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Hellman & Friedman puts AlixPartners up for sale: Reuters
Posted on Friday, 13 April 2012 14:30
Private equity firm Hellman & Friedman is putting portfolio company AlixPartners on the market in a sale that could fetch more than USD 1.00 billion, four people with knowledge of the development told Reuters.
They said that talks are at an advanced stage, and a deal should be reached shortly.
Goldman Sachs and Bank of America Merrill Lynch have been hired to advise on the sale process, these people added.
Based in Michigan, AlixPartners specialises in corporate turnarounds and restructuring deals, as well as providing financial advisory services.
The firm has advised high-profile global companies including Swedish car maker Saab, in its USD 400.00 million sale to Spyker Cars in 2010, and the ongoing divestment of assets by US bookseller Borders.
Founded in 1981 by Jay Alix, the consultancy group has offices throughout the world, including Dubai, Munich and Tokyo, and employs 900 people.
In 2006 Hellman & Friedman acquired the business in a leveraged buyout valued at USD 872.00 million including debt.
The transaction was a recapitalisation in which management and employees participated, and the private equity firm took an 80.1 per cent stake as a result.
Reuters said representatives of Hellman & Friedman, AlixPartners, Goldman Sachs and Bank of America Merrill Lynch declined to comment on the report.
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