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 enhancing mid-market businesses to realize 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 limits
- 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 operations.”
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.
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