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Private equity groups step up pursuit of white-collar partnerships

Accounting firms, consultancies and other professional services take outside cash to fund growth
Grant Thornton agreed to sell a majority stake to New Mountain Capital last week, the latest deal between private equity and an accounting firm

Private equity is accelerating its pursuit of consultancies, talent agencies and accounting firms, as it targets professional partnerships in one of the buyout industry’s last unconquered territories.

Two of the top-10 largest US accounting firms — Grant Thornton and Baker Tilly — have agreed to sell majority stakes to private equity in the past six weeks, and bankers and executives expect more deals to come.

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