PwC has acquired key partners and staff from insolvency specialist PPB Advisory

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Professional services firm PwC Australia has closed a deal to acquire key partners and staff from insolvency specialist PPB Advisory, bolstering its corporate restructuring and deals business, as well as partners and staff from Litmus Group, PPB Advisory’s management consulting business.

The financials of the deal haven’t been announced. The 22 new partners and the majority of PPB staff will join PwC from August this year.

Among the high profile work by PPB Advisory is the liquidation of Clive Palmer’s Queensland Nickel which shut in 2016.

Luke Sayers, the CEO of PwC, says the combination of key PPB partners and staff with PwC’s existing capabilities will create a market leading service.

“This transaction reflects the changing landscape in the insolvency and restructuring markets with a shift away from banks directly appointing receivers and liquidators, to companies adopting a direct partnership model, appointing consultants to help restructure the business,” he says.

“The need for businesses to be agile and move quickly to respond to changing market forces has never been higher. In response, Boards are increasingly appointing advisers to help them restructure and rightsize their business for the future and ensure they are on a sustainable, competitive footing.”

Sayers says the partners and staff from Litmus Group will add additional consulting expertise in forensics as well as specialist consulting capability in the energy, utilities and mining sector.

PPB Advisory specialises in restructuring including optimising workforce assets and enterprise value, advising on major transactions involving changes of ownership or capital structures as well as complex business restructures and turnarounds. The company also undertakes forensic investigations and provides insolvency services to companies and individuals.

Litmus Group focuses on customer experience, performance improvement, technology-enabled transformation, physical asset management and target operating models, with particular expertise in Energy, Mining and Resources.

PPB merged with Litmus Group in 2016 with combined income reportedly $100 million.

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