Grant Thornton Germany for sale… GT US vs UK in a Bidding War

• Grant Thornton Germany, a €240 million+ revenue firm with deep roots in Europe’s largest economy, is up for sale.
• And Grant Thornton US and UK, both backed by private equity, are locked in a “fierce bidding war” to acquire it.
• Yes, as reported by the Financial Times, the rivalry is fierce!
• FYI: FT quoted Grant Thornton Bharat CEO Vishesh Chandiok saying…..

Wait, why is this even happening?

Grant Thornton operates as a network of independent member firms. They share a brand, collaborate, but each firm runs independently in its own country.

That model worked well for years…until the world changed!

Rising client expectations and pressure from clients seeking end-to-end global delivery and rapid tech adoption are revealing a serious strain on the existing structure.

Enters…Private Equity

In 2024, Grant Thornton US sold the majority of its stake to PE firm New Mountain Capital.

With billions to deploy, Grant Thornton US strategy is clear:

“Acquire key firms across the network.

Merge operations.

Standardise everything.

Build a global advisory juggernaut.”

Here’s what happens next…

Grant Thornton US, riding the PE wave, has gobbled up firms across Europe and the Gulf

It started with Grant Thornton US acquiring the advisory and tax business of Grant Thornton Ireland.

This gave birth to something new, the Grant Thornton Multinational Platform.

In just six months, the platform added:

• Grant Thornton UAE
• Grant Thornton Netherlands
• Luxembourg
• Cayman Islands

And in June 2025:

• Switzerland & Liechtenstein  (220 professionals)
• Channel Islands (Jersey & Guernsey) 300 professionals

(This isn’t a traditional merger: Only advisory and tax services are combined)

Then came the audacious move…

Grant Thornton US tried to buy Grant Thornton UK.

But….

Grant Thornton UK slammed the door, rejected a buyout offer from Grant Thornton US and brought in its own PE backer, Cinven.

Yes, sparking a fierce rivalry!

Now the battlefield has shifted to Germany

Traditionally, GT member firms or as they call them, GT Sister firms, operated as collaborative peers.

Now, under PE pressure (and billions at stake), they’re competing like rivals trying to outbid each other for control of member firms.

And that is what GT US and UK are doing – fighting for Germany.

Germany isn’t just any market — it’s Europe’s economic engine and a hub for multinationals. (Germany is the third-largest economy in the world!)

This acquisition would give the buyer full control and access to a highly profitable and strategically located firm.

If GT US or GT UK wants to build a serious global platform, Germany is non-negotiable.

Also read: Grant Thornton Bharat eyes Private-Equity stake sale?

Grant Thornton Germany revenue (€ Millions)

Wrapping up…

According to the Financial Times, GT firms in Spain and India are watching closely, and some are even open to being acquired.

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.”

FAQs

Q: Is Grant Thornton backed by private equity?

Yes, Grant Thornton has received private equity backing across several regions.

• In the U.S., it sold a 60% stake in its advisory arm to New Mountain Capital in 2024.
• In the U.K., private equity firm Cinven acquired a majority stake in 2024.
• Grant Thornton Ireland also received PE funding from New Mountain to support partner buyouts.

Q: Is Grant Thornton Bharat (India) planning to raise private equity money?

Grant Thornton India (Grant Thornton Bharat) is open to the idea of selling a minority stake to private equity.

The firm needs the external funding to fuel its aggressive growth strategy, which includes technology upgrades and mergers.

However, CEO Vishesh Chandiok told Financial News London that there’s no formal mandate currently.