Grant Thornton LLP has offered its public sector advisory observe to Guidehouse, a consultancy owned by non-public fairness fund Veritas Capital.
The transfer is a part of Chicago-based Grant Thornton’s technique of divesting a few of its observe niches to focus extra on audit, tax and advisory providers. Guidepost will likely be gaining professionals in Washington, D.C. and different cities who’ve expertise offering federal, state and native governments with finance, human-capital administration, data know-how, information analytics and efficiency administration providers.
“Grant Thornton continues to speed up its progress by delivering the highest-quality options and a peerless expertise to our shoppers,” mentioned Grant Thornton CEO Seth Siegel in an announcement Monday. “The divestiture of our public sector advisory observe is well-aligned with our technique and can improve our price to shoppers by sharpening the agency’s deal with our built-in choices throughout audit, tax and advisory providers, the place we see vital progress alternatives. Moreover, we’ll additional improve our capital place, strengthen the agency’s quality-focused market place and create compelling alternatives for our colleagues.”
Monetary phrases of the deal, which is anticipated to shut within the second half of the yr, weren’t disclosed. Grant Thornton ranked No. 7 on Accounting Right this moment’s 2022 listing of the Prime 100 Companies, with over $1.9 billion in annual income.Â
The deal additionally comes at a time when accounting corporations are seeing a wave of capital from non-public fairness corporations, with corporations corresponding to EisnerAmper, Citrin Cooperman, Cherry Bekaert, Schellman and others receiving funding from the PE business.
Guidehouse gives consulting providers to each the general public sector and personal sector, specializing in administration, know-how and threat consulting. The agency has greater than 13,000 professionals in over 50 places around the globe. Grant Thornton anticipates roughly 1,000 of its professionals will transition from Grant Thornton Public Sector Advisory to Guidehouse.
“We’re excited to welcome our new colleagues to Guidehouse, constructing on the energy of our mannequin, continued innovation, and driving the very best outcomes for our shoppers,” mentioned Guidehouse CEO Scott McIntyre in an announcement. “This transaction aligns to our technique to increase experience and capabilities in help of our shoppers’ most urgent challenges. With this strategic mixture, we anticipate experiencing alternatives for each vital progress and development for our colleagues.”