KPMG LLP, the U.S. audit, tax, and advisory firm, this week announced it has expanded its restructuring capabilities through acquisition of the Supply Chain Advisory Services practice of Grant Thornton LLP, U.S. member firm of Grant Thornton International Ltd.
The acquisition strengthens KPMG's existing restructuring services practice in the automotive, pharmaceuticals, aerospace and defense, and other manufacturing industries by expanding current capabilities in financial and operational restructuring, supply chain advisory, supplier services, technology, and performance improvement, according to the company. The transaction also includes Grant Thornton's Vontik software system.
"As organizations continue to reinvigorate their focus on growth, they are facing unprecedented pressures to transform their finance and operations functions", said John Veihmeyer, chairman and CEO at KPMG LLP. "This acquisition will enhance KPMG's ability to help businesses address the four key drivers of business transformation: people, process, risk and control, and technology."
The transaction, which closed July 16, includes the addition of 23 highly-skilled, experienced professionals to KPMG. KPMG also will take over existing Grant Thornton LLP projects at select Fortune 500 companies, according to the company.
"As the already strong demand for large scale transformation and restructuring assistance continues to grow, this acquisition helps us provide the functional breadth and depth needed by large organizations across several key industry sectors", said Mark A. Goodburn, vice chairman and head of advisory at KPMG LLP. "It's also consistent with our continuing strategy to build superior large-scale transformation capabilities to serve the world's top organizations."
Adding these tactical, operational restructuring, and supply chain skills to KPMG's strategic market position is a great fit, and comes at the right time, according to Drew Koecher, partner and head of restructuring for KPMG LLP.
"With the addition of this group, we broaden and deepen our client base and add to our already extensive advisory capabilities to serve businesses as they transform their business models to be successful in this new economy", Koecher said.
About KPMG LLP:
KPMG LLP, the audit, tax, and advisory firm, is the U.S. member firm of KPMG International Cooperative. KPMG International's member firms have 140,000 professionals, including more than 7,900 partners in 146 countries.