Grant Thornton on Wednesday said it will buy CBIZ in a $5 billion deal that’s slated to create the fifth-largest tax, advisory and professional services company in the U.S. In a Wednesday news release, Grant Thornton officials said the merger would create a “multinational platform” that would generate $7.5 billion in revenue across 20 countries and territories. In May 2024, Grant Thornton said it took a “significant growth investment” from PE firm New Mountain Capital. “I wonder if Grant Thornton knows what they’re getting themselves into by absorbing what CBIZ absorbed when they bought Marcum,” McKenna said. Given private equity’s big-ticket investments in accounting firms over the years, it’s unlikely consolidation in the sector will slow down, Castonguay said.