Grant Thornton Sells US Firm Stake to New Mountain Capital (2)

New Mountain Capital LLC has bought a stake in Grant Thornton LLP, the seventh largest US accounting firm, as private equity interest in the industry builds.

Once regulators approve the transaction, Grant Thornton’s US auditing practice will continue to operate as an LLP while Grant Thornton Advisors LLC will provide consulting and other services, the firm said Friday in a joint statement with New Mountain Capital.

Grant Thornton said the investment would allow the firm to accelerate its strategy of technology-led audit and tax services. The US firm reported $2.4 billion in revenue for its latest fiscal year and ...