KPMG LLP has acquired the supply chain advisory services practice of Grant Thornton LLP in order to expand its restructuring capabilities.
The acquisition is expected to strengthen KPMG’s existing restructuring services practice in the automotive, pharmaceuticals, aerospace and defense, and other manufacturing industries by expanding the firm’s current capabilities in financial and operational restructuring, supply chain advisory, supplier services, technology, and performance improvement in the U.S.
The transaction also includes Grant Thornton’s Vontik software system. Financial details of the transaction were not disclosed.
“As organizations continue to reinvigorate their focus on growth, they are facing unprecedented pressures to transform their finance and operations functions,” said KPMG chairman and CEO John Veihmeyer in a statement. “This acquisition will enhance KPMG's ability to help businesses address the four key drivers of business transformation: people, process, risk and control, and technology.”
The transaction, which closed on July 16, includes the addition of 23 professionals to KPMG. KPMG will also take over existing Grant Thornton projects at several Fortune 500 companies.