired by financial buyers within four years, heighted the publication.

Grant Thornton US has pioneered the consolidation of international sister firms, offering them access to the US market and large American multinationals.

Despite this, some firms may prefer aligning with Grant Thornton UK to avoid becoming a subsidiary of a larger US group, according to one source who is familiar with Grant Thornton UK’s pitch.

According to the FT report, Grant Thornton UK said: “As the two largest member firms within the Grant Thornton International network, the UK and US firms remain closely aligned and committed to the wider growth of the network.”

It is also said to have stated that it would not comment on the “strategic choices member firms make or the options they explore”.

Grant Thornton Spain, Grant Thornton Germany, GT Channel Islands, and GT UAE have not provided comments on the ongoing discussions, added the report.