NEW YORK and DETROIT, May 6, 2014 (GLOBE NEWSWIRE) -- KPMG LLP, the U.S. audit, tax and advisory firm, has acquired a majority of the assets of BBK, a leading restructuring advisory firm. The transaction will expand KPMG's integrated transactions and restructuring services to help manufacturers and their suppliers in the automotive and industrial sectors address financial and operational challenges.
"This deal enhances KPMG's capacity to help clients navigate financial and operational challenges that continue to grow in scope, urgency and complexity," said Lynne Doughtie, Vice Chair for Advisory at KPMG. "Expanding KPMG's financial and operational services will help our clients inspire greater confidence among their stakeholders, improve overall performance, and mitigate risks. Those goals are at the heart of the value we provide and are very much aligned with the attributes BBK will bring to our firm."
Founded in 1977 with headquarters in Southfield, Mich., and professionals in California and Tennessee, BBK helps clients implement strategic, process-driven approaches to solve complex financial and operational challenges.
"Our strategy is focused on anticipating the challenges and opportunities that impact our clients, while ensuring that we keep pace with their immediate needs," added Doughtie. "The acquisition of BBK advances KPMG's ability to deliver the people, processes and solutions to help our clients and their suppliers maintain financial and operational stability."
As part of the transaction, BBK Chief Executive Officer Bill Diehl will join KPMG as co-leader of the firm's operational restructuring practice. Under Diehl's leadership, BBK has established a long-standing record of success assisting original equipment manufacturers, Tier 1s, suppliers, investors, lenders and other key stakeholders, including many Fortune 500 organizations.
"KPMG is at the forefront of helping clients manage supply chain challenges driven by tight capacity of skilled operational talent, and improving transparency between the customer base and supply base," said Diehl. "We look forward to combining our resources with KPMG's experienced professionals and innovative approaches to managing risk."
"The manufacturing sector is transforming," said Dan Tiemann, U.S. Transactions & Restructuring Service Group Leader at KPMG. "Companies are focused on fostering innovation to enhance their business model or product portfolio. We're seeing an emphasis on integrating global supply chains, adopting cutting-edge technologies, and a renewed commitment on research and development."
Financial terms of the agreement will not be disclosed.
About KPMG LLP
KPMG LLP, the audit, tax and advisory firm (www.kpmg.com/us), is the U.S. member firm of KPMG International Cooperative ("KPMG International"). KPMG International's member firms have 155,000 professionals, including more than 8,600 partners, in 155 countries.