What are people's thoughts on teneo buying Deloitte restructuring services? Kpmg probably next to go. Will this have an impact on a&m, alix, Fti or primarily boutiques like frp and thm in your opinion? Thoughts on how attractive these now non big 4 operations would be? Can we expect a significant culture change?

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CVC has a strong track record as a PE owner of consulting firms, for example they use to own Alix and made us a far better firm. Teneo as a firm has deep CEO / governments relationships, combined with strategy + restructuring capabilities . That on paper could make them a formidable competitor but culture is important as well.

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Will probably significantly improve PwC and EY position as they’re still connected to the broader business so they can deliver the bigger projects - but they are obviously hamstrung with conflicts.

Will also probably strengthen A&M and Alix as they could have poached a lot of the top talent if as part of the sale the payouts weren’t lucrative enough / if people aren’t happy in the transition.

Will very much likely reduce strength of smaller boutiques like THM and FRP who will now be scrapping against the new Deloitte / KPMG boutiques

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What part of restructuring are you in? Financial Operational mid market insolvency M&A etc? The future for all of these will be interesting post Covid.

Also it’s not surprising that most people in restructuring are ex big 4 as they’re the biggest restructuring training houses. However they pay much less than the market so if you’re money motivated you either make partner there or move to an A&M/Alix.

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Minimal impact on other players in the restructuring space. Teneo is PE owned and this represents a nice standalone business unit they can easily bolt on. Little change in the day to day for the restructuring practice.

Definately will be interesting to see what happens. Hopefully it will strengthen EY (as I’m part of the EY restructuring practice).

The only concern for me is that KPMG/Deloitte no longer have the same independence restrictions so are able to pitch for all opportunities now

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