Guidehouse to acquire public sector advisory practice of Grant Thornton
Guidehouse, a portfolio company of Veritas Capital, has agreed to acquire the public sector advisory practice of American audit, tax, and advisory firm Grant Thornton for an undisclosed price.
The acquisition adds to it a roster of professionals in Washington, D.C., and other American cities, said Guidehouse, which offers consulting services to the public sector and commercial markets.
According to Guidehouse, the professionals from Grant Thornton are experienced in catering to state, federal, and local governments with solutions in areas that cover finance, information technology, data analytics, human-capital management, and performance management.
Scott McIntyre — Guidehouse CEO said: “We are excited to welcome our new colleagues to Guidehouse, building on the strength of our model, continued innovation, and driving the best outcomes for our clients.
“This transaction aligns to our strategy to expand expertise and capabilities in support of our clients’ most pressing challenges. With this strategic combination, we anticipate experiencing opportunities for both significant growth and advancement for our colleagues.”
Grant Thornton to divest its public sector advisory practice to Guidehouse. Photo courtesy of Raysonho @ Open Grid Scheduler / Scalable Grid Engine /Wikimedia Commons.
For Grant Thornton, the sale of its public sector advisory practice will allow it to advance its growth strategy and concentrate on its integrated audit, tax and advisory offerings.
Seth Siegel — Grant Thornton CEO said: “Grant Thornton continues to accelerate its growth by delivering the highest quality solutions and a peerless experience to our clients.
“The divestiture of our Public Sector Advisory practice is well-aligned with our strategy and will enhance our value to clients by sharpening the firm’s focus on our integrated offerings across Audit, Tax and Advisory services, where we see significant growth opportunities.
“Additionally, we will further enhance our capital position, strengthen the firm’s quality-focused market position and create compelling opportunities for our colleagues.”
Guidehouse and Veritas Capital engaged Milbank LLP and Covington & Burling LLP as legal counsel for the transaction.
On the other hand, Deutsche Bank Securities is the exclusive financial advisor to Grant Thornton, while Morrison & Foerster LLP and Akerman LLP are the legal counsel for the divestiture.
The deal is likely to close in the latter half of this year.