CVC acquires AlixPartners

Amy King
26 April 2012

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CVC Capital Partners has acquired a majority stake in corporate advisory firm AlixPartners from private equity owner Hellman & Friedman.

The deal values AlixPartners at more than $1bn, according to reports. The investment will underpin the international expansion of the firm and the development of its services.

Previous funding
Hellman & Friedman led the LBO of AlixPartners six years ago in a deal that gave the firm a total enterprise value of more than $800m.

Debt
Debt was provided by Deutsche Bank, Bank of America Merrill Lynch, Goldman Sachs, Jefferies and UBS.

Company
Founded by Jay Alix in 1981 and based in Michigan, AlixPartners focuses on corporate financial and operational improvement, turnaround and restructuring, financial advisory services and information management.

AlixPartners has recently provided restructuring advice to General Motors on its loss-making European Opel unit. The firm also advises on private equity-backed transactions, such as Permira-backed Birds Eye's acquisition of European competitor Findus Italy.

Since 2006, staff numbers have grown from 550 to 950 and the firm has opened a further five offices, totalling 17 globally. The company operates in Europe, China, Hong Kong and the Middle East.

People
David Tayeh, managing director at CVC, worked on the transaction. Fred Crawford is CEO of AlixPartners. Philip Hammarskjold is CEO of Hellman & Friedman.

Advisers
Equity – Morgan Stanley (Corporate finance); Gibson Dunn & Crutcher (Legal).
Vendor & company – Goldman Sachs & Co (Corporate finance); Bank of America Merill Lynch (Corporate finance); Simpson Thatcher & Bartlett (Legal).
Management – Wilkie Farr & Gallagher (Legal).