Deloitte has bought Kavanagh Fennell, one of Ireland’s leading corporate recovery and insolvency services firms. All of Kavanagh Fennell’s 53 employees will transfer to Deloitte’s Corporate Finance practice. Financial details of the deal have not been disclosed.
Kavanagh Fennell was founded in 1997 by former Deloitte employee Tom Kavanagh and Ken Fennell, and specialises in corporate recovery and insolvency services. These services include receiverships, court liquidations, creditor voluntary liquidations, examinerships and informal schemes of arrangement. The Irish firm has over the past years built a strong track record, for a large part due to its involvement in the financial wreaking of some of Ireland's leading companies that were impacted by the financial crisis. In the past 3 years the firm advised on more than 450 insolvency and corporate recovery projects, including big names such as the Liam Carroll and Fleming Construction Groups.
Deloitte is one of the largest global accounting and consulting firms in the world and provides audit, tax, consulting and corporate finance services to public and private clients. In Ireland, Deloitte employs 1,350 people across offices in Dublin, Cork and Limerick. Deloitte’s Corporate Finance team in Ireland currently consists of roughly 100 advisors.
In line with Deloitte’s ambition to further expand its financial advisory offerings in Ireland, the firm has decided to acquire Kavanagh Fennell. According to the Big 4 firm the acquisition will largely boost its insolvency and restructuring services, and in addition capitalise on complementary strengths in the forensics area, one of the fastest growing disciplines for the firm. “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,” says Deloitte Managing Partner Brendan Jennings.
The three partners of Kavanagh Fennell – Tom Kavanagh, Ken Fennell and David Van Dessel – will join Deloitte as partners and report to Martin Reilly, head of Deloitte’s Corporate Finance practice in Ireland. “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,” says Kavanagh Fennell co-founder Kavanagh.