KPMG unveils poached Deloitte LBO team

Four partners and another 12 professionals specialising in private equity have defected from Deloitte to join rival KPMG’s private equity group in London.

The London-based private equity group at financial services firm KPMG has appointed a team of 16 LBO professionals including four partners from rival Deloitte.

Rustom Kharegat, Helen Pratten, Robert Ohrenstein and John Oldcorn have joined the group as partners, with Kharegat acting as global head of large leveraged buyouts. At Deloitte, Kharegat had been in charge of UK and European private equity transaction services.

According to a press release, the quartet’s prior experience as transaction services professionals in private equity includes work on the buyouts of pub groups Unique and Voyager, Bertelsmann Springer, Debenhams, Gala Group, Cognis, Travelodge/Little Chef, National Car Parks and Veba Electronics.   

The move bolsters the firm’s expertise in advising private equity sponsors of large European buyouts. 

'Large LBOs were not what we strategically tackled first when we built up the private equity practice,' said Oliver Tant, who heads up KPMG's global private equity group in London. 'We were initially heavily focused on the mid-market, in which we now have a market share of around 40 percent. When we became aware that there might be an opportunity to recruit in some resource, we became interested very quickly.'  

KPMG's London-based private equity team now comprises some 120 'exclusively dedicated' professionals and 'several hundred largely dedicated professionals,' Tant added.

The group has a number of close relationships with European private equity firms including Alchemy Partners in London.

KPMG also announced the appointment of Johannes Weiler, formerly a partner at PricewaterhouseCoopers, as transactions services partner specialising in private equity in Germany.