The 25-strong team will join Teneo’s global Financial Advisory offer, adding specialist expertise in local and international restructuring, insolvency, e-Discovery and forensic technology services, Teneo said.

Kris Beighton, the former leader of KPMG’s Cayman and BVI restructuring business, becomes chairman of Teneo’s offshore restructuring business.

Other senior figures include Jeffrey Stower, formerly head of restructuring and head of advisory for KPMG in the Cayman Islands; Russell Crumpler, who was managing director of restructuring at KPMG in the BVI and head of restructuring for KPMG’s Islands Group; and Chris Farmer, formerly a director at KPMG in the BVI. All three become senior managing directors.

The acquisition brings Teneo’s financial advisory headcount to 350 in the US, Europe, Asia Pacific, and now the Caribbean.

In February last year, the company bought the restructuring services business of Deloitte UK, adding hundreds of employees to its UK operation.

Daniel Butters, chief executive of Teneo’s Financial Advisory business, said: “The acquisition of KPMG’s Cayman and BVI restructuring business represents the next milestone on our journey to build the leading global restructuring practice and wider financial advisory offering. Cayman and BVI are a critical jurisdiction in many international restructuring and insolvency assignments, and the addition of e-Discovery and certain forensic technology services complements our existing offerings and provides an exceptional platform for growth.”

KPMG said the decision to sell was “driven by significant changes in the insolvency and restructuring markets in the Cayman Islands and British Virgin Islands over recent years”.

“The increasing number of stakeholders in distressed situations has made the navigation of conflicts of interest ever more complex for ‘Big 4’ firms like KPMG. As it is expected that this will only intensify in the future, and as such developments limit the ability to grow these businesses in the Cayman Islands and British Virgin Islands, the decision to commence a sale process was taken earlier last year.”

The terms of the acquisition, including the price, have not been disclosed.