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CVC Capital Partners, the private equity backer of Six Nations Rugby, has reportedly expressed interest in acquiring a controlling stake in Grant Thornton UK, according to Sky News.
The news comes after the Financial Times reported that Grant Thornton US had held discussions about acquiring both its UK and Irish affiliates last month, although the chances of such a deal happening were described this weekend as “slim”.
The accountancy group’s arm is expected to value at between £1bn and £2bn.
Sky News stated that CVC’s interest is of particular significance as it already owns Teneo, a professional services firm spanning public relations, political advice and financial restructuring, including company administrations and liquidations.
The latter part of the business was acquired from Deloitte in 2021, in part because of the increasing problem of disputes between the audit and consulting divisions of large accountants.
People close to the sale process for the UK arm of Grant Thornton told Sky News that the firm is seeking expressions of interest next month, and is open to considering a transaction that might include or exclude its audit division.
Sky News has also learnt that CVC is expected to face stiff competition from a “multitude of other private equity firms”, however.
A spokesperson for Grant Thornton UK LLP told Accountancy Today: “As all businesses do, we continually evaluate the external business and economic landscape and explore various avenues that will drive growth for our firm.
“This enables us to make informed decisions about what’s best for our people, our clients and our firm. We are not actively engaged in any such transaction. We are committed to remaining as a multi-disciplinary firm. We will not be commenting further on this matter.”
CVC has been contacted for comment.
