CVC to buy AlixPartners

Amy King
20 April 2012

Tweet
Facebook
LinkedIn
Google plus
Send to

CVC Capital Partners is to buy restructuring and consulting firm AlixPartners from private equity owner Hellman & Friedman for more than $1bn, according to reports.

The private equity firm is reported to have beaten rival bids from buyout firms including Madison Dearborn Partners and Providence Equity Partners.

Founded by Jay Alix in 1981 and based in Michigan, AlixPartners provides restructuring and bankruptcy consultancy services. Alix 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. Hellman & Friedman led the LBO of Alix around six years ago in a deal that gave the firm a total enterprise value of more than $800m.

Also founded in 1981, CVC Capital Partners is a private equity firm specialising in buyouts and growth capital transactions across Europe, Asia & North America. Recent deals include the €1.8bn acquisition of Swedish tools and construction equipment firm Ahlsell and the buyout of gym chain Virgin Active for an estimated €900m.

Reports suggest that the deal could be announced as early as Monday.