October 4, 2022

RB Group

Business Service

Grant Thornton sells public sector advisory practice to PE

Grant Thornton LLP has sold its community sector advisory practice to Guidehouse, a consultancy owned by personal fairness fund Veritas Funds.

The shift is part of Chicago-centered Grant Thornton’s approach of divesting some of its exercise niches to emphasis a lot more on audit, tax and advisory expert services. Guidepost will be attaining pros in Washington, D.C. and other cities who have experience furnishing federal, state and regional governments with finance, human-capital administration, information know-how, data analytics and overall performance management solutions.

“Grant Thornton carries on to speed up its development by providing the maximum-high-quality alternatives and a peerless experience to our purchasers,” stated Grant Thornton CEO Seth Siegel in a statement Monday. “The divestiture of our general public sector advisory observe is nicely-aligned with our technique and will enhance our worth to clientele by sharpening the firm’s concentration on our integrated offerings throughout audit, tax and advisory expert services, exactly where we see sizeable expansion prospects. Furthermore, we will further increase our capital situation, improve the firm’s excellent-targeted current market posture and create compelling options for our colleagues.”

Grant Thornton

Financial conditions of the deal, which is anticipated to shut in the next 50 percent of the yr, ended up not disclosed. Grant Thornton ranked No. 7 on Accounting Nowadays‘s 2022 listing of the Top rated 100 Firms, with over $1.9 billion in yearly profits. 

The offer also arrives at a time when accounting corporations are viewing a wave of capital from personal equity corporations, with companies this kind of as EisnerAmper, Citrin Cooperman, Cherry Bekaert, Schellman and many others obtaining funding from the PE market.

Guidehouse delivers consulting expert services to both equally the public sector and private sector, specializing in administration, technological know-how and risk consulting. The firm has far more than 13,000 specialists in about 50 locations all over the environment. Grant Thornton anticipates around 1,000 of its gurus will transition from Grant Thornton Public Sector Advisory to Guidehouse.

“We are fired up to welcome our new colleagues to Guidehouse, developing on the toughness of our design, continued innovation, and driving the best results for our shoppers,” stated Guidehouse CEO Scott McIntyre in a assertion. “This transaction aligns to our strategy to develop know-how and capabilities in support of our clients’ most pressing worries. With this strategic blend, we anticipate encountering alternatives for both of those considerable progress and improvement for our colleagues.”