Intermediate Capital Group (ICG) and TowerBrook Capital Partners L.P. are preparing Bids for KPMG Division

Private equity firms are eyeing up KPMG’s restructuring arm, as the Big Four firm prepares to offload its restructuring operations in the UK.

Intermediate Capital Group (ICG) and TowerBrook Capital Partners L.P. are preparing to submit initial bids for the business ahead of a deadline later this month.

The news comes as the Big Four auditors plan “operational separation” of their audit and consulting businesses. The push to reform the audit sector follows a series of high-profile accounting scandals including the collapses of BHS, Patisserie Valerie, and Carillion – the latter an audit client of KPMG.

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