Private equity firms are reportedly eyeing up KPMG’s restructuring unit as the firm prepares to offload its practice in the UK.
According to Sky News, Intermediate Capital Group and Towerbrook Capital Partners are gearing up to submit initial bids for the business ahead of the deadline later this month.
Sources told the outlet that the unit could be worth more than £400m.
Reports regarding the firm’s decision to offload its restructuring arm first appeared last October, when KPMG confirmed they were “exploring options” for the business.
Despite suggestions at the time that KPMG hired Melanie Richards, ex- deputy chair of the firm to lead the sale process, the company never confirmed what the eventual outcomes for the unit could look like.
However it has been recently reported that the firm submitted plans to the FRC outlining how they intend to “operate in a separate manner” from their audit and consulting arms during the next four years.
KPMG has been contacted for a comment