In a procedure that could value the UK firm at over £1.5 billion, News has learned that Cinven, EQT, and New Mountain Capital—the backer of Grant Thornton’s US business—have been eliminated.
According to insiders, Permira and Carlyle are no longer in the running, but they warned that the list could still alter.
About 200 equity partners in the UK will have a say in the transaction through Grant Thornton.
After a difficult time for its leadership, the company’s financial performance has improved. However, a £1.3 million punishment was issued for “serious failings” in it.
Mike Ashley started the sportswear conglomerate Ports Direct, which is currently referred to as Frasers Group.
The previous year, it was also fined £2.3 million for exhibiting a “serious lack of competence” in its work on Patisserie Holdings, the company that owned the now-defunct Patisserie Valerie coffee chain.
