KPMG acquires majority of corporate turnaround firm BBK
Diehl: Will become co-leader of the practice in Detroit.
DETROIT -- Accounting and consulting giant KPMG LLP said today it acquired a majority of the assets of Detroit area advisory firm BBK Ltd., a longtime player in auto supplier turnaround projects.
Financial terms of the deal were not disclosed in a KPMG statement.
BBK employees will join KPMG’s transactions and restructuring service in Detroit. BBK CEO Bill Diehl will become co-leader of the practice with Kimberly Rodriguez, principal at KPMG.
KPMG declined to reveal whether it is retaining all BBK employees. However, the company said it will employ 330 at its Detroit office with the addition of employees from BBK.
BBK, which also has offices in Los Angeles and Nashville, was founded in 1977 and performed financial and operational restructuring, forensic accounting and transactional services for the manufacturing sector, much of it in the automotive industry.
Heather Paquette, managing partner of KPMG’s Detroit office, said KPMG identified the manufacturing sector as a growth market for the firm and BBK provided an inorganic growth opportunity.
“Companies are looking at technologies and R&D, and we’re looking to enhance our work with manufacturers,” Paquette said. “Most of the clients Bill (Diehl) and BBK serve are complimentary to ours, so we feel this will give us a leading position in the market.”
The deal marks the second acquisition this year for the New York-based tax, audit and advisory firm. In March, KPMG acquired Baltimore-based software and mobile app developer Cynergy Systems Inc., which also has an office in Grand Rapids.
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