Rival Firm Snaps Up Zolfo Cooper In £60m Deal

By By Mark Kleinman, City Editor

The consolidation of London's professional services industry will accelerate this week when a division of Zolfo Cooper, an adviser on corporate restructurings, is snapped up in a deal worth just under $100m (£65m).

Sky News has learnt that AlixPartners, a New York-based advisory firm, is close to agreeing a takeover of the UK and European arm of Zolfo Cooper, an independent player in a sector increasingly dominated by global heavyweights.

Insiders said that AlixPartners had scheduled a board meeting on Sunday to approve the deal, with an announcement about the transaction expected as early as Monday.

If completed, the takeover will bring together two of the most prolific City advisers on the restructuring of companies which have run into financial or operational difficulties.

Zolfo Cooper has in recent weeks been working on a deal to secure the future of Intertain, the leisure group behind the Walkabout chain of bars.

The company is owned by Better Capital, the investment vehicle set up by Jon Moulton, who was forced to place another of his companies, City Link, into administration on Christmas Eve.

Zolfo Cooper's European operations are operated using the firm's name under licence from the US firm of the same name.

The takeover of its London-based operations is expected to crystallize significant payouts for its partners, although they are likely to remain with the combined group.

Among the firm's other assignments are the restructuring of Stemcor, the steel trading company which is part-owned by Margaret Hodge, the Labour MP who chairs the Commons Public Accounts Committee.

Last year, Zolfo Cooper also worked on a deal which saw dozens of Strada restaurants change hands.

For AlixPartners, the acquisition will be an important step towards achieving a five-year target of becoming the "leading global advisory, consulting, and interim management firm specialising in restoring, protecting, and enhancing corporate performance and value".

Employing more than 1200 people, AlixPartners is itself majority-owned by CVC Capital Partners, the private equity group which is the largest shareholder in Formula One motor racing.

CVC took control of AlixPartners in June 2012, with the financial terms of the deal remaining undisclosed.

Private equity investors have shown increased interest in professional services groups, while the big four accountancy firms have also been diversifying their offering by swallowing specialist players in areas such as cyber-security, investor relations and restructuring.

AlixPartners and Zolfo Cooper both declined to comment on Sunday.

Anda sedang membaca artikel tentang

Rival Firm Snaps Up Zolfo Cooper In £60m Deal

Dengan url

http://clotehancamar.blogspot.com/2015/02/rival-firm-snaps-up-zolfo-cooper-in.html

Anda boleh menyebar luaskannya atau mengcopy paste-nya

Rival Firm Snaps Up Zolfo Cooper In £60m Deal

namun jangan lupa untuk meletakkan link

Rival Firm Snaps Up Zolfo Cooper In £60m Deal

sebagai sumbernya