KPMG buys Hayes Knight

KPMG has acquired West Perth accounting and advisory practice Hayes Knight (WA), saying this will be the first of a series of acquisitions to bolster its private client practice nationally.

The acquisition adds 10 staff to KPMG’s numbers in Western Australia, including Hayes Knight (WA) chief executive Bruce Sinclair, who will become a partner.

It could make KPMG WA’s second largest accounting practice, according to the BNiQ database.

The most recent data from the accounting firms showed Deloitte had 527 accounting staff in WA, while KPMG had 518 and PwC had 510, and market leader EY had 555.

The deal comes four-and-a-half years after Mr Sinclair folded his Sygnum Financial Services practice into the national Hayes Knight network.

KPMG said the deal would lift its private team in Perth to 50 people.

It follows a similar move last year by Deloitte, which acquired KD Johns & Co.

That added four partners and 15 staff to Deloitte’s private client practice, which was launched in Perth in 2013.

The KPMG move also follows continued consolidation among mid-tier accounting firms, with Moore Stephens announcing this week it would absorb the Perth office of UHY Haines Norton.

KPMG’s head of private, Rob Bazzani, said the firm was focused on supporting the growth of private, family and entrepreneurial businesses.

“To do this, we’re building scale to support a full service offering in key geographies, including deepening our advisory capabilities,” he said.

Mr Sinclair said his clients would benefit from the broader range of expertise and resources available from KPMG.

Commercial terms were not disclosed.

KPMG said the Hayes Knight deal added to six investments it has made to boost its capacity and capability.

These include Perth-based mining consultancy Momentum Partners, Karratha accounting practice Classic Slee, cyber security technology business First Point Global, and social media risk consultancy SR7.