(Bloomberg) -- KPMG agreed to sell its U.K. restructuring practice to Interpath Advisory, a new company backed by private equity firm H.I.G. Europe and partners at the unit.
Interpath will be led by senior partners Blair Nimmo, Will Wright and Mark Raddan, the company said in an emailed statement on Thursday.
KPMG is the latest among the U.K. Big Four accountancy firms to cede part of its consulting operations, following pressure from the regulator to split them from auditing within three years. Last month, Deloitte U.K. sold its restructuring services business to Teneo, a company owned by CVC Capital.
This agreement will allow KPMG to “accelerate investment in our core services”, and will permit Interpath “to serve a broader client base, explore new market opportunities and fully realize their potential”, said Mary O'Connor, interim Chief Executive of KPMG U.K., in the statement.
More than 500 staff and 22 partners will move to Interpath, making it the largest independent restructuring and turnaround business in the country, according to the statement. KPMG didn't disclose the value of the deal, which doesn't include its Insolvency and Restructuring arm in Ireland and Northern Ireland, it said.
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