American public accounting firm
Grant Thornton LLP is the American member firm of Grant Thornton International, the seventh largest accounting network in the world by combined fee income. Grant Thornton LLP is the seventh largest U.S. accounting and advisory organization. The firm operates 59 offices across the US with approximately 8,500 employees, 550 partners, and produces annual revenue in excess of US$1.9 billion.
History.
Early history.
In 1924, Alexander Richardson Grant, a 26 year old senior accountant with Ernst &amp; Ernst (later Ernst &amp; Young) decided to leave the firm and start his own business with William O’Brien. Alexander Grant &amp; Co. was built in Chicago and it provided services as a middle market firm. The firm was growing rapidly and nationally under the guidance of several new leaders during the next three decades.
In 1961, the company established its national office in Chicago and earned net revenue of more than $5 million. During this time, a competitive firm that was also committed to providing services to middle market established in Europe, and this firm later became known as Binder Dijker Otte &amp; Co. (BDO).
During the mid-1960s, the firm decided to expand its business internationally. In 1969, Alexander Grant &amp; Co. merged with companies from Australia, Canada and the United Kingdom to form an organization called Alexander Grant Tansley Witt.
By 1980, Alexander Grant &amp; Co. had joined with 49 international accounting firms, including a UK firm named Thornton Baker, and formed a professional global network, Grant Thornton International.
In 1985, Alexander Grant &amp; Co. merged with Fox &amp; Co. and became the ninth largest accounting firm in the United States, just behind the nation's "Big Eight" firms. At that time, the company had 80 offices and more than 3,000 employees.
In 1986, Alexander Grant &amp; Co. changed its name to Grant Thornton, resulted from its affiliation with the United Kingdom firm Thornton Baker, which also changed its name to Grant Thornton.
Recent history.
In 2002, Grant Thornton acquired 7 offices, 43 partners and 396 employees from ex-Arthur Andersen.
In June 2014, Grant Thornton announced J. Michael McGuire as the firm's chief executive officer.
In August 2019, Brad Preber assumed CEO duties of the firm.
As of 2019, Grant Thornton was the sixth largest accounting firm in the United States and had 59 offices with more than 550 partners and 7,000 employees. Its revenue for fiscal year 2018 was $1.7 billion.
In March 2020, Grant Thornton LLP teamed up with GroupSense to offer digital crime mitigation technology.
In March 2024, the company announced a deal where private equity firm New Mountain Capital would acquire a majority stake. At the time of the announcement, it was the seventh biggest accounting firm in the US, after the Big Four (Deloitte, EY, PwC, and KPMG), RSM, and BDO. The move came amid ongoing private equity interest in the accounting space, with Baker Tilly receiving investment of $1 billion from a different private equity group, Hellman &amp; Friedman, the prior month.
Operations.
Headquartered in Chicago, Grant Thornton LLP has three service lines: audit, tax, and advisory services. Specific advisory services and areas of expertise include: Sarbanes-Oxley compliance, mergers and acquisitions advice, tax, and business valuations. Target industries include construction, distribution, energy, financial services, food and beverage, healthcare, hospitality and restaurants, life sciences, manufacturing, not-for-profit organizations, private equity, real estate, retail, technology, and transportation.
Services.
Grant Thornton offers three main service lines:
Tax Desk.
Tax desks is developed by Grant Thornton US and it connects other member firms in different countries to help clients grow their business and solve their common problems in the global market. Grant Thornton US has established the desks between the United States and the UK, the United States and China, and the United States and Japan.
References.
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