The consultancy firm’s 250 partners received an extraordinary bonus of 39 million GBPs
Cinven signed the closing for the acquisition of management consultancy firm Grant Thornton UK without disclosing further details for such a deal that announced in December 2024 (press release). Previous press reports said that the fund carried on the transaction on the ground of an enterprise value of 1.5 billion GBPs. The consultancy firm will implement a new business model and said it paid its 250 partners an extraordinary bonus of 39 million.
Each partner received an extraordinary payment of 0.682 million (+6%) even though the deal with Cinven eroded Grant Thornton UK income from consultancy fees and net profits.
The firm said that in 2024 it generated revenues of 724 million (+11% from 2023 654 million) and operative profits of 147 million (+0.4% from 146 million) while it targets income of one billion for the next years with the support of M&A deals.
Malcolm Gomersall, ceo of Grant Thornton UK, said: “Our firm’s 2024 performance has been amazing. On the financial side, we consolidated our track record of the past four years and grew sustainably. From a cultural perspective, we continued to invest in our culture of daily inclusion and our constant focus on quality. Operationally, we expanded our partnership and people base and adopted new technologies to better serve our customers. The momentum we have generated in recent years positions us strongly for 2025 and beyond as we open a new chapter in our company’s history with our partnership with Cinven. The unanimous decision of our partners to make our partnership model fit for the future through an external equity investment by Cinven shows how enthusiastic we are about the evolution of the business model and demonstrates the alignment of the partners and our staff in their commitment to achieving both short-term and long-term growth”
Maxim Crewe, a Cinven partner that heads the financial services unit, added: “Cinven is delighted to make this investment in Grant Thornton, one of the UK’s leading accounting and advisory services firms whose strength, the calibre of its partner group and unwavering commitment to client excellence with high audit standards hugely impressed us. Cinven has extensive experience in successfully investing in professional services and we see a significant opportunity to support Grant Thornton in meeting the growing needs of clients, including investing in technology enhancement, attracting and developing the best talent in the industry and supporting the development of its International Network. We are excited to work with Grant Thornton’s industry-leading CEO Malcolm and the partnership as we support their next phase of growth.”
