Combination of enlarged restructuring unit and specialist forensics team to benefit SMEs and large corporates
Deloitte today announces the acquisition of Kavanagh Fennell, one of Ireland’s leading corporate recovery and insolvency services firms. The enlarged business brings together two highly experienced teams that will provide increasingly sophisticated services to SMEs and large corporate clients.
The deal sees Kavanagh Fennell’s entire workforce of 53 join Deloitte’s corporate finance department. Martin Reilly, Head of Corporate Finance at Deloitte, will lead the combined team of over 150 professionals. Tom Kavanagh, Ken Fennell and David Van Dessel will join Deloitte as partners and work closely with David Carson in the restructuring area. In addition to insolvency and restructuring services, the acquisition also capitalises on complementary strengths in the forensics area, a fast growing and increasingly important service offering for the firm. Furthermore, the deal also expands and strengthens the firm’s regional offering.
Commenting on the acquisition Deloitte’s Managing Partner Brendan Jennings said, “We’re delighted to welcome a team of the calibre of Kavanagh Fennell. Our respective restructuring teams are highly complementary and will provide enhanced capability across our combined client base. As Ireland’s recovery continues we anticipate a continuing demand for restructuring services and this acquisition more closely aligns our forensics and restructuring offerings to meet the evolving needs of our clients.”
Commenting on the deal the partners at Kavanagh Fennell said, “This acquisition gives us the scale to work with larger clients and have access to a broad national and international network through Deloitte, while also benefitting existing clients, for whom it is very much business as usual. We’re very much looking forward to joining the largest professional services organisation globally and capitalising on the market opportunities that we believe will be created as a result of our combined expertise and capacity.”
Kavanagh Fennell is a specialist in Corporate Recovery and Insolvency Services including receiverships, court liquidations, creditor voluntary liquidations, examinerships and informal schemes of arrangement. They currently manage a distressed asset portfolio with an associated debt of several billion euro. Over the last three years, they have been involved in over 450 insolvency and corporate recovery projects.
Deloitte’s Restructuring Services business has managed some of Ireland’s largest scale receiverships and corporate restructurings. Its ability to leverage the global network of Deloitte member firms has attracted clients in every major industry sector.
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