Bridgepoint sells HKA to PAI Partners

Wahida Ahmed
04 May 2022

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Bridgepoint has agreed to sell risk mitigation and dispute resolution consultancy firm HKA in a deal with PAI Partners, according to a press release.

The new owners will support the UK-headquartered company in its growth plans by accelerating its expansion into adjacent services through further acquisitions.

PAI is investing through funds including PAI Europe VII, according to a source familiar with the situation. The vehicle closed at its hard cap of EUR 5bn in March 2018, according to Unquote Data. The sponsor declined to comment for this article.

Mergermarket reported in October 2021 that Bridgepoint was preparing HKA for an auction that would see it marketed off around USD 55m in EBITDA. Bridgepoint did not respond to a request for comments.

Bridgepoint invested in HKA in December 2016 through Bridgepoint Development Capital III, a GBP 605m fund that closed in June 2016, according to Unquote Data. Prior to the acquisition by Bridgepoint, HKA was part of US-listed construction consultancy firm Hill International.

During Bridgepoint's ownership, HKA grew through acquisitions and expanding its services. The company acquired The Kenrich Group in 2019 which strengthened the firm's US operations and construction claims segment; and in 2020, it acquired UK-based Probyn Miers, a construction and architecture dispute resolution service.

During Bridgepoint's ownership, HKA grew through acquisitions and expanding its services. The company acquired The Kenrich Group in 2019 which strengthened the firm's US operations and construction claims segment; and in 2020, it acquired UK-based Probyn Miers, a construction and architecture dispute resolution service.

Company
Headquartered in London, HKA has 130 partners and over 1,000 consultants and advisors across its 40 offices located in 18 countries. Its clients include contractors, law firms and other professional service providers. It manages construction claims and offers dispute resolution services.

HKA started operating as a privately owned organisation in 2017 following Bridgepoint's acquisition. The company was originally established in 1970 when it was operating as Hancox & Partners, according to its website.

People
HKA Global - Renny Borhan (CEO).
Bridgepoint - Jeannele M'Bembath (director).
PAI Partner - Neil McIlroy (partner).

Advisers
Vendor - JP Morgan (M&A); Travers Smith (legal); BDO (financial due diligence); OC&C (commercial due diligence).

Equity – Rothschild (M&A); DC Advisory (M&A); Weil, Gotshal & Manges (legal); Alvarez & Marsal (financial due diligence); Bain & Company (commercial due diligence).