Grant Thornton has announced it will acquire Stax, a leading strategy consulting firm serving private equity clients worldwide. What does this deal mean for the consulting industry and the future of PE-focused advisory?
In this conversation, Jenny Rae sits down with Paul Edwards, Global Practice Lead at Stax, to unpack the acquisition.
They discuss Stax’s growth journey, cultural DNA, and how the partnership with Grant Thornton will impact clients, consultants, and the broader market.
Additional Resources:
- Read the official PR release
- Explore open roles at Stax
- Get case interview ready with Black Belt
Grant Thornton Acquires Stax (Transcript)
I'm Jenny Rae Le Roux, and I'm really excited today to do just a quick hit on a very exciting piece of news in the consulting industry, and that is that Stax will be joining Grant Thornton.
Today I'm joined by Paul Edwards. Paul, I’ll give you a chance to introduce yourself, and then we'll dive into a couple of questions. Everybody’s here because they want to know a little bit about the deal, how it went down, and what to look for next. So welcome to the pod, tell us a little bit about you, and let's talk about Stax.
Meet Paul Edwards
That's great, thank you. As you mentioned, I’m Paul Edwards, Global Practice Lead here at Stax. I joined Stax in 2005, so I've definitely seen our evolution through a front-row seat and hopefully been part of some of the building over that 20 years.
As you mentioned, exciting news last week about our merger and partnership with our friends at Grant Thornton.
The Role of Global Practice Lead
Amazing. Well, we want to dive into some questions, but first, tell us what a global practice leader is. One of the things about consulting firms is that we like to make stuff up, including titles and roles. So what does that actually mean that you do for Stax?
It is a very made-up title. You're absolutely right. A good way to think about it is almost like Chief Strategy Officer. Really, it’s about trying to better understand ways in which we as a business can evolve our products, our markets, and our customers—putting ourselves in a better place to do better work for the people that we serve. By doing so, hopefully making for a broader and better experience for our people as well. That’s been my focus for the last two or three years.
Catching the Private Equity Wave
So, you caught the wave early in 2005. What was it that you saw then? There was a vision with Stax that’s becoming realized through this transition.
I was the third or fourth person to join our then Cambridge, Massachusetts office. We were serving a variety of corporate clients as well as portfolio companies and a nascent private equity practice.
Our founder, Rafi Musher, thought private equity was a really good thing for us to expand into. Traditional consulting models weren’t well equipped to serve the needs of private equity. Even back then, PE needed data-driven work, speed, and original research—critical for making decisions in constrained timeframes.
From the ground up, we built a business designed to work at the pace of private equity. That gave us an advantage, even at smaller scale, because we weren’t carrying slower or broader products. From those early beginnings, we expanded our products, delivery platform, geographies, and client base. But we’ve always retained the mindset of being a boutique and an insurgent—taking what’s normal and improving it. That’s been a hallmark of our business for decades.
Sector Expertise and Expansion
Over your two decades with Stax, can you mention anything specific that’s evolved?
When I joined, we were a boutique with an insurgent mindset. And today, we are still a boutique with an insurgent mindset. If you walk into a Stax office 20 years ago or today, it should feel the same. It’s good people doing good work for good people, challenged by some of the smartest minds in corporate America, with a can-do attitude to serve private equity.
Back then it was small teams focused on sharp, data-driven diligence. Today we’ve scaled globally, expanded sector expertise, and doubled down as the market has evolved.
Our major practice areas include business services, financial services, marketing services, software, healthcare, industrials, and consumer/retail. Last week we also formalized the launch of our government and education practice, reflecting growth in GovTech and EdTech.
Why Grant Thornton
Sounds like you had many opportunities to meet with different organizations. Why was Grant Thornton the right partner for you?
Our evolution has mirrored private equity’s trajectory. It’s moved from transactional diligence to value creation, from Excel to PowerPoint, from general to subsector-focused. There’s still the expectation of rigor, actionable insights, and speed—but we’ve broadened our offer while preserving an entrepreneurial culture.
With Grant Thornton, we saw strong similarities—not just in the client base but in how they serve clients. They have the same insurgent mentality and desire to change the way things are done. They want to do more for current clients, and that’s where we fit.
The partnership gives us scale, brand, and a broader platform, but in a way that amplifies Stax’s strengths instead of reducing them. That was the attraction.
Culture and People Going Forward
Let’s talk about the next steps for your people and culture. Do you expect to grow at the same pace?
This is what excites me most. It’s the opportunity to scale our culture without losing what makes us special. We’ve thrived on an entrepreneurial, roll-up-your-sleeves mindset where people grow quickly and make an outsized impact.
Grant Thornton shares that mentality. Joining them means broader career paths, more resources, global reach, and more office locations, while still preserving the Stax DNA. Ideally, it gives our team more opportunities and lets us collaborate across disciplines to deliver bigger solutions for clients.
Client Experience
From a client’s perspective, how will the experience change?
For clients, it will be business as usual. They’ll see our seniors and product leads collaborating more at the client interface, bringing more to bear. But our team will still deliver our work, and vice versa.
The biggest opportunity is combining Stax’s field and sector expertise with Grant Thornton’s breadth of capabilities. Private equity isn’t just looking for discrete engagements anymore—they want horizontal, long-term relationships across the investment lifecycle. Together, we can cover diligence, growth, and exit.
Final Advice
As we wrap today, you’re living the dream for some people: build something, sell it, and continue building it. Any advice for those earlier in the journey?
Remember that professional services is client-centric and people-centric. You have to evolve to meet client needs. And you must give your people the best opportunities to grow and succeed.
Whether you’re a five-person office in Cambridge or a multi-billion-dollar business, those principles don’t change.
Closing
Awesome. Well, congratulations to your whole team. Lots of work ahead, but we’re excited for you and to continue sharing your journey with the consulting community.
Thank you for your time.