RSM Tenon has poached a top deal-maker from BDO to run the Birmingham office’s new corporate finance team.
Steve Thornhill has become director of corporate finance covering RSM Tenon’s West Midland activities at a time when the firm is taking on new staff in the division.
During his time at BDO, Mr Thornhill worked on deals including the multimillion pound sales of Brandon Tool Hire and Brookes Heat Merchants – each part of the Wolseley Group – both to private equity.
At BDO, he completed around 20 deals in a variety of sectors and ranging in deal size from £1 million to £50 million.
Mr Thornhill, who lives in Cannock, said: “Joining RSM Tenon is a great opportunity for me.
“It is a chance to make a real impact in a recovering marketplace with a quality brand and a team that people will know well.
“The West Midlands is a large area but the advisory community that serves it is tight-knit.
“I am sure that the extension into Birmingham of a large national brand using local people will be readily accepted and welcomed.
“Being welcomed and getting deals done are two different things.
“There is no doubt that we still face challenging times in the advisory marketplace.
“I believe however that there are real signs that the marketplace is starting to come back.
“The mega-mergers are starting to happen with increased frequency.
“The confidence that follows from this does reverberate and ultimately finds its way into my target market – the SMEs who on average transact at between £5 million and £50 million.
“Few would argue that 2007 was the last really good year for corporate finance.
“2010 is shaping up though and there is more of an air of optimism to be found generally.
“This renewed optimism, coupled with a pent-up desire among business owners to refinance, to sell or to acquire, leads me to believe that 2011 could be an interesting and busy year for me and my team.”
Mr Thornhill started his advisory career in 1988 with KPMG.
He then spent an 11-year period in industry in a number of public and private businesses as financial director and managing director.
He returned to practice again in 2006, joining BDO in Birmingham.
Paul Bevan, Midlands head of corporate finance at RSM Tenon, said: “This is just the start we have been looking to make in the West Midlands.
“Steve’s appointment is a real coup and we’re delighted to have him on board.
“With Steve at the helm, and the new corporate finance team we are establishing in the West Midlands, we are looking forward to building our business and local reputation quickly.
“Over the next few weeks we expect to be announcing those extra appointments.”