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KPMG has announced the acquisition of a strategy consultancy firm and a WA-based accounting practice.
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KPMG buys boutique firms
24 July 2014
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The top four firm has entered into an agreement to acquire boutique consultancy Momentum Partners and has completed the acquisition of a Karratha-based accounting practice, Classic Slee Pty Ltd.
Both firms have a strong presence in the mining industry.
The Karratha practice provides on-the-ground remote location services to mining services, multinational oil and gas, and indigenous clients, as well as accounting and business services to high income earners and local businesses, according to a statement from KPMG.
Gary Wingrove, KPMG's chief executive officer said the acquisitions form part of the firm's continued investment-led growth agenda.
“We are aiming to significantly grow our advisory presence in the mining sector over the next three years, supporting growing demand as the industry adjusts to the changes in its operating environment," said Mr Wingrove.
Momentum Partners is a strategy and operational improvement firm with a long history of servicing Australia’s mining sector.
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Carl Adams, the firm’s founder and managing partner, will join KPMG as a partner and head of mining (Australia), and the majority of Momentum Partners' 28 staff are expected to join and integrate with KPMG.
Mr Adams said his main focus at KPMG will be to help clients identify and realise sustainable productivity and efficiency improvements in an evolving mining industry.
“Momentum’s consulting experience in mining strategy and operations blends well with KPMG's productivity and innovation strengths. Our combined team will provide an enhanced range of services along the mining project life cycle," he said.
"We have a positive outlook for the industry given our faith in mining leaders' ability to optimise their businesses as well as the potential for improving commodity prices. In this environment, we believe clients with new projects will be looking to set up their operations for best practice through sound operational design," Mr Adams added.
Commercial terms were not disclosed for either deal.
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