Grant Thornton to add GT Netherlands

Milan Jaros/Bloomberg

The U.S. firm of Grant Thornton is adding Grant Thornton Netherlands to the multinational platform it launched earlier this year, in a deal that is expected to close later this year.

In January Grant Thornton Advisors combined with Grant Thornton Ireland, in its first step to create an integrated international firm. In late April it announced agreements with GT firms in Luxembourg, the United Arab Emirates and the Cayman Islands.

The platform is backed by an investor group led by private equity firm New Mountain Capital, which acquired a majority stake in Grant Thornton in March 2024, after selling a majority stake in Top 100 Firm Citrin Cooperman that it had acquired in 2021.

As a result of the PE investment, Grant Thornton took on the alternative practice structure that is common to those deals, with Grant Thornton Advisors offering non-attest services, and Grant Thornton LLP offering audit and assurance services. GT Netherlands' audit practice will join the latter.

The Dutch firm brings close to 800 professionals in eight offices to the platform's almost 13,000 team members in 60 offices. Its CEO, Marcel Blöte, will remain in his current position as head of that geography.

"Joining forces with Grant Thornton Advisors empowers us to deliver enhanced value for clients as a diversified platform poised for growth and expansion," Blöte said in a statement. "We'll be able to offer our people extremely attractive paths for career development, while maintaining our hallmark entrepreneurial culture and commitment to quality. Collectively, we will ensure our status as a top 10 firm in our market well into the future — one that can flexibly respond to a dynamic market and changing regulations."

"By uniting with preeminent high-growth firms such as Grant Thornton Netherlands, we've established a world-class service provider platform spanning multinational markets," said Jim Peko, CEO of Grant Thornton Advisors, in a statement. "We will continue to solidify our standing as the industry's destination of choice for clients and team members alike, providing a singular experience focused on quality and unparalleled service delivery."  

"We welcome Grant Thornton Netherlands to our expanded platform," said Steve Tennant, managing partner of Grant Thornton in Ireland, who leads international M&A on behalf of Grant Thornton Advisors, in a statement. "The Dutch firm brings complementary ambition and talent as we look to extend our capabilities, services and geographic reach to benefit our clients and our people."

"We're bringing the highest quality and fastest-growing firms together into one truly integrated global platform," said Andre Moura, a managing director at New Mountain Capital, in a statement. "Grant Thornton Netherlands is a perfect example of this — delivering the quality, expertise and industry specialization integral to the world-class client experience we're creating."

Grant Thornton isn't the only international network that has member firms consolidating. Last October, the U.S. and U.K. firms of RSM International announced plans to combine by the end of 2025. KPMG is also reportedly looking to combine many of its member firms around the world, reducing the number from over 120 in 2023 to between 30 and 40 by the end of 2026, according to the Wall Street Journal, and last year its U.K. and Swiss firms merged into a $4.4 billion firm.