KPMG has agreed to acquire Makinson Cowell, one of Europe’s leading independent equity markets advisory firms. Makinson Cowell’s clients include almost half of the FTSE 100.
A relatively small deal for KPMG, who have paid £5 million up front and potentially another £10 million for the business, it is nonetheless seen as significant. Simon Collins, UK Chairman of KPMG, commented:
‘At a time when companies are increasingly looking to ensure advice is independent from the underlying sources of finance, the combination of KPMG’s debt advisory business with the equity services provided by Makinson Cowell will create a market leading independent capital advisory business. ‘
The acquisition is consistent with KPMG’s strategy of building an independent financial advisory business, which began in 1998 when the firm established an independent debt advisory team, advising major corporates on all aspects of their debt financing.
The new, capital advisory group will be chaired by Tom Franks, Global Head of KPMG’s Corporate Finance business. The acquisition provides Makinson Cowell’s team with access to additional resources, and the wider geographic reach that KPMG’s global network can provide will be important in supporting the growing demand for its services and enabling the business to build scale.
Read more about KPMG in the news.

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