Grant Thornton Closes Sale of Stake to Private-Equity Firm

Accounting firm Grant Thornton LLP has completed the sale of a large stake in the firm to private-equity firm New Mountain Capital LLC.

In addition, Grant Thornton announced that OA Private Capital, an advisory firm with ties to the family of former US Education Secretary Betsy DeVos, has made a minority equity investment in the firm.

Financial terms of the transactions weren’t disclosed, though Grant Thornton described the New Mountain investment as “significant.”

Grant Thornton’s US auditing practice will continue to operate as a limited liability partnership, while the newly created Grant Thornton Advisors LLC will provide consulting and other ...