BLOOMFIELD HILLS — AlixPartners LLP, a global business advisory firm, and CVC Capital Partners on Wednesday agreed to a recapitalization by which funds affiliated with CVC will purchase majority ownership of AlixPartners.
AlixPartners’ 125 managing directors will maintain a considerable equity stake in the enterprise. The transaction is subject to customary closing conditions and is expected to close this summer.
Terms of the transaction were not disclosed. Hellman & Friedman made a significant investment in AlixPartners in 2006; as part of that transaction, Jay Alix, who founded the firm in 1981, transferred a substantial portion of his interest. He will maintain a substantial minority stake in the firm.
“Partnering with CVC will enable us to continue to develop our services and expand geographically,” said Fred Crawford, CEO of AlixPartners.
AlixPartners specializes in improving corporate financial and operational performance, executing corporate turnarounds, providing litigation consulting, forensic accounting, and specialized IT services.
“With more than one third of AlixPartners’ revenue currently derived outside of the U.S., CVC, as a global private equity firm, is uniquely positioned to help further expand AlixPartners’ footprint,” said David Tayeh, managing director at CVC.
Since 2006, AlixPartners has grown from 550 to more than 950 employees; expanded from 12 to 17 offices globally; expanded into mainland China, Hong Kong and the Middle East; and has greatly expanded its services to clients in industries including retail, consumer products, financial services and media, among many others.