PwC Australia has completed a deal to acquire key partners and staff from PPB Advisory, bolstering its corporate restructuring and deals business, as well as partners and staff from Litmus Group, PPB Advisory’s management consulting business.
22 new Partners and the majority of PPB staff will join PwC on 1 August this year.
CEO of PwC, Mr Luke Sayers said the combination of key PPB partners and staff with PwC’s existing capabilities will create a market leading service for clients seeking a comprehensive, integrated offering to help them restructure and transform the performance of their businesses for the future.
“This transaction 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.
“From completion date onwards, we will be focused on fully integrating the PPB Partners and team members into the relevant teams in our Consulting and Financial Advisory businesses,” Mr Sayers said.
PPB Advisory CEO, Daniel Bryant said, “We are delighted to be joining PwC and excited by the client service proposition our combined teams will create, both in the restructuring and transaction related services markets as well as management consulting.”
“PwC will bring the power of its global network, and particularly its network in ASEAN and China, to identify new investors and opportunities, as businesses look to structure their operations differently moving forward.”
PPB Advisory specialises in restructuring services including optimising workforce assets and enterprise value, advising on major transactions involving changes of ownership or capital structures as well as complex business restructures and turnarounds. The company also undertakes forensic investigations and provides insolvency services to companies and individuals.
Litmus Group focuses on customer experience, performance improvement, technology-enabled transformation, physical asset management and target operating models, with particular expertise in Energy, Mining and Resources.
PPB Advisory has offices across Australia and in Singapore.
CEO Daniel Bryant and Chairman Ian Carson will join PwC as Partners and will play a critical role in the business. The deal is expected to complete on 1 August 2018.
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© 2017 - Thu Jan 23 22:02:44 UTC 2020 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. Liability limited by a scheme approved under Professional Standards Legislation.