Deloitte has acquired restructuring specialist Kavanagh Fennell for an undisclosed sum.

The deal sees Kavanagh Fennell’s 53 employees join Deloitte’s corporate finance department.

Martin Reilly, head of corporate finance at Deloitte, will lead the combined team of more than 150.

Tom Kavanagh, Ken Fennell and David Van Dessel will join Deloitte as partners. They said the acquisition gives Kavanagh Fennell the scale to work with larger clients and have access to a broad national and international network.

"As Ireland's recovery continues we anticipate a continuing demand for restructuring services and this acquisition more closely aligns our forensics and restructuring offerings to meet the evolving needs of our clients." Deloitte managing partner Brendan Jennings said.

Kavanagh Fennell is a specialist in corporate recovery and insolvency services including receiverships, court liquidations and examinerships. It currently manages a distressed asset portfolio with an associated debt of several billion euro.

Deloitte employs 1,350 people in Dublin, Cork and Limerick, and provides audit, tax, consulting, and corporate finance services to public and private clients.