Grant Thornton Advisors LLC has announced an agreement to acquire Stax, a Boston-based strategy consulting firm. Stax specializes in commercial due diligence, value creation and exit-planning services for private equity firms and their portfolio companies.
The acquisition is aimed at strengthening Grant Thornton’s transaction advisory services by incorporating Stax’s expertise in buy- and sell-side M&A diligence. Stax, a firm with a 30-year history, utilizes a data-driven approach to provide clients with growth strategies and value-creation initiatives. Upon completion of the transaction, Stax's approximately 300 employees are expected to join Grant Thornton Advisors.
This move will combine the two firms' client bases, creating a practice that services nearly 70% of the U.S.-based Private Equity International 300. Grant Thornton currently maintains relationships with over 600 private equity firms, including 60% of the top 10 global PE firms by total equity.
The acquisition is the latest in a series of transactions for Grant Thornton Advisors since it established a new multinational platform in January 2025, backed by an investor group led by New Mountain Capital. The platform has since added firms in Ireland, the UAE, Switzerland, the Netherlands, Luxembourg and the Cayman Islands, as well as the U.S.-based outsourcing and business modernization firm Auxis last month.
"With this bold move, we’re taking our platform to new heights — combining Stax’s top-tier talent with our own industry-leading professionals, while broadening our offerings and further elevating our tech capabilities,” said Jim Peko, CEO of Grant Thornton Advisors.
Tom Puthiyamadam, managing partner for Advisory Services at Grant Thornton Advisors, added that the combination is designed to "unlock strategic value at every stage of the investment lifecycle."
For Stax, the deal offers an opportunity for increased scale and reach. "As part of Grant Thornton Advisors, those characteristics will endure — but with far greater scale, speed and amplification of our impact," said Jayson Traxler, CEO of Stax.
Andre Moura and Nikhil Devulapalli, managing directors at New Mountain Capital, commented on the strategic fit, stating, "Stax’s world-class commercial diligence and value-creation capabilities are highly complementary to Grant Thornton Advisors’ scaled transaction advisory offering."
The transaction is expected to close in 2025, subject to customary closing conditions. Financial terms of the deal were not disclosed.
SOURCE: Grant Thornton
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