PwC Australia has completed a deal to acquire key partners and staff from PPB Advisory, bolstering the firm’s corporate restructuring and deals business, as well as partners and staff from Litmus Group, PPB Advisory’s management consulting business.
A team of 21 Partners and circa 200 staff have joined PwC effective 1 August 2018. The team is fully integrated into PwC’s business restructuring services and Consulting teams, adding breadth and depth of expertise to PwC’s existing capabilities. The expanded team and capability creates a market leading service for clients seeking a comprehensive, integrated offering to help restructure and transform the performance of their businesses.
The need for businesses to be agile and move quickly to respond to changing market forces has never been higher
CEO of PwC Australia, Mr Luke Sayers said the merger reflects the changing landscape in the insolvency and restructuring markets with a shift away from banks directly appointing receivers and liquidators, to companies adopting a direct partnership model, appointing consultants to help restructure the business.
“The need for businesses to be agile and move quickly to respond to changing market forces has never been higher. In response, Boards are increasingly appointing advisers to help them restructure and rightsize their business for the future and ensure they are on a sustainable, competitive footing.”
Mr Sayers said the Partners and staff from Litmus Group will add additional consulting expertise in forensics as well as specialist consulting capability in the energy, utilities and mining sector.