Audit, tax, and advisory firm KPMG announced this week that it has acquired a majority of the assets of BBK, a restructuring advisory firm.

The transaction will expand KPMG's integrated transactions and restructuring services to help manufacturers and their suppliers in the automotive and industrial sectors address financial and operational challenges.

Founded in 1977 with headquarters in Michigan, and professionals in California and Tennessee, BBK helps clients implement strategic, process-driven approaches to solve complex financial and operational challenges. As part of the transaction, BBK Chief Executive Officer Bill Diehl will join KPMG as co-leader of the firm's operational restructuring practice.

Financial terms of the agreement will not be disclosed.