KPMG LLP has acquired most of the assets of restructuring firm BBK for an undisclosed amount.
BBK, headquartered in Southfield, Mich., was founded in 1977, and advises clients on strategic restructurings. BBK CEO Bill Diehl will join KPMG has co-leader of the firm's operational restructuring practice.
KPMG, a New York-based audit, tax and advisory firm, expects the acquisition to expand restructuring services aimed at the automotive sector.
"The manufacturing sector is transforming," said Dan Tiemann, U.S. transactions and restructuring service group leader at KPMG. "Companies are focused on fostering innovation to enhance their business model or product portfolio. We're seeing an emphasis on integrating global supply chains, adopting cutting-edge technologies and a renewed commitment on research and development."
Other recent advisory transactions include the formation of specialty investment banks De Nes Partners LLC and Slate Partners LLC earlier in the year, and Navigant's (NYSE: NCI) acquisition of a unit of Leerink Holdings LLC, an investment bank.