KPMG Australia and Ferrier Hodgson are set to merge, today announcing plans to create one of Australia’s largest Restructuring Services and Forensic Advisory businesses.
The combined operation results in a significantly expanded presence with 27 partners and more than 200 specialists across Australia.
Established in 1976, Ferrier Hodgson is one of Australia’s first independent firms specialising in restructuring, forensic, performance improvement and financial advisory. Under the terms of the deal, KPMG Australia will acquire Ferrier Hodgson’s business located in Sydney, Melbourne, Brisbane and Perth. Discussions with the Adelaide office are also well advanced.
The merged business will be co-led by KPMG’s National Head of Restructuring Services, Matthew Woods, and Ferrier Hodgson Practice Leader, James Stewart. They will be supported by a leadership team of senior partners from both firms. A governance committee with representatives from KPMG and Ferrier Hodgson is being established to oversee a successful integration.
KPMG Australia CEO, Gary Wingrove said: “The Ferrier Hodgson team is very experienced, with a great reputation, and we are delighted to be welcoming them to the firm. The rationale for a merger was compelling, with KPMG our operations with Ferrier Hodgson will immediately and significantly strengthen the breadth and level of service we can offer our clients in the restructuring and forensic advisory sphere.”
“Traditionally, KPMG has always focused on the turnaround and restructuring side of the practice, which has enjoyed sound growth year on year for the past five years. But we haven’t had the capacity to meet the market opportunity – until now. This merger builds great scale and capability, quickly, making us a highly competitive force,” he said.
James Stewart said: “We are excited about the opportunity to merge with KPMG. We believe our clients will benefit from the greater breadth of solutions available to them, and our shared values and cultural fit will ensure a smooth integration into KPMG for our people.”
“Strategically, the merger gives our team immediate access to a diverse range of skill sets to better engineer operational turnaround and add a lot more value to clients. This is something we were already building organically through our Azurium consulting business but the merger represents a step-change in our capability, allowing us to respond to market demand for more holistic solutions to financial stress and organisational change.”
“The merger with KPMG will provide our clients with the benefits of over 40 years of Ferrier Hodgson’s restructuring and forensic experience, combined with new opportunities afforded by a market-leading, diversified and international firm.”
Gary Wingrove and James Stewart signed the merger agreement in Sydney today. Terms are confidential. The deal is scheduled for completion by 30 June 2019.
Founded in 1976, Ferrier Hodgson is one of Australia’s first specialist restructuring and forensic advisory firms. Azurium is a wholly owned consulting practice focused on performance improvement, digital strategy and real estate advisory services. Ferrier Hodgson has handled some of Australia’s most high profile corporate collapses in the last 40 years.
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