KPMG UK has completed the sale of its UK restructuring business, which is now known as Interpath Advisory.
The business has been sold to H.I.G. Europe, the European affiliate of H.I.G. Capital, a global investment firm and Interpath’s managing directors.
The completion of the sale, which sees circa 528 staff and 22 partners transferring to the new business, means that Interpath has now launched as an independent restructuring and turnaround business.
Jon Holt, chief executive of KPMG UK, said: “This is the best possible result for both KPMG and the restructuring business. It will enable us to accelerate our investment in our core services and take advantage of the significant market opportunities ahead of us.
“Throughout this process, a key priority has been to ensure the stability and future success of the restructuring business and its talented people. This deal will help the team at Interpath to do just that, whilst giving them the opportunity to serve a broader client base and realise their full growth potential. We wish them every success in the future.”
John Connolly, former chief executive of Deloitte UK and chairman of the Deloitte global board of directors, has been appointed chairman of the board of Interpath.
Blair Nimmo, Will Wright and Mark Raddan were senior partners in KPMG’s UK restructuring practice and have been appointed to the board of Interpath having collectively led the transaction for the past 10 months.
Nimmo said: “This is a significant day for our business, and comes at a time when business leaders, boards and stakeholders are grappling with a myriad of issues, from overcoming financial and operational stress and distress, to recovering and protecting value."