Twitter LinkedIn
    Friday, May 20
    Login
    0 Shopping Cart
    Twitter LinkedIn
    Private Equity InsiderPrivate Equity Insider
    • About Us
    • Digital Events
    • Our Network
      • Reach
      • Sponsors
      • Members
    Private Equity InsiderPrivate Equity Insider
    Home»Deals»Private equity moving in on KPMG’s restructuring division
    Deals

    Private equity moving in on KPMG’s restructuring division

    January 11, 2021Updated:January 11, 20212 Mins Read
    LinkedIn Facebook Twitter Email WhatsApp
    Share
    LinkedIn Facebook Twitter Email WhatsApp

    The sale of KPMG UK’s restructuring arm is reportedly progressing at pace, just months after the global leadership of Big Four rival Deloitte vetoed similar efforts in its own British wing. Prospective bidders for KPMG’s restructuring business apparently include private equity firms Intermediate Capital Group and Towerbrook.

    Last year, the UK’s audit watchdog of the Financial Reporting Council effectively moved to ban Deloitte, KPMG, EY and PwC from conducting advisory work for audit clients, and is implementing a new model known as operational separation to segregate the two aspects of the businesses. This fostered a belief among the Big Four that the conflicts issue will inhibit the growth of restructuring operations for as long as they are owned by them – triggering several notable flirtations with selling the practices off in 2020.

    While ultimately nothing came of Deloitte’s attempt to offload its restructuring wing, a potential sale of KPMG’s remains very much on the cards. According to the most recent reports from the British press, a heavyweight pack of private equity firms is currently circling with offers that could value the organisation at more than £400 million.

    Private equity moving in on KPMG’s restructuring division

    As reported by Sky News when the sale was first floated, the talks are understood to be being led by executives including Blair Nimmo, even as the coronavirus pandemic’s impact on the economy paves the way for a significant improvement in its financial performance. Lured by this prospect, Intermediate Capital Group and Towerbrook Capital Partners are understood to be preparing to lodge initial bids for the business ahead of a deadline later in January.

    At the same time, Permira, which holds a stake in Duff & Phelps – a professional services firm which also specialises in restructuring – had an approach for KPMG’s UK restructuring arm turned down in 2018, but may have revived its interest during the current sale process. Meanwhile, Duff & Phelps itself has separately been hinted as a potential bidder by market sources.

    Under plans shared with prospective bidders, three of KPMG’s top restructuring partners in the UK – Nimmo, Will Wright and Mark Raddan – would hold senior management roles following a deal. The news comes after KPMG’s restructuring arm handled a number of prominent insolvency processes during the Covid-19 crisis, including the administration of shopping centre group Intu Properties.

     

    Source: Consultancy

    Image Source

    Related

    Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.

    Bidding Restructure
    Share. LinkedIn Facebook Twitter Email WhatsApp

    Related Posts

    Moneyball genius Billy Beane and RedBird private equity firm considering bid to buy Chelsea from Abramovich

    March 7, 2022

    Brookfield, Sequoia Capital China partner on ‘new economy’ infrastructure

    January 21, 2022

    Star on alert as Blackstone ups Crown bid

    November 19, 2021

    Unilever to Sell Lipton Tea Owner to CVC Capital for $5 Billion

    November 18, 2021

    Comments are closed.

    Other Articles

    French company, PE firms in race to acquire Hexaware Technologies in $2.5 billion deal

    July 21, 2021

    Blackstone buys Crescent Capital’s Nucleus Network

    November 1, 2021

    KKR Adds Dinesh Paliwal As Partner In Global Private Equity Business

    March 11, 2021

    Mercer closes Mercer Private Investment Partners VI at over USD4.8bn

    February 2, 2022

    Private Equity Insider LLC
    1212 Avenue of the Americas
    New York City 10036
    USA

    [email protected]

    Twitter LinkedIn
    © 2022 Private Equity Insider LLC. All rights reserved.
    • About
    • Terms of Use
    • Cookie Policy
    • Privacy Policy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.

    View Cart Checkout Continue Shopping

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Lost password?