Accountancy and audit firms may not be usually known as the most exciting of sectors, but they’ve driven a whirlwind of deals in private credit markets this year.

A flurry of updates on transactions and sale processes came through the pipeline this week. We reported that Cinven and EQTEQT are in talks with direct lenders to back their bids for the hotly-contested sale of Grant Thornton’s UK arm. New Mountain Capital, which invested in Grant Thornton US earlier this year, is also in the running to acquire the company, with an all-equity bid.