Private equity firms eye potential Grant Thornton UK takeover bid
Private equity firms are considering making a bid to acquire Grant Thornton UK, the sixth-largest accounting firm in the UK, with potential bids valuing the firm at around £1.5 billion.
A formal sale process could kick off as early as next month.
CVC and KKR are among the interested parties. Grant Thornton is said to be approaching firms directly about a potential sale, and a formal process is expected to begin next month, The Times reports.
Regulatory restrictions on audit firm ownership could complicate a deal, potentially requiring the ring-fencing of Grant Thornton’s audit arm.
The move follows Grant Thornton UK exploring a sale to private equity last month and its American counterpart selling a majority stake to New Mountain Capital in March. Private equity’s interest in professional services firms has grown in recent years, driven by the potential for consolidation and growth in the sector.