International private equity firm, Cinven, today announces that it has reached an agreement to make a majority investment in Grant Thornton UK (‘Grant Thornton’ or ‘the Company’), one of the leading diversified professional services firms offering audit, tax and advisory services in the UK. Grant Thornton’s UK Partner base will remain invested in the business as a significant shareholder alongside the Cinven funds.

Grant Thornton is one of the oldest professional services firms in the UK, dating back to 1904, and today is one of the UK’s largest accounting and advisory services firms. Led by over 240 partners and with more than 5,500 employees across over 20 offices in the UK, the firm serves a wide and diverse client base focused on medium and large corporates, government organisations and individuals.

The investment by the Cinven funds draws on the firm’s deep expertise in Financial and Business Services and reflects its strong conviction about Grant Thornton’s leading platform and prospects for sustained growth. The professional services and advisory market is an attractive and resilient sector, supported by increasing client demand. Grant Thornton has delivered consistent, through-cycle performance and has a significant opportunity to drive further growth in response to evolving client needs.

Cinven’s Financial Services and Business Services Sector teams have collaborated closely on the investment in Grant Thornton, identifying it as a compelling primary opportunity underpinned by a number of attractive characteristics, including:

• Leading provider of professional services to the mid-market and beyond: Grant Thornton is a key player among the UK “Big 6”, boasting a high-quality platform serving a diverse blue-chip client base and a significant public sector practice. With an impressive product mix spanning audit, tax, and a broad array of advisory services, the Company is well positioned to deliver robust growth and capture further market share.
• Highly diversified offering with significant opportunities to drive sustained growth: Grant Thornton benefits from strong competitive differentiation, with a strong brand and diverse business lines. The Company is well positioned for sustained future growth as its clients require more advice on the ever-evolving regulatory, tax and policy landscape, and corporate focus on areas including risk management, cyber and ESG continue to grow, where Grant Thornton can provide valuable support and advice to its clients.
• Leading ability to attract, develop and retain talent:  Grant Thornton is led by more than 240 partners and over 5,500 talented professionals and is recognised as one of the UK’s leading employers with a strong commitment to talent development.
• Strong commitment to high-quality client service and audit standards: Grant Thornton offers a differentiated client proposition, built around quality of service, strength of relationships and focus on maintaining the highest industry standards.
• Leading role in the global Grant Thornton International Network: Through its commitment to the Grant Thornton International Network,Grant Thornton combines global scale with local insight and an understanding of 150 markets.

Maxim Crewe, Partner and Head of Cinven’s Financial Services Sector team, and Rory Neeson, Partner and Head of Cinven’s Business Services Sector team commented:

“Cinven is delighted to be making this investment in Grant Thornton, one of the UK’s leading accounting and advisory services firms. Through this process we have been hugely impressed by the strength of the business, calibre of its Partner group and its unwavering commitment to delivering client excellence with high audit standards. Cinven has extensive experience of successfully investing in people-based professional service providers such as Alter Domus, Miller and CPA Global, and we see significant opportunity to support the business in meeting the growing needs of clients, including through investing in technology-enablement, attracting and developing top industry talent and supporting the development of the Grant Thornton International Network. We’re excited to be working with Grant Thornton’s industry-leading CEO, Malcolm, and the Partnership as we support Grant Thornton through its next phase of growth.”

Samy Jazaerli, Principal in Cinven’s Financial Services Sector team added:

“Accounting Services has been a priority sector for Cinven’s Financial Services team, and Grant Thornton’s strong brand, broad product offering, blue-chip customer base, and successful track record set it apart in the UK market. Drawing on our significant experience of partnering with management teams to accelerate the growth of high-quality companies and our strong presence in the UK and internationally, Cinven is well placed to support the acceleration of the Company’s strategy and maintain its growth momentum.”

Malcolm Gomersall, CEO of Grant Thornton UK said:

“This investment in our business is a testament to the hard work of everyone at Grant Thornton UK and the exciting opportunity that lies ahead. Cinven’s proactive and thoughtful approach to partnering with management teams, the value they place on culture and their articulation of how they could reinforce and enhance our commitment to audit quality was a key differentiator in our decision to partner with them. I look forward to working with the Cinven team to continue the firm’s strong growth trajectory.”

The transaction is subject to Partner ratification, regulatory approvals and customary closing conditions.

Grant Thornton was advised by Rothschild (M&A), DLA Piper (Legal), LEK (Commercial) and EY (Financial & Tax).

Cinven was advised by Goldman Sachs International (M&A), Freshfields (Legal), Oliver Wyman (Commercial), EY (Financial & Operations) and Deloitte (Tax).

• New joint ownership will support Max Matthiessen in fulfilling its accelerated international growth plan both organically and through acquisitions
• With its CAD 13 billion financial services private equity portfolio, Ontario Teachers’ will bring additional value creation capabilities and experience in building international insurance distribution and wealth management companies
• The transaction will allow Nordic Capital to further fuel Max Matthiessen’s development, based on the strong platform created over the last four year

Ontario Teachers’ Pension Plan (“Ontario Teachers’”), a major global institutional investor, and Nordic Capital, an experienced Financial Services private equity investor in Northern Europe, today announced an agreed new co-control ownership for Max Matthiessen (“Max Matthiessen” or “the Company”), a leading financial advisor for pensions, insurance and investments in the Nordics.

The new ownership will support the Company’s continued growth and international development. Both investors have a shared vision for Max Matthiessen’s next phase and can draw upon a strong track record of building successful international insurance distribution and wealth management companies.

Max Matthiessen provides pension, insurance and wealth management solutions for employers, entrepreneurs and individuals. It offers advice, analysis, administration and procurement of pension and insurance products as well as investment and asset management solutions. Founded in 1889, Max Matthiessen is headquartered in Stockholm, Sweden and has more than 800 employees at 45 locations across the Nordic region, serving over 18,000 corporate clients. The Company is also committed to sustainable investments, providing its clients access to high-quality ESG-focused products.

With its strong management team and established position as a leading, integrated employee benefits and risk platform, Max Matthiessen is well-placed to build on its growth momentum. This acquisition enables the Company’s further access to long-term capital and sector expertise to accelerate its expansion into international markets both organically and through acquisitions.

Iñaki Echave, Senior Managing Director and Head of EMEA Private Capital at Ontario Teachers’, said: “We are excited to back Max Matthiessen’s management team. Our joint ambition is to consolidate Max Matthiessen as the leading insurance and financial services company in the Nordics, accelerating its growth both in its current markets and verticals, and through synergistic acquisitions. We will leverage our deep expertise in wealth management and insurance services to help the company expand into new markets and adjacent segments, invest in technology and product development, and further enhance its ambitious sustainability programme. We look forward to partnering with Team Max Matthiessen, who share Ontario Teachers’ passion for helping people achieve financial security over the long term.”

Emil Anderson, Partner and Co-Head Financial Services, Nordic Capital Advisors, said: “Nordic Capital is enthusiastic to invest further in Max Matthiessen together with Ontario Teachers’ to allow the company to continue to scale its business model and build on market dynamics in its segment. In 2020, Nordic Capital invested in Max Matthiessen to realise its potential by scaling the Company’s platform, driving growth through investing in the team, modernising the product offering to benefit the individual customer, and exploring selective international acquisition opportunities. Today, Max Matthiessen has strong consistent growth, a platform providing a comprehensive end-to-end solution and a sustainable product offering that attracts a much broader audience. Max Matthiessen is now poised for its next phase of continued international growth, delivering outstanding services to its customers.”

Jacob Schlawitz, CEO, Max Matthiessen said: “We are excited to have Ontario Teachers’ backing the next phase of our development alongside Nordic Capital. This partnership underscores our commitment to putting clients at the heart of everything we do. We are grateful for Nordic Capital’s support, together we have reached significant milestones — expanding our client offerings, driving sustainability, entering new markets, all while staying focused on delivering value to our customers. At the same time, we have been strategically investing in our future by enhancing client value and developing talent, ensuring the company is well-positioned for sustained growth and success. With Ontario Teachers’ joining this partnership, we are excited to leverage their expertise to expand our reach and thereby serve even more clients across both the Nordics and internationally.”

Ontario Teachers’ will acquire a co-control stake in Max Matthiessen through its Private Capital division. Nordic Capital initially invested in Max Matthiessen in 2020 and will now invest via Nordic Capital XI, following the exit of its initial investment through Nordic Capital IX.

Insurance and financial services are a core sector of focus for Ontario Teachers’, which has direct investments in the sector worth more than CAD 13 billion. The Private Capital team at Ontario Teachers’ has made 14 investments in financial services companies globally, 12 of which it has led or co-led. Recent transactions in the sector include Ontario Teachers’ acquisitions of 7iM, a leading UK wealth and investment manager; European trading and savings platform TradeRepublic; Diot-Siaci, a leading independent European insurance broker operating worldwide; and Westland Insurance Group, one of the largest independent insurance brokers in Canada, through portfolio company, BroadStreet Partners.

With a dedicated sector-focused team, Nordic Capital is an experienced private equity investor in Financial Services in Northern Europe. It focuses on fast growing segments with strong underlying fundamentals such as Savings and Wealth Management, Banking & Lending and P&C Insurance. Over the last six years, Nordic Capital has completed 18 transactions within financial services and financial technology and has deployed EUR 3.3 billion of equity capital in the sector to date. Its current Financial Services portfolio generates EUR 1.3 billion of revenues and employs over 3,200 people. Nordic Capital has achieved success in this sector to date, having developed thriving companies including Max Matthiessen, Nordnet, NOBA, RiskPoint and Qred.

Terms of the transaction were not disclosed. The investment is subject to customary regulatory approvals and expected to be completed in H1 2025.Houlihan Lokey acted as leading financial sell side advisor.

Contact Details

Ontario Teachers’
Henrietta Dehn / Alisha Prakash
Email: media@otpp.com

Kekst CNC
Email: OTPP@kekstcnc.com

Nordic Capital
Katarina Janerud
Communications Manager, Nordic Capital Advisors
Tel: +46 8 440 50 50 e-mail: katarina.janerud@nordiccapital.com

About Ontario Teachers’ Pension Plan
Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is a global investor with net assets of CAD 255.8 billion as at June 30, 2024. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 340,000 working members and pensioners.

Our more than 450 investment professionals operate in key financial centres around the world and bring deep expertise in a broad range of sectors and industries. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.3% since the plan’s founding in 1990. At Ontario Teachers’, we don’t just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com and follow us on LinkedIn.

About Nordic Capital

Nordic Capital is a leading sector-specialist private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and Service & Industrial Tech. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested EUR 26 billion in close to 150 investments. The most recent entities are Nordic Capital XI with EUR 9.0 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway, and South Korea. www.nordiccapital.com.

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

About Max Matthiessen

Max Matthiessen, founded in 1889, is one of the leading financial advisors within pensions, insurance and investment in the Nordic region. They offer expert advice and guidance on savings, benefits, and insurance to companies and their employees, as well as to private individuals. Their team of advisors, brokers, administrators, and specialists supports businesses and individuals with procurement, analysis, packaging, advisory services, and the administration of top-tier savings and insurance solutions available in the market. Today, the company employs approximately 800 people across Sweden, Denmark and Norway.