Seasoned advisers join firm to meet client needs
TORONTO, May 22, 2012 /CNW/ - KPMG is taking significant steps to
strengthen its turnaround and restructuring practice in order to serve
the expected increase in its clients' needs - focusing on insolvency,
financial restructuring and turnaround services.
The practice is the only restructuring and turnaround practice of its
kind among the Big 4 professional services firms in Canada. Joining the
firm as partners are Mark Burton, Randy Benson and Phil Reynolds.
Collectively they bring over 40 years of restructuring and turnaround
experience to the firm.
"We've built this practice to ensure we have the right resources in
place to help our clients deal with the challenges that lie ahead,"
said Rob Brouwer, Canadian Managing Partner, Clients and Markets, KPMG. "That means
deepening our pool of trusted advisers who understand the issues facing
underperforming companies, can help them weather the storm, and will
support their future survival and growth. The addition of Mark Burton,
Randy Benson and Phil Reynolds to our practice further strengthens our
ability to provide our clients with intense, practical turnaround,
restructuring and insolvency advice and execution."
Mark Burton brings operational and transactional experience and a strong
history of maximizing mid-market businesses to enhance their potential.
In his previous roles as a CEO, Mark developed and implemented
turnaround strategies, including raising interim financing and
operational restructuring, significantly increasing profit and revenues
and, ultimately leading, in each case, to successful exit transactions.
Randy Benson is one of Canada's best-known turnaround advisers. He
brings extensive restructuring and management consulting experience to
the firm and has been involved in several major cross border
restructurings as Chief Restructuring Officer, including World Color
Press (Quebecor World), Ivaco, Call Net Enterprises, Thermo King Cda,
and Beatrice Foods. He has provided strategic analysis, executive
leadership, financial and operational restructuring and
recapitalization experience, and general advisory services to companies
in distress or seeking turnaround services.
Philip Reynolds is an alumnus of KPMG, where he was a restructuring
partner and National Leader of KPMG's Cost Optimization Practice. He
brings 15 years of extensive restructuring experience to the table,
having participated in many of Canada's highest profile restructurings,
many of which involved cross-border operations and proceedings.
"It's an exciting time to be a part of KPMG's enhanced restructuring and
turnaround practice," said Randy Benson, Partner, KPMG. "I look forward
to working with our clients to implement turnaround strategies and help
them back on the road to success."
Be sure to ask for help before it's too late
KPMG believes early-on support, before times get too tough, is critical
to a company's future success. Early warning signs that an
underperforming company may exhibit include:
Flat or declining revenue
Deteriorating cash flow
Potential or actual breaches of debt covenants or exceeding borrowing
High borrowings compared to the ability to generate cash
Poor stakeholder relationships
"We often get asked for help when it may be too late for a company to
survive," said Mark Burton, Partner and National Practice Leader,
Restructuring and Turnaround. "However, if we are consulted early
enough, we can work with companies and lenders to arrive at the best,
most practical option for restructuring a company's finances and
KPMG LLP, an Audit, Tax and Advisory firm (kpmg.ca) and a Canadian
limited liability partnership established under the laws of Ontario, is
the Canadian member firm of KPMG International Cooperative ("KPMG
International"). KPMG member firms around the world have 145,000
professionals, in 152 countries.
The independent member firms of the KPMG network are affiliated with
KPMG International, a Swiss entity. Each KPMG firm is a legally
distinct and separate entity, and describes itself as such.
SOURCE KPMG LLP
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